Money in Intertemporal General Equilibrium Theory

在过去的十年中，在使用跨期一般均衡模型来分析货币理论中的问题方面已经做了大量的工作。伍德福德教授的目标是在涉及金融市场不完善和异质性消费者的跨期均衡框架下建立一种通用的货币理论。初步结果表明，市场结构与人口假设之间存在密切联系。在这个项目中分析的一组模型还涉及不完全市场、无限时间范围、预付现金和货币持有量的时变分布。这项研究的长期回报可能提供一些极其重要的与政策相关的结果。具体来说，伍德福德教授正试图为货币干预（如公开市场操作）的再分配财政效应找到一个通用框架。这些不同的财政效应将对价格水平和其他实体经济变量产生不同的影响。

In the past decade, there has been a great deal of work in using intertemporal general equilibrium models to analyze problems in monetary theory. Professor Woodford aims at building up a general theory of money in an intertemporal equilibrium framework involving financial market imperfections and heterogeneous consumers. Preliminary results indicate close connections between market structure and demographic assumptions. The set of models that being analyzed under this project also involve incomplete markets, an infinite time-horizon, cash-in-advance and a time-varying distribution of money holdings. Long term payoffs of this research could provide some extremely important policy-related results. Specifically, Professor Woodford is attempting to find a generalized framework for the redistributive fiscal effects of monetary interventions (such as open-market operations). These alternative fiscal effects will lead to differing influences on the price level and other real economic variables.