Studies in Monetary Theory

小行星9408649 自20世纪30年代明确的动态宏观经济模型首次被开发以来，我们第一次拥有了一类完全符合一般均衡传统的理论，这些理论建立在对偏好、技术和市场结构的假设之上。 在引入第一个真实的商业周期模型的十年中，积累了大量有用的理论和计算经验，从广泛来源获得的证据对关键参数产生了影响，人们开始将新古典福利分析的标准方法应用于宏观经济问题。 这些都是令人兴奋和有前途的技术发展，但它们与商业周期性质的一个特别实质性观点联系在一起：生产率变化是经济不稳定的主要根源。 因此，那些相信货币冲击和名义刚性重要性的宏观经济学家很少利用这些发展。 这个项目解决的问题是如何最好地整合真实的和货币力量的分析在一个一般均衡框架与明确规定的微观基础。 本课题对货币不稳定的经济周期效应进行理论研究。 提出了一个框架，统一处理经济对生产力冲击的反应和将货币扰动传递到其他经济部门的市场失灵。 本文描述了这一框架在解释生产、价格和利率行为方面的潜力，确定了一些核心问题，并对这些问题进行了理论、数值和实证研究。

9408649 Lucas For the first time since explicitly dynamic macroeconomic models were first developed in the 1930s, we have available a class of theories that are squarely in the general equilibrium tradition; built up from assumptions on preferences, technology, and market structure. In the ten years since the introduction of the first real business cycle model, a great deal of useful theoretical and computational experience has been accumulated, evidence from a wide range of sources has been brought to bear on key parameters, and people have begun to apply the standard methods of neoclassical welfare analysis to macroeconomic questions. These are exciting and promising technical developments, but they have been bound together with a particular substantive view of the nature of business cycles: that productivity changes have been the main source of economic instability. As a result, macroeconomists who are convinced of the importance of monetary shocks and nominal rigidities have made little use of these developments. This project addresses the question of how to best integrate the analysis of real and monetary forces in a general equilibrium framework with well- specified microfoundations. This project pursues theoretical research on the business cycle effects of monetary instability. A framework is proposed for a unified treatment of the economy's response to productivity shocks and of market malfunctions that transmit monetary disturbances in other sectors of the economy. The potential of this framework in accounting for the behavior of production, prices, and interest rates is described, Some central questions are identified, and a program of theoretical, numerical, and empirical research on these question is pursued.