Integrating Monetary Theory and Mainstream Macroeconomics

主流宏观经济学长期以来一直采用所谓的简化形式的货币方法，这意味着它做出了诸如“效用函数中的货币”或“预先现金”之类的假设，这些假设代表了一个更深入、更明确的模型。这样的捷径可能是有用的，但大多数学者都认为，把事情说清楚更好。与此同时，最近在发展货币理论的严肃微观基础方面取得了相当大的成功。然而，这项工作并没有对主流产生太大的影响：即使是那些可能会为建立更好的货币经济学微观基础而鼓掌的人，最终也会对这种方法不屑一顾，因为它与他们所知道和所做的太不一样了。目前的提议涉及一个正在进行的项目，试图缩小具有相对严肃的微观基础的理论与主流宏观经济学之间的差距。现在有可能分析将标准的搜索理论货币模型和教科书宏观模型作为特殊情况的一般模型。这些综合模型的含义还有待探索。很明显，他们将对货币和货币政策在经济中的作用产生新的、有趣的理论和定量见解。货币政策在现代经济中是一个大问题。政策制定者或他们的顾问被迫求助于理论和模型，而这些理论和模型一开始并没有很认真地解释或分析货币的作用，而且往往包含逻辑上不一致的假设。这是因为没有真正的替代方案——试图认真解释和分析货币作用的模型，以及试图保持逻辑一致性的模型，与现实（甚至与主流宏观经济理论）相去甚远。拟议中的研究将缩小严肃理论与实际政策之间的差距。在不久的将来，也许我们会有更好的货币政策，因为我们对货币理论有了更好的理解，以及它如何更广泛地与宏观经济学相适应。

Mainstream macroeconomics has for a long time adopted what may be called a reduced-form approach to money, which means that it makes assumptions such as "money in the utility function'' or "cash in advance" that proxy for a deeper, more explicit, model. Such short cuts can be useful, but most scholars agree it is better to make things explicit. At the same time, there has been considerable success recently developing serious microfoundations for monetary theory. However, this work on has not had that much of an impact on the mainstream: even those who might applaud the efforts to build a better microfoundations for monetary economics end up dismissing the approach because it is just too distinct from what they know and do. The current proposal involves an ongoing project that attempts to reduce the gap between theories with relatively serious microfoundations and mainstream macroeconomics. It is now possible to analyze general models that capture the standard search-theoretic monetary model and textbook macro model as special cases. It remains to explore the implications of these integrated models. It seems clear they will generate new and interesting insights, both theoretical and quantitative, into the role of money and monetary policy in the economy.Broader impacts resulting from the proposed activityMonetary policy is a big concern in modern economies. Policy makers or their advisors are forced to appeal to theories and models that do not do a very serious job of explaining or analyzing the role of money in the first place, and that often contain logically inconsistent assumptions. This is because there are no real alternatives -- models that try to do a serious job of explaining and analyzing the role of money and that try to maintain logical consistency are too far removed from reality (and even from mainstream macroeconomic theory). The proposed research will reduce this gap between serious theories and practical policy. In the not too distant future, perhaps we will have better monetary policy because of a better understanding of monetary theory, and how it fits in with macroeconomics, more generally.