Money in Intertemporal General Equilibrium Theory

跨期一般均衡理论中的货币

• 批准号: 8911264
• 负责人: Michael Woodford
• 金额: $ 9.42万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1989
• 资助国家: 美国
• 起止时间: 1989-11-15 至 1992-10-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8911264&HistoricalAwards=false
• 关键词: Money; Intertemporal; General; Equilibrium; Theory

In the past decade, there has been a great deal of work in using intertemporal general equilibrium models to analyze problems in monetary theory. Professor Woodford aims at building up a general theory of money in an intertemporal equilibrium framework involving financial market imperfections and heterogeneous consumers. Preliminary results indicate close connections between market structure and demographic assumptions. The set of models that being analyzed under this project also involve incomplete markets, an infinite time-horizon, cash-in-advance and a time-varying distribution of money holdings. Long term payoffs of this research could provide some extremely important policy-related results. Specifically, Professor Woodford is attempting to find a generalized framework for the redistributive fiscal effects of monetary interventions (such as open-market operations). These alternative fiscal effects will lead to differing influences on the price level and other real economic variables.

在过去的十年里，在使用 跨期一般均衡模型来分析 货币理论伍德福德教授旨在培养一名将军 跨期均衡框架中的货币理论 涉及金融市场的不完善和异质性 消费者初步结果显示 市场结构和人口假设之间的关系。该组 在本项目下分析的模型还涉及 不完全市场，无限时间范围，预付现金 以及随时间变化的货币持有量分布。 这项研究的长期回报可以提供一些非常 与政策相关的重要成果。具体来说，教授 伍德福德正试图找到一个通用的框架， 货币干预的再分配财政效应（如 公开市场操作）。这些替代性的财政影响将 导致对价格水平和其他真实的影响不同 经济变量。