Inside and outside fiat money, gains to trade, and IS-LM
Inside and outside fiat money, gains to trade, and IS-LM
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内部和外部法定货币、交易收益和 IS-LM
DOI：
10.1007/s00199-002-0296-5
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发表时间：
2001
期刊：
影响因子：
--
通讯作者：
J. Geanakoplos
中科院分区：
文献类型：
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作者：
P. Dubey;J. Geanakoplos
我们建立了一个有货币的单期一般均衡模型。只要外部货币与内部货币的比率小于自给自足时的交易收益，均衡就存在，法定货币就具有正价值。我们发现，政府财政政策和货币政策的名义效应完全可以用一个图来描述，该图的形式与希克斯为描述凯恩斯的一般理论而引入的IS-LM曲线相同。因此，IS-LM分析与完全市场清算、多种商品和异质家庭并不矛盾。我们表明，当政府赤字接近一个有限的阈值，恶性通货膨胀（价格收敛到无穷大和真实的贸易崩溃）。在另一个极端，如果政府盈余过大，经济就会陷入流动性陷阱，名义GNP下降，货币政策无效。
We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the nominal effects of government fiscal and monetary policy can be completely described by a diagram identical in form to the IS-LM curves introduced by Hicks to describe Keynes' general theory. IS-LM analysis is thus not incompatible with full market clearing, multiple commodities, and heterogeneous households. We show that as the government deficit approaches a finite threshold, hyperinflation sets in (prices converge to infinity and real trade collapses). At the other extreme, if the government surplus is too large, the economy enters a liquidity trap in which nominal GNP sinks and monetary policy is ineffectual.