with money as a medium of exchange
with money as a medium of exchange
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以金钱为交换媒介
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
Christophe Chamley
中科院分区：
文献类型：
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作者：
Christophe Chamley
目前总需求和利率较低的宏观经济环境因减少公共和私人债务的努力以及向流动性的转变而恶化。本文在一个均衡模型中表明，当私人主体希望积累更多的流动性时，总就业的下降会产生更高的私人流动性需求，这种需求是自我满足的。悲观情绪的增加可能足以使经济走上失业的道路，寻求流动性，但从悲观到乐观的转变可能无法恢复充分就业。
The current macroeconomic context of low aggregate demand and interest rates is worsened by the attempts to reduce debts, public and private, and a shift toward liquidity. This paper shows, in a model of equilibrium, that when private agents want to accumulate more liquidity, which is xed in the aggregate, the fall of total employment generates a higher private demand for liquidity which is self-fullling. An increase of pessimism may be sucient to set an economy on a path of unemployment with a search for liquidity, but a shift from pessimism to optimism may not be able to restore full-employment.