Comparative Studies of Monetary Policy and Monetary Transmission

9308385伯南克这项研究提高了我们对货币政策如何发挥作用以及如何最好地使用货币政策的理解。这种做法将主要是经验性和比较性的，同时考虑到许多国家在战后和两次世界大战期间的经验。关于货币政策操作的三个基本问题将被讨论：(1)我们如何决定一项特定的货币政策是“紧”还是“松”？也就是说，货币政策立场是否有可靠的指标？(2)货币政策的变化如何对经济产生影响，即货币传导机制是什么？(3)实施货币政策的最佳总体框架或战略是什么--规则、裁量还是其他什么？这项研究的最大部分将是关于货币传导的，主要主题是资本市场缺陷的作用。在战后背景下，该项目使用来自不同国家的数据来探讨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”)来发挥作用。该项目量化了这两个渠道的相对重要性，并考虑了资本市场缺陷影响货币传导的一些替代方式。在两次世界大战之间的背景下，该项目使用多个国家的数据集，以评估名义刚性(如工资粘性)和通货紧缩导致的金融困境在传递货币冲击方面的相对重要性。***

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. ***