Horii, Ryo (contributor); Ono, Yoshiyasu (contributor) - 2004 - [Elektronische Ressource]
This paper examines a mechanism of liquidity-preference fluctuations caused by changes in people’s belief about a …; consequently they raise liquidity preference and reduce consumption. As the period without the shock lasts, they become more … optimistic so that they gradually lower liquidity preference and increase consumption. The recovery pattern depends on the …