Money, Intermediation and Financial Markets.

货币、中介和金融市场。

• 批准号: 0350302
• 负责人: Douglas Gale
• 金额: --
• 依托单位: New York University
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 2004
• 资助国家: 美国
• 起止时间: 2004-06-01 至 2008-05-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0350302&HistoricalAwards=false
• 关键词: Money; Intermediation; Financial; Markets.

ABSTRACTProp ID: 0350302PI: Gale, Douglas M.Organization: New York UniversityTitle: Money, Intermediation and Financial MarketsProject SummaryRecent events, including the financial crises in South Asia and elsewhere and the expansion (and later collapse) of the stock market bubble in the United States have focused attention on the relationship between monetary policy and the financial system. Concern about financial fragility means that any turbulence in the financial system leads to questions about what can and should be done by policy makers. Should the Federal Reserve System target stock prices as well as the prices of goods and services in formulating its monetary policy? Can interest rates control the stock market? What impact does the wealth effect have on real consumption? What is the optimal policy with respect to financial crises? Can timely provision of liquidity prevent crises? Should crises be prevented at all costs or is a cost-benefit analysis necessary to decide which crises to prevent?The objective of this project is (i) to incorporate money in a meaningful way into a theoretical account of transactions and monetary equilibrium and (ii) show how the CB's control of standard instruments (money supply, interest rates) determines the price level and hence the real value of financial securities and then (iii) to apply these tools to the understanding of financial intermediation, markets, and crises.Intellectual merit of proposed activityThe project will develop theoretical tools and frameworks for the analysis of activist monetary policy, for the analysis of optimal liquidity provision, and the design of optimal financial system. It will also address important policy issues which will provide greater insight into the formulation of policies in areas such as deflation, liquidity traps, and monetization of the debt; the role of liquidity in asset price volatility; and optimal currency areas.Broader impacts of proposed activityThe results of this research will be disseminated through publications in peer reviewed journals, through the World Wide Web, and through conferences and seminar participation. Graduate students will be involved in the research directly as RAs and indirectly as participants in workshops and graduate courses where the results and methods will be taught and discussed. As indicated above, the ultimate aim of the research is to inform ongoing debates about the policy of governmental and inter-governmental organizations, such as the Federal Reserve, the IMF, the ECB, etc.Every effort will be made to encourage the most diverse participation possible in the public activities associated with the project.

[摘要]作者：Gale， Douglas m.机构：纽约大学标题：货币、中介和金融市场最近发生的事件，包括南亚和其他地区的金融危机以及美国股市泡沫的扩大（后来破裂），都把人们的注意力集中在货币政策与金融体系之间的关系上。对金融脆弱性的担忧意味着，金融体系的任何动荡都会引发有关政策制定者能做什么、应该做什么的问题。在制定货币政策时，美联储是否应该把股票价格以及商品和服务的价格作为目标？利率能控制股市吗？财富效应对实际消费有什么影响？应对金融危机的最佳政策是什么？及时提供流动性能防止危机吗？应该不惜一切代价预防危机，还是需要进行成本效益分析来决定要预防哪些危机？该项目的目标是(i)以有意义的方式将货币纳入交易和货币均衡的理论账户；（ii）展示中央银行对标准工具（货币供应、利率）的控制如何决定价格水平，从而决定金融证券的实际价值；然后（iii）将这些工具应用于对金融中介、市场和危机的理解。该项目将开发理论工具和框架，用于分析积极的货币政策，分析最优流动性提供，以及设计最优金融体系。它还将讨论重要的政策问题，这些问题将为在诸如通货紧缩、流动性陷阱和债务货币化等领域制定政策提供更深入的见解；流动性在资产价格波动中的作用；以及最优货币区。拟议活动的更广泛影响这项研究的结果将通过同行评议期刊上的出版物、通过万维网以及通过参加会议和研讨会来传播。研究生将直接作为研究人员参与研究，并间接作为研讨会和研究生课程的参与者，在这些研讨会和研究生课程中将教授和讨论研究结果和方法。如上所述，这项研究的最终目的是为正在进行的关于政府和政府间组织（如美联储、国际货币基金组织、欧洲央行等）政策的辩论提供信息。将尽一切努力鼓励尽可能多样化地参与与该项目相关的公共活动。