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SUMMARY:João Ritto (University of Toronto)
DTSTART;TZID=Europe/Berlin:20250416T121500
DTEND;TZID=Europe/Berlin:20250416T133000
DTSTAMP:20260408T181952Z
UID:6277e72c106e4096acd6626e1303c05c@www.econ.uni-bonn.de
CREATED:20250226T101329Z
DESCRIPTION:Search frictions in the product market have been widely studie
 d as a foundation of monetary theory. More recently\, they have also been 
 advanced as a possible explanation for demand-side fluctuations. This pape
 r develops a monetary model with product market search frictions to evalua
 te the quantitative relevance of these frictions to the short-term effects
  of monetary policy on output. In the model\, due to matching uncertainty 
 in the product market\, firms operate with unutilized capacity and househo
 lds carry unused liquidity\, and changes to the nominal interest rate have
  effects on output. I discipline the degree of matching uncertainty by its
  implications on money velocity and capacity utilization. Absent matching 
 uncertainty\, a one percent reduction in the nominal interest rate increas
 es consumption by 0.07%. Matching uncertainty can amplify this effect by a
  factor of four.
LAST-MODIFIED:20250521T084810Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-2025
 /joao-ritto
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