A Transactions Based Model of the Monetary Transmission Mechanism: Part 2
A Transactions Based Model of the Monetary Transmission Mechanism: Part 2
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基于交易的货币传输机制模型：第 2 部分
DOI：
10.3386/w0973
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发表时间：
1982
期刊：
影响因子：
--
通讯作者：
Laurence Weiss
中科院分区：
文献类型：
--
作者：
Sanford J. Grossman;Laurence Weiss
第 1 部分在对数效用的情况下分析了公开市场操作的动态。尽管这样的效用函数对于说明目的很有用，但当前价格独立于当前和未来货币注入的含义并不令人满意。这一含义源于以下事实：对于对数效用，未来消费与储蓄回报率无关。在第二部分中，对数效用假设被更一般的假设所取代，即效用具有恒定的弹性形式，使得未来消费是利率的递增函数。尽管无法针对这种情况得出封闭式解决方案，但结果表明，第 1 部分的基本结果仍然成立：货币增加导致价格水平反应迟缓和利率下降。
In Part 1 the dynamics of an open market operation were analyzed for the case of logarithmic utility. Though such a utility function is useful for illustrative purposes, the implication that current prices are independent of current and future monetary injections is unsatisfactory. This implication results from the fact that with logarithmic utility future consumption is independent of the rate of return to savings. In Part 2 the logarithmic utility assumption is replaced by the more general assumption that utility is of the constant elasticity form such that future consumption is an increasing function of the interest rate. Though a closed form solution cannot be derived for this case, it is shown that the basic results of Part 1 still hold: An increase in money causes a sluggish response of the price level and a fall in interest rates.