Studies in Aggregate Analysis

这项研究的主要部分是关于进一步发展和使用Diaz-Gimenez，Prescott等人应用的一般均衡框架来评估货币和财政政策规则。这一研究计划背后的论点是，在评估货币和财政稳定政策时，认为金融市场运行是免费的标准假设是不合理的。在正在制定的框架中，年轻家庭借钱为住房和企业融资。老年人为退休储蓄，借钱给中介机构。借贷利率相差很大，事实上它们的平均水平也是如此。初步结果是，在这样的世界里，公共消费冲击的影响比标准的实际商业周期模型要大得多。该模型的行为不同于通过现金-信贷良好约束引入货币的标准实际商业周期模型的另一个方面是，可能存在与货币需求经验关系的巨大且高度持久的偏离。研究建议的另一部分是确定公司收购或类似收购的安排是否对经济效率是必要的。

The major part of this research is concerned with the further development and use of the Diaz-Gimenez, Prescott, et al applied general-equilibrium framework to evaluate monetary and fiscal policy rules. The thesis underlying this research program is that the standard assumption that financial markets are costless to operate is not a reasonable one when it comes to evaluating monetary and fiscal stabilization policies. In the framework being developed, young households borrow to finance houses and businesses. The old, who have saved for their retirement, lend to the intermediaries. Borrowing and lending rates differ by a large amount as in fact on average they do. Preliminary results are that the effects of public consumption shocks are much larger in such worlds than in the standard real business cycle model. Another dimension where the behavior of this model differs from that of the standard real business cycle model with money introduced via the cash-credit good constraint is that there can be large and highly persistent deviations from the empirical demand for money relationship. The other part of the research proposal is to determine whether corporate takeovers, or some takeover like arrangement, are necessary for economic efficiency.