Liquidity Effects, Monetary Policy, and the Business Cycle
Liquidity Effects, Monetary Policy, and the Business Cycle
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流动性影响、货币政策和商业周期
DOI：
10.2307/2077793
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发表时间：
1992
期刊：
影响因子：
--
通讯作者：
Lawrence J. Christiano
中科院分区：
文献类型：
--
作者：
M. Eichenbaum;Lawrence J. Christiano
本文提出了新的经验证据来支持这一假设，即积极的货币供应冲击推动短期利率下降。然后，我们提出了一个定量的，一般均衡模型，这是与假设一致。我们的模型的两个关键特征是：（i）货币冲击对代理人具有异质性影响;（ii）生产的事后能力导致货币需求的短期利率弹性非常低。总之，这意味着，在我们的模型中，正的货币供应冲击会导致利率大幅下降，幅度与我们在数据中发现的相当。与粘性名义工资模型形成鲜明对比的是，我们的模型表明，正的货币供应冲击会导致真实的工资增加。我们报告的证据表明，这与美国的数据一致。最后，我们表明，我们的模型可以合理化的版本的真实的票据原则，其中货币当局适应技术冲击，从而平滑利率。
This paper presents new empirical evidence to support the hypothesis that positive money supply shocks drive short-term interest rates down. We then present a quantitative, general equilibrium model which is consistent with the hypothesis. The two key features of our model are that (i) money shocks have a heterogeneous impact on agents and (ii) ex post inflexibilities in production give rise to a very low short-run interest elasticity of money demand. Together, these imply that, in our model, a positive money supply shock generates a large drop in the interest rate comparable in magnitude to what we find in the data. In sharp contrast to sticky nominal wage models, our model implies that positive money supply shocks lead to increases in the real wage. We report evidence that this is consistent with the U.S. data. Finally, we show that our model can rationalize a version of the Real Bills Doctrine in which the monetary authority accommodates technology shocks, thereby smoothing interest rates.