An economical business-cycle model
An economical business-cycle model
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经济的商业周期模型
DOI：
10.1093/oep/gpab021
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发表时间：
2022
期刊：
影响因子：
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通讯作者：
Michaillat P
中科院分区：
文献类型：
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作者：
Michaillat P
本文提出了一种新的经济周期模型。该模型是经济的，因为它是解决总需求总供给图，并通过比较静态的冲击和政策的影响。该模型建立在两个非常规假设之上。首先，生产者和消费者通过匹配功能相遇。因此，该模型的特点是失业率，这是波动的总需求和供应的冲击。其次，财富进入了效用函数，因此该模型允许永久的零下限事件。在模型中，最优货币政策是将利率设定在消除失业缺口的水平。这个最优利率是根据当前的失业缺口和货币乘数（名义利率对失业率的影响）计算出来的。如果失业差距过大，货币政策无法在达到零下限之前消除它，但财富税可以。
This article develops a new model of business cycles. The model is economical in that it is solved with an aggregate demand–aggregate supply diagram, and the effects of shocks and policies are obtained by comparative statics. The model builds on two unconventional assumptions. First, producers and consumers meet through a matching function. Thus, the model features unemployment, which fluctuates in response to aggregate demand and supply shocks. Secondly, wealth enters the utility function, so the model allows for permanent zero-lower-bound episodes. In the model, the optimal monetary policy is to set the interest rate at the level that eliminates the unemployment gap. This optimal interest rate is computed from the prevailing unemployment gap and monetary multiplier (the effect of the nominal interest rate on the unemployment rate). If the unemployment gap is exceedingly large, monetary policy cannot eliminate it before reaching the zero lower bound, but a wealth tax can.