A simple perfect foresight monetary model
A simple perfect foresight monetary model
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一个简单完美的远见货币模型
DOI：
10.1016/0304-3932(70)90001-2
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发表时间：
1975
影响因子：
4.1
通讯作者：
W. Brock
中科院分区：
文献类型：
--
作者：
W. Brock
本文开发了一个简单的模型，它加深了对决定价格水平和货币收入随时间变化的均衡路径的力量的理解。该模型基本上是弗里德曼[Friedman(1969)]关于最优货币数量讨论的一部分。我们考虑这样一种经济，在这种经济中，个人在每个人的一生中都会获得固定的实际收入捐赠和政府印制的票据形式的名义转移支付。人们之所以想要这些钞票，是因为它们可以简化交易，节省往返银行的劳力，或者是因为该国有一项法律规定，这种钞票是所有公共和私人债务的法定货币。个人寻求最大化他们的终身效用，等于他们在每个时期从商品消费和货币服务余额消费中获得的效用的贴现总和。由于个人的生活不止一个时期，由于货币余额从一个时期延续到下一个时期，个人在任何特定时期的决定都会受到他们认为自己当前的货币余额在未来时期的价值的影响。因此，一个关于个人如何形成对PRIT：ES未来行为的预期的模型是我们分析的重要部分。在文献中已经讨论了许多不同的期望形成模型。我们将采用的特定模型是一个“理性预期”模型。“这个特定的概念是从众多概念中选出的
This paper develops a simple model which sharpens understanding of the forces that determine the equilibrium path of the price level and money income over time. The model is basically a formalization of part of Friedman’s Optimum Quantity of Money discussion [Friedman (1969)]. We consider an economy in which individuals receive both a fixed endowment of real income and nominal transfer payments in the form of bills printed by the government during each period of life. These bills are desired for their use in easing transactions, saving labor involved in trips back and forth to the bank, for their own sake, or because there is a law in the land that states ‘this note is legal tender for all debts, public and private’.’Individuals seek to maximize their lifetime utility which is equal to the discounted sum of the utility which they derive in each period from consumption of commodities and consumption of the services of money balances. Since individuals live more than one period and since money balances carry over from one period to the next, individual’s decisions in any particular period are influenced by what they think that their current money balances will be worth in future periods. Thus, a model of how individuals form their expectations regarding the future behavior of prit: es is an essential part of our analysis. Many different models of expectations formation have been discussed in the literature. The particular model which we will employ is a model of ‘rational expectations’.’This particular concept has been selected out of the many