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货币理论与政策.pdf

货币理论与政策

xuaner514 2009-12-11 评分 0 浏览量 0 0 0 0 暂无简介 简介 举报

简介:本文档为《货币理论与政策pdf》,可适用于其他资料领域,主题内容包含MonetaryTheoryandPolicySecondEditionCarlEWalshTheMITPressCambridge,Massach符等。

MonetaryTheoryandPolicySecondEditionCarlEWalshTheMITPressCambridge,MassachusettsLondon,EnglandContentsPrefacexviiIntroductionEmpiricalEvidenceonMoney,Prices,andOutputIntroductionSomeBasicCorrelationsLongRunRelationshipsShortRunRelationshipsEstimatingtheEectofMoneyonOutputTheEvidenceofFriedmanandSchwartzGrangerCausalityPolicyUsesTheVARApproachStructuralEconometricModelsAlternativeApproachesSummaryMoneyintheUtilityFunctionIntroductionTheBasicMIUModelSteadyStateEquilibriumTheInterestElasticityofMoneyDemandLimitationsTheWelfareCostofInflationExtensionsInterestonMoneyNonsuperneutralityDynamicsinanMIUModelTheSteadyStateTheLinearApproximationCalibrationSimulationResultsSummaryAppendix:SolvingfortheDynamicsintheMIUModelTheDecisionProblemFunctionalFormsTheSteadyStateTheLinearApproximationSolvingLinearRationalExpectationsModelswithForwardLookingVariablesProblemsMoneyandTransactionsIntroductionShoppingTimeModelsCIAModelsTheCertaintyCaseAStochasticCIAModelOtherApproachesRealResourceCostsSearchSummaryAppendix:TheCIAApproximationTheBasicDecisionProblemTheSteadyStateTheLinearApproximationProblemsMoneyandPublicFinanceIntroductionBudgetAccountingIntertemporalBudgetBalanceMoneyandFiscalPolicyFrameworksFiscalDominance,Deficits,andInflationTheFiscalTheoryofthePriceLevelOptimalTaxationandSeigniorageAPartialEquilibriumModelOptimalSeigniorageandTemporaryShocksFriedman’sRuleRevisitedNonindexedTaxSystemsSummaryProblemsviiiContentsMoney,Output,andInflationintheShortRunIntroductionFlexiblePricesImperfectInformationLimitedParticipationandLiquidityEectsNominalRigiditiesWageRigidityinanMIUModelImperfectCompetitionandPriceStickinessInflationPersistenceANewKeynesianModelforMonetaryAnalysisTheBasicModelEvaluatingtheNewKeynesianInflationAdjustmentEquationGeneralEquilibriumStickyWagesandPricesSummaryAppendixAnImperfectInformationModelAStickyWageMIUModelTheNewKeynesianPhillipsCurveProblemsMoneyandtheOpenEconomyIntroductionTheObstfeldRogoTwoCountryModelTheLinearApproximationEquilibriumwithFlexiblePricesStickyPricesPolicyCoordinationTheBasicModelEquilibriumwithCoordinationEquilibriumWithoutCoordinationTheSmallOpenEconomyFlexibleExchangeRatesFixedExchangeRatesOpenEconomyModelswithOptimizingAgentsandNominalRigiditiesContentsixABasicOpenEconomyModelTheFlexiblePriceEquilibriumDeviationsfromtheFlexiblePriceEquilibriumExtensionsSummaryAppendixTheObstfeldRogoModelTheSmallOpenEconomyModelProblemsTheCreditChannelofMonetaryPolicyIntroductionImperfectInformationinCreditMarketsAdverseSelectionMoralHazardMonitoringCostsAgencyCostsMacroeconomicImplicationsASimpleModelwithBankLoansGeneralEquilibriumModelsAgencyCostsandGeneralEquilibriumAgencyCostsandStickyPricesDoesCreditMatterTheBankLendingChannelTheBroadCreditChannelSummaryDiscretionaryPolicyandTimeInconsistencyIntroductionInflationUnderDiscretionaryPolicyPolicyObjectivesTheEconomyEquilibriumInflationSolutionstotheInflationBiasReputationPreferencesxContentsContractsInstitutionsTargetingRulesIstheInflationBiasImportantDoCentralBankingInstitutionsMatterSummaryProblemsMonetaryPolicyOperatingProceduresIntroductionFromInstrumentstoGoalsTheInstrumentChoiceProblemPoole’sAnalysisPolicyRulesandInformationIntermediateTargetsRealEectsofOperatingProceduresOperatingProceduresandPolicyMeasuresMoneyMultipliersTheReserveMarketReserveMarketResponsesABriefHistoryofFedOperatingProceduresOtherCountriesProblemsInterestRatesandMonetaryPolicyIntroductionInterestRateRulesandthePriceLevelPriceLevelDeterminacyInterestRatePoliciesinGeneralEquilibriumLiquidityTrapsTheTermStructureofInterestRatesTheExpectationsTheoryoftheTermStructurePolicyandtheTermStructureExpectedInflationandtheTermStructureSimpleModelsforPolicyAnalysisAClosedEconomyModelContentsxiOptimalPolicyAnOpenEconomyModelSummaryProblemsPolicyAnalysisinNewKeynesianModelsTheBasicNewKeynesianModelPolicyObjectivesOptimalCommitmentandDiscretionCommitmentDiscretionDiscretionVersusCommitmentCommitmenttoaRulePolicyTradeosUnderDiscretionModelUncertaintyEndogenousPersistenceExtensionstotheOpenEconomyTargetingRegimesandInstrumentRulesInflationTargetingOtherTargetingRegimesInstrumentRulesAppendixApproximatingUtilitySolvingforOptimalPolicyProblemsReferencesNameIndexSubjectIndexxiiContentsFigures:DynamicCorrelations,GDPtandMtþj::–::DynamicCorrelations,Output,Prices,andInterestRates::–::DetrendedMoneyandRealGDP:InterestRatesandDetrendedRealGDP:OutputandPriceResponsetoaFundsRateShock(–):OutputandPriceResponsetoaFundsRateShock(–):SteadyStateRealBalances(SeparableUtility):TheWelfareCostsofInflation:OutputandLaborResponsestoaMoneyGrowthShock:NominalInterestRateandInflationResponsetoaMoneyGrowthShock:OutputandLaborResponsetoaMoneyGrowthShock:NominalInterestRateandInflationResponsetoaMoneyGrowthShock:SeigniorageasaFunctionofInflation:MoneyGrowthandSeigniorageRevenue:EquilibriumwithaFixedNominalMoneySupply:USDeficitsandSeigniorage–(asapercentageofGDP):TheEectsofaMoneyShockwithStaggeredPriceAdjustment:ChangeinInflationVersusUnemployment(–):Output,Inflation,andRealInterestRateResponsestoaPolicyShockintheNewKeynesianModel:NominalExchangeRateResponsetoaMonetaryShock:ExpectedLoanProfitwithAdverseSelection:EquilibriumInflationUnderDiscretion(LinearObjectiveFunction):EquilibriumInflationUnderDiscretion(QuadraticLossFunction):TemptationandEnforcement:TheOptimalDegreeofConservatism:AverageInflationVersusCentralBankIndependence:TheReservesMarket:TheReservesMarketResponsetoaReserveDemandIncrease:FederalFundsRate,–:TheDynamicsofaLiquidityTrap:ShortandLongTermInterestRates:–:ResponsetoaPolicyShock(BaselineParameters):OutputResponsetoaDemandShockUnderAlternativePolicyRules:InflationResponsetoaDemandShockUnderAlternativePolicyRules:InflationCoe‰cientintheInterestRateRule:ResponsetoaHomePolicyShock:ResponsetoaForeignPolicyShock:OutputGapResponsetoaCostShock:TimelessPrecommitmentandPureDiscretion:ResponseofInflationtoaCostShock:TimelessPrecommitmentandPureDiscretion:EquilibriumOutputGapandInflationUnderDiscretion:TheE‰ciencyFrontierUnderDiscretionandtheSocialMarginalRateofSubstitutionBetweenspandsx:ResponsestoaCostShockwithEndogenousPersistenceðf:ÞxivFiguresTables:SteadyStateValues:BaselineParameterValues:SteadyStateValuesatBaselineParameterValues:ImpliedContemporaneousCorrelations:EectsoftheMoneyProcess:g::BaselineParameters:EectsoftheMoneyProcessðg:Þ:CentralBankIndependenceandInflation:ParametersUnderAlternativeOperatingProcedures:ResponsetoaPositiveReserveDemandShock:ResponsetoaPositiveShocktoBorrowedReserves:ParameterValues(BaselineCase)PrefaceMonetaryeconomicshascontinuedtobearapidlyexpandingresearchareasincethefirsteditionofMonetaryTheoryandPolicywaspublishedInupdatingandrevisingthebookforasecondedition,myobjectivehasbeentoincorporatethenewinsightsgainedfromthisrecentresearchVirtuallyeverychapterhasbeenrevised,withaneyetoimprovingtheexpositionandincorporatingrecentresearchAtthetimeofthefirstedition,theuseofmodelsbasedondynamicoptimizationandnominalrigiditiesinconsistentgeneralequilibriumframeworkswasstillrelativelynewSincethen,however,thesemodelshavebeenusedtoexploreawidevarietyofinterestingtheoreticalandpolicyquestionsandhavemotivatednewempiricalworkthathascontributedtoourknowledgeofmacroeconomicandmonetaryphenomenaIssuessuchasoptimalpolicy,theroleofpolicyinstrumentrules,policyandmacroeconomicstability,anddiscretionversuscommitmentarejustsomeofthetopicsonwhichinterestingnewinsightshavebeengainedInadditiontotheworkonwhataregenerallyreferredtoasnewKeynesianmodels,thisneweditionincludesdiscussionofsuchtopicsasthefiscaltheoryofthepricelevel,inflationtargeting,Taylorrules,andliquiditytrapsIhavereceivedmanycommentsfromusersofthefirstedition,andthesecommentshaveservedtoguidemeinrevisingthematerialIwouldlikeparticularlytothankHenningBohn,BettyDaniel,JordiGalı,EricLeeper,TimFuerst,EdNelson,FedericoRavenna,andKevinSalyerforveryhelpfulcommentsonearlydraftversionsofsomeofthechaptersofthesecondeditionThecommentsandsuggestionsofJuliaChiriaeva,NancyJianakoplos,StephenMiller,JimNason,ClaudioShikida,andstudentsandparticipantsincoursesIhavetaughtbasedonthefirsteditionattheIMFInstitute,theBankofSpain,theBankofPortugal,theBankofEngland,theUniversityofOlso,andtheSwissNationalBankStudeniencentrumGerzenseeallcontributedtoimprovingthematerialWeiChen,EthelWang,andJamusLim,graduatestudentsattheUniversityofCalifornia,SantaCruz(UCSC),alsooeredhelpfulcommentsandassistanceinpreparingthisneweditionThefirsteditionwasimmenselyimprovedbythethoughtfulcommentsofmanyindividualswhotookthetimetoreadpartsofearlierdraftsLuigiButtiglione,MarcoHoeberichts,MichaelHutchison,FrancescoLippi,JaewooLee,DougPearce,GustavoPiga,GlennRudebusch,WillemVerhagen,andChrisWallerprovidedmewithmanyinsightfulandusefulcomments,allofwhichledtosignificantimprovementsStudentsatStanfordandUCSCgavemeimportantfeedbackondraftmaterialPeterKriz,JerryMcIntyre,FabianoSchivardi,AlinaCarare,andespeciallyJulesLeichterdeservespecialmentionAveryspecialnoteofthanksisdueLarsSvenssonandBertholdHerrendorfEachmadeextensivecommentsoncompletedraftsofthefirsteditionAttemptingtoaddresstheissuestheyraisedgreatlyimprovedthefinalproductitwouldhavebeenevenbetterifIhadhadthetimeandenergytofollowalltheirsuggestionsIwouldalsoliketothankTerryVaughanandElizabethMurry,myeditorsatMITPress,andNancyLombardi,theproductioneditorforboththefirstandsecondeditions,fortheirexcellentassistanceonthemanuscriptNeedlesstosay,alltheremainingweaknessesanderrorsaremyownresponsibilityxviiiPrefaceIntroductionMonetaryeconomicsinvestigatestherelationshipbetweenrealeconomicvariablesattheaggregatelevelsuchasrealoutput,realratesofinterest,employment,andrealexchangeratesandnominalvariablessuchastheinflationrate,nominalinterestrates,nominalexchangerates,andthesupplyofmoneySodefined,monetaryeconomicshasconsiderableoverlapwithmacroeconomicsmoregenerally,andthesetwofieldshave,toalargedegree,sharedacommonhistoryovermostofthepastyearsThisstatementwasparticularlytrueduringthesafterthemonetaristKeynesiandebatesledtoareintegrationofmonetaryeconomicswithmacroeconomicsTheseminalworkofRobertLucas()providedtheoreticalfoundationsformodelsofeconomicfluctuationsinwhichmoneywasthefundamentaldrivingfactorbehindmovementsinrealoutputTheriseofrealbusinesscyclemodelsduringthesandearlys,buildingonthecontributionofKydlandandPrescott()andfocusingexplicitlyonnonmonetaryfactorsasthedrivingforcesbehindbusinesscycles,tendedtoseparatemonetaryeconomicsfrommacroeconomicsMorerecently,therealbusinesscycleapproachtoaggregatemodelinghasbeenusedtoincorporatemonetaryfactorsintodynamicgeneralequilibriummodelsToday,bothmacroeconomicsandmonetaryeconomicssharethecommontoolsassociatedwithdynamic,stochasticapproachestomodelingtheaggregateeconomyDespitethesecloseconnections,abookonmonetaryeconomicsisnotabookonmacroeconomicsThefocusinmonetaryeconomicsisdistinct,emphasizingpriceleveldetermination,inflation,andtheroleofmonetarypolicyThisbookprovidescoverageofthemostimportanttopicsinmonetaryeconomicsandofsomeofthemodelsthateconomistshaveemployedastheyattempttounderstandtheinteractionsbetweenrealandmonetaryfactorsItdealswithtopicsinbothmonetarytheoryandmonetarypolicyandisdesignedforsecondyeargraduatestudentsspecializinginmonetaryeconomics,forresearchersinmonetaryeconomicswishingtohaveasystematicsummaryofrecentdevelopments,andforeconomistsworkinginpolicyinstitutionssuchascentralbanksItcanalsobeusedasasupplementforfirstyeargraduatecoursesinmacroeconomics,asitprovidesamoreindepthtreatmentofinflationandmonetarypolicytopicsthaniscustomaryingraduatemacrotextbooksThechaptersonmonetarypolicymaybeusefulforadvancedundergraduatecoursesBesidesincorporatingadiscussionofthebasicempiricalapproachestoestimatingtheimpactofmonetarypolicy,themajortheoreticalmodelsarelinkedtothecalibrationandsimulationtechniquescommonlyusedinmacroeconomicsandtotheclassofmodelscommonlyusedforpolicyanalysisTheuseofdynamicsimulationstoevaluatethequantitativesignificanceofthechannelsthroughwhichmonetarypolicyandinflationaecttheeconomyisoneinnovationofthisbookModernapproachestomonetarypolicystresstheneedtounderstandtheincentivesfacingcentralbanksandtomodelthestrategicinteractionsbetweenthecentralbankandtheprivatesectorThisapproachreceivesextensivecoverage,andthisrepresentsasecondinnovationofthebookAthirdinnovationisthefocusoninterestratesinthediscussionofmonetarypolicyFewcentralbanksconductmonetarypolicyorientedtowardthequantityofmoney,yetuntilthemids,mosttreatmentsofmonetarypolicyemphasizedmoneysupplycontrolandmoneydemandWhenoneiswritingabooksuchasthis,severalorganizationalapproachespresentthemselvesMonetaryeconomicsisalargefield,andonemustdecidewhethertoprovidebroadcoverage,givingstudentsabriefintroductiontomanytopics,ortofocusmorenarrowlyandinmoredepthIhavechosentofocusonparticularmodels,modelsthatmonetaryeconomistshaveemployedtoaddresstopicsintheoryandpolicyIhavetriedtostressthemajortopicswithinmonetaryeconomicsinordertoprovidesu‰cientlybroadcoverageofthefield,butthefocuswithineachtopicisoftenonasmallnumberofpapersormodelsthatIhavefoundusefulforgaininginsightintoaparticularissueAsanaidtostudents,derivationsofbasicresultsareoftenquitedetailed,butdeepertechnicalissuesofexistence,multipleequilibria,andstabilityreceivesomewhatlessattentionThischoicewasnotmadebecausethelatterareunimportantinstead,therelativeemphasisreflectsanassessmentthattodothesetopicsjustice,whilestillprovidingenoughemphasisonthecoreinsightsoeredbymonetaryeconomics,wouldhaverequiredamuchlongerbookByreducingthedimensionalityofproblemsandbynottreatingtheminfullgenerality,Ihopedtoachievetherightbalanceofinsight,accessibility,andrigorThemanyreferenceswillservetoguidestudentstotheextensivetreatmentsintheliteratureofallthetopicstoucheduponinthisbookMonetaryeconomicstodayisdominatedbythreealternativemodelingstrategiesThefirsttwo,representativeagentmodelsandoverlappinggenerationsmodels,shareacommonmethodologicalapproachinbuildingequilibriumrelationshipsexplicitlyonthefoundationsofoptimizingbehaviorbyindividualagentsThethirdapproachisbasedonsetsofequilibriumrelationshipsthatareoftennotderiveddirectlyfromanydecisionproblemInstead,theyaredescribedasadhocbycriticsandasconvenientapproximationsbyproponentsThelattercharacterizationisgenerallymoreappropriate,andthesemodelshavedemonstratedgreatvalueinhelpingeconomistsunderstandissuesinmonetaryeconomicsInthisbook,wewilldealwithmodelsintherepresentativeagentclassandwithadhocmodelsofthetypemorecommoninpolicyanalysisThereareseveralreasonsforignoringtheoverlappinggenerations,orOLG,approachFirst,systematicexpositionsofmonetaryeconomicsfromtheperspectiveIntroductionofoverlappinggenerationsarealreadyavailableForexample,Sargent()andChampandFreeman()covermanytopicsinmonetaryeconomicsusingOLGmodelsSecond,manyoftheissuesonestudiesinmonetaryeconomicsrequireunderstandingthetimeseriesbehaviorofmacroeconomicvariablessuc

用户评论(4)

0/200
  • wqs85123 2013-01-16 17:21:23

    质量很好 可惜是英文

  • gunguymadman 2012-10-18 23:45:25

    可以下 不过是英文

  • codoba 2010-02-09 08:25:22

    下不了

  • amfong 2010-01-12 18:57:35

    下不了,浪费时间

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