Comparative Studies of Monetary Policy and Monetary Transmission

货币政策与货币传导的比较研究

• 批准号: 9308385
• 负责人: Ben Bernanke
• 金额: $ 17.2万
• 依托单位: Princeton University
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1993
• 资助国家: 美国
• 起止时间: 1993-07-01 至 1996-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9308385&HistoricalAwards=false
• 关键词: Comparative; Studies; Monetary; Policy; Transmission

9308385 Bernanke This research improves our understanding of how monetary policy works and how it can best be used. The approach will be primarily empirical and comparative, with the experiences of a variety of countries during both the postwar and interwar periods being considered. Three basic questions about the operation of monetary policy will be addressed: (1) How do we go about deciding whether a given monetary policy is "tight" or "easy"? That is, are there reliable indicators of monetary policy stance? (2) How do changes in monetary policy have their effects on the economy, i.e., what is the monetary transmission mechanism? (3) What is the best general framework or strategy for conducting monetary policy -- rules, discretion, or something else? The largest portion of the research will be on monetary transmission, with a dominant theme being the role of capital market imperfections. In the postwar context, the project uses data from a variety of countries to address whether monetary policy works primarily by affecting the quantity of the transactions medium (the traditional "money view") or the quantity of bank lending (the "lending view"). The project quantifies the relative importance of the two channels and considers some alternative ways in which capital market imperfections affect monetary transmission. In the interwar context, the project uses multi-country data sets in order to assess the relative importance of nominal rigidities such as sticky wages and of deflation-induced financial distress in transmitting monetary shocks. ***

小行星9308385 这项研究提高了我们对货币政策如何运作以及如何最好地使用货币政策的理解。 方法将主要是经验性的和比较性的，考虑到战后和两次世界大战之间的各种国家的经验。 关于货币政策的操作，有三个基本问题需要回答：（1）如何判断货币政策是“紧”还是“松”？ 也就是说，是否有可靠的货币政策立场指标？ (2)货币政策的变化如何对经济产生影响，即，什么是货币传导机制？ (3)实施货币政策的最佳总体框架或策略是什么--规则、自由裁量权还是其他？ 研究的最大部分将是货币传导，主要主题是资本市场不完善的作用。 在战后背景下，该项目使用来自不同国家的数据，以解决货币政策是否主要通过影响交易媒介的数量（传统的“货币观点”）或银行贷款的数量（“贷款观点”）。 该项目量化了这两个渠道的相对重要性，并考虑了资本市场不完善影响货币传导的一些替代方式。 在两次世界大战之间，该项目使用多国数据集，以评估名义刚性（如粘性工资）和通货紧缩引起的金融困境在传递货币冲击方面的相对重要性。 ***