Optimal Monetary Policy in a Cash-in-Advance Economy
Optimal Monetary Policy in a Cash-in-Advance Economy
复制标题
预付现金经济中的最优货币政策
DOI：
10.1111/j.1465-7295.1994.tb01352.x
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发表时间：
1994
期刊：
影响因子：
--
通讯作者：
Timothy S. Fuerst
中科院分区：
文献类型：
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作者：
Timothy S. Fuerst
在货币传导机制的特定一般均衡模型中，讨论了最优货币政策的问题。所分析的模型是最近一类货币经济周期流动性模型中的一员。界定这些模型的贸易摩擦的性质为积极的货币政策引入了一个角色。特别是，在某种程度上，央行可以比私人部门更快地调整流动性，货币政策具有改善福利的作用。与总需求管理的传统政策处方相反，这是流动性管理的处方。牛津大学出版社1994年版权所有。
The issue of optimal monetary policy within a particular general equilibrium model of the monetary transmission mechanism is addressed. The model analyzed is a member of the recent class of liquidity models of the monetary business cycle. The nature of the trading frictions that define these models introduces a role for activist monetary policy. In particular, to the extent that the central bank can adjust liquidity more rapidly than the private sector, there is a welfare-improving role for monetary policy. In contrast to traditional policy prescriptions for aggregate demand management, this is a prescription for liquidity management. Copyright 1994 by Oxford University Press.