A New Framework for Monetary Theory and Policy Analysis

货币理论和政策分析的新框架

• 批准号: 0095775
• 负责人: Randall Wright
• 金额: --
• 依托单位: University of Pennsylvania
• 依托单位国家: 美国
• 项目类别: Continuing grant
• 财政年份: 2001
• 资助国家: 美国
• 起止时间: 2001-07-01 至 2005-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0095775&HistoricalAwards=false
• 关键词: New; Framework; Monetary; Theory; Policy

This project develops a new framework for the analysis of monetary theory and policy. This model integrates desirable features of several models in the literature. In particular, it has the microfoundations of search-based monetary models; it shares many of the interesting theoretical implications of overlapping generations models; and it allows one to analyze relevant policy issues as one does in cash-in-advance models. Since the new model is explicit about the micro market structure that gives rise to a role for money in the first place, it allows detailed study of the generality and robustness of predictions from reduced-form approaches like cash-in-advance models. At the same time, the model goes well beyond most existing theories based on detailed micro structures, like the search-based models, in that those models typically assume very severe forms of inventory restrictions (e.g., agents can hold at most a very small amount of money). Those restrictions were imposed in this literature purely for technical reasons. The new framework does not need any such restrictions. Hence, it is well suited for macro policy and empirical analysis even though it has an explicit micro foundation. At the same time, even without technical restrictions on inventories, the new model is extremely tractable - one can derive many analytic results for fairly general specifications.

该项目为货币理论和政策的分析开发了一个新的框架。该模型综合了文献中几种模型的可取特征。特别是，它有基于搜索的货币模型的微观基础；它与代际重叠模型的许多有趣的理论含义相同；它允许人们分析相关的政策问题，就像在预付现金模型中做的那样。由于新模型对微观市场结构是明确的，而微观市场结构首先产生了货币的作用，因此它允许对预收现金模型等简化形式方法的预测的一般性和稳健性进行详细研究。同时，该模型远远超出了大多数现有的基于详细微观结构的理论，如基于搜索的模型，因为这些模型通常假设非常严格的库存限制形式（例如，代理最多只能持有非常少量的钱）。这些限制在本文献中是纯粹出于技术原因强加的。新的框架不需要任何这样的限制。因此，即使它有明确的微观基础，它也非常适合宏观政策和实证分析。同时，即使没有对库存的技术限制，新模型也非常容易处理——人们可以为相当一般的规格推导出许多分析结果。