Financial firm's production and supply-side monetary aggregation under dynamic uncertainty
Financial firm's production and supply-side monetary aggregation under dynamic uncertainty
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动态不确定性下金融企业的生产供给侧货币聚合
DOI：
10.20955/r.76.133-165
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发表时间：
1994
期刊：
影响因子：
--
通讯作者：
Ge Zhou
中科院分区：
文献类型：
--
作者：
W. Barnett;Ge Zhou
本文主要研究动态与风险框架下的金融企业生产理论和供给侧货币总量理论。在需求方面，将消费者需求理论应用于精确货币总量的产生并将其整合到消费者需求系统模型中已经取得了很大进展。然而，在供给方面，货币服务是由金融公司通过金融中介提供的，因此，精确的供给侧货币总量必须基于金融公司产出总量。大多数关于精确聚合理论的文献都是基于完全确定性的，这通常是对同期消费品分配决策的合理假设。然而，在为金融中介机构的决策建模时，风险是一个重要的考虑因素。此外，这种风险不仅适用于未来的价格和利率，也适用于当前的利率，从而适用于所生产的货币服务的当前用户成本。本文建立了动态风险下的金融企业行为模型，并求出了准确的货币服务产出总量。我们估计欧拉方程，包括金融公司的最优行为的一阶条件。
HIS PAPER IS FOCUSED ON the production theory of the financial firm and supply-side monetary aggregation in the framework of dynamics and risk. On the demand side, there has been much progress in applying consumer demand theory to the generation of exact monetary aggregates and integrating them into consumer demand system modeling~However, on the supply-side, monetary services are produced by financial firms through financial intermediation, and, hence, exact supply-side monetary aggregation must be based upon financial firm output aggregation. Most of the literature on exact aggregation theory is based upon perfect certainty, which often is a reasonable assumption regarding contemporaneous consumer goods allocation decisions. Risk, however, is an important consideration in modeling the decisions of financial intermediaries. Furthermore, that risk not only applies to future prices and interest rates, but also to contemporaneous interest rates and thereby to the contemporaneous user costs of produced monetary services. In this paper we derive a model of financial firm behavior under dynamic risk, and we find the exact monetary services output aggregate. We estimate the Euler equations that comprise the first-order conditions for optimal behavior by financial firms.