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      <record key="001" att1="001" value="135856" att2="135856">001   135856</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-95.pdf</field>
      <field key="079" subkey="z">Schabert, Andreas, Interest Rate Policy and the Price Puzzle in a Quantitative Business Cycle Model (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/95.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 95 (RePEc)</field>
      <field key="100" subkey="">Schabert, Andreas</field>
      <field key="103" subkey="">Department of Economics, University of Cologne</field>
      <field key="331" subkey="">Interest Rate Policy and the Price Puzzle in a Quantitative Business Cycle Model</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2001, February</field>
      <field key="433" subkey="">22 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 95</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; The Model; Quantitative Properties; Conclusion; Appendix;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 95</field>
      <field key="700" subkey="">E5</field>
      <field key="700" subkey="">E3</field>
      <field key="700" subkey="">E63</field>
      <field key="720" subkey="">Monetary transmission</field>
      <field key="720" subkey="">Interest rate shocks</field>
      <field key="720" subkey="">Open market operations</field>
      <field key="720" subkey="">Price puzzle</field>
      <field key="753" subkey="">Abstract: In the empirical literature, monetary policy shocks are commonly measured as an innovation to a short-term nominal</field>
      <field key="int" subkey="e">rest rate. In contrast, the majority of monetary business cycle models treats a broad monetary aggregate as the central</field>
      <field key="ban" subkey="k">'s policy measure. We try overcome this disparity and present a business cycle model which allows to examine the effects of</field>
      <field key="inn" subkey="o">vations to a non-contingent nominal interest rate rule. To obtain unique rational expectations equilibria we assume that</field>
      <field key="cha" subkey="n">ges in money supply are brought about open market operations. In addition to working capital, we consider staggered prices</field>
      <field key="whi" subkey="c">h enables real marginal costs to vary. Consistent with the empirical findings of Barth and Ramey (2000), the model predicts</field>
      <field key="tha" subkey="t">real marginal cost and inflation rise in response to positive interest rate innovations. The mechanism corresponds to their</field>
      <field key="'Co" subkey="s">t Channel of Monetary Transmission' and replicates typical monetary VAR results, including the puzzling behavior of prices.;</field>
    </SEQUENTIAL>
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