The Monetary Transmission Mechanism: Quanitative Theory and Policy Implications

货币传导机制：定量理论和政策含义

• 批准号: 9310245
• 负责人: Lawrence Christiano
• 金额: $ 19.71万
• 依托单位: Northwestern 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: 1993-08-01 至 1997-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9310245&HistoricalAwards=false
• 关键词: Monetary; Transmission; Mechanism; Quanitative; Theory

The purpose of this project is to develop empirically based, general equilibrium models of the monetary transmission mechanism, and use them to evaluate the desirability of alternative monetary policies. The research consists of five parts. The first develops a monetary model of the aggregate economy and proposes to investigate its implications for the proper conduct of monetary policy. In the second part, the model will be estimated with a broad set of financial data. The third part involves building a richer intermediate financial sector based on findings from parts one and two. The fourth part of the research well entail the investigation of the small sample properties of the statistical tools that will be used for model evaluation. The final part of the study will investigate the potential for seasonal demand shocks to the economy to help account for features of the business cycle. The conventional view is that seasonal shocks are irrelevant, and thus it is appropriate to use seasonally adjusted data for model estimation. This project is important because it will provide a better understanding of the interrelationships between monetary policy and the business cycle.

本项目的目的是开发基于经验的， 货币政策传导的一般均衡模型 机制，并使用它们来评估的可取性 替代货币政策。 该研究包括五个 零件. 第一个发展了一个货币模型的总量 经济，并建议调查其对 正确执行货币政策。 第二部分，模型 将通过一组广泛的财务数据进行估计。 第三 一部分涉及建立一个更丰富的中间金融部门 根据第一部分和第二部分的调查结果。 第四部分 研究很可能需要对小样本进行调查 将用于模型的统计工具的属性 评价 研究的最后一部分将调查 季节性需求冲击对经济的潜在帮助 说明了商业周期的特征。 常规 一种观点认为，季节性冲击是无关紧要的，因此， 适合使用季节性调整的数据进行模型估计。 这个项目很重要，因为它将提供一个更好的 理解货币政策之间的相互关系 和商业周期。