A New Framework for Monetary Theory and Policy Analysis

该项目为货币理论和政策的分析提供了一个新的框架。该模型集成了文献中几种模型的理想功能。特别是，它具有基于搜索的货币模型的微观基础;它分享了重叠世代模型的许多有趣的理论含义;它允许人们分析相关的政策问题，就像在现金预付模型中一样。 由于新的模型是明确的微观市场结构，使货币的作用摆在首位，它允许详细研究的一般性和鲁棒性的预测简化形式的方法，如现金预付款模型。同时，该模型远远超出了基于详细微观结构的大多数现有理论，如基于搜索的模型，因为这些模型通常假设非常严格的库存限制形式（例如，代理人最多只能持有非常少量的资金）。这些限制在本文献中纯粹是出于技术原因。新框架不需要任何此类限制。因此，尽管它有明确的微观基础，但它非常适合于宏观政策和经验分析。与此同时，即使对库存没有技术限制，新模型也是非常容易处理的--人们可以对相当一般的规格得出许多分析结果。

This project develops a new framework for the analysis of monetary theory and policy. This model integrates desirable features of several models in the literature. In particular, it has the microfoundations of search-based monetary models; it shares many of the interesting theoretical implications of overlapping generations models; and it allows one to analyze relevant policy issues as one does in cash-in-advance models. Since the new model is explicit about the micro market structure that gives rise to a role for money in the first place, it allows detailed study of the generality and robustness of predictions from reduced-form approaches like cash-in-advance models. At the same time, the model goes well beyond most existing theories based on detailed micro structures, like the search-based models, in that those models typically assume very severe forms of inventory restrictions (e.g., agents can hold at most a very small amount of money). Those restrictions were imposed in this literature purely for technical reasons. The new framework does not need any such restrictions. Hence, it is well suited for macro policy and empirical analysis even though it has an explicit micro foundation. At the same time, even without technical restrictions on inventories, the new model is extremely tractable - one can derive many analytic results for fairly general specifications.