The Monetary Transmission Mechanism: Quanitative Theory and Policy Implications

这个项目的目的是开发基于经验的货币传导机制的一般均衡模型，并使用它们来评估替代货币政策的可取性。本研究由五个部分组成。第一种是建立一个总量经济的货币模型，并建议研究其对货币政策正确实施的影响。在第二部分中，将使用广泛的金融数据来估计该模型。第三部分涉及根据第一部分和第二部分的调查结果，建立一个更丰富的中间金融部门。研究的第四部分需要对将用于模型评估的统计工具的小样本性质进行调查。研究的最后部分将调查季节性需求冲击对经济的潜在影响，以帮助解释商业周期的特征。传统观点认为，季节性冲击是无关紧要的，因此使用经季节性调整的数据进行模型估计是合适的。这个项目很重要，因为它将更好地理解货币政策和商业周期之间的相互关系。

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.