<> "The repository administrator has not yet configured an RDF license."^^ . <> . . "Heterogeneous consumers, segmented asset markets, and the effects of monetary policy"^^ . "This paper examines how segmented asset markets can generate real and nominal effects of monetary policy. I develop a model, in which varieties of consumption bundles are purchased sequentially. Newly injected money thus disseminates slowly through the economy via second-round effects and induces a longer-lasting, non-degenerate wealth distribution. As a result, the demand elasticity differs across consumers, affecting optimal markups chosen by producers. The model predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical wages and expenditure dispersion across consumers after monetary shocks. Including a modest degree of real or nominal wage rigidity yields responses that are also quantitatively in line with empirical evidence.\r\n"^^ . "2012-12" . . . "0537" . . . . . "Zeno"^^ . "Enders"^^ . "Zeno Enders"^^ . . . . . . "Heterogeneous consumers, segmented asset markets, and the effects of monetary policy (PDF)"^^ . . . "Enders_2012_dp537.pdf"^^ . . . "Heterogeneous consumers, segmented asset markets, and the effects of monetary policy (Other)"^^ . . . . . . "indexcodes.txt"^^ . . . "Heterogeneous consumers, segmented asset markets, and the effects of monetary policy (Other)"^^ . . . . . . "lightbox.jpg"^^ . . . "Heterogeneous consumers, segmented asset markets, and the effects of monetary policy (Other)"^^ . . . . . . "preview.jpg"^^ . . . "Heterogeneous consumers, segmented asset markets, and the effects of monetary policy (Other)"^^ . . . . . . "medium.jpg"^^ . . . "Heterogeneous consumers, segmented asset markets, and the effects of monetary policy (Other)"^^ . . . . . . "small.jpg"^^ . . "HTML Summary of #14259 \n\nHeterogeneous consumers, segmented asset markets, and the effects of monetary policy\n\n" . "text/html" . . . "330 Wirtschaft"@de . "330 Economics"@en . .