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货币理论与政策

xuaner514
2009-12-11 0人阅读 0 0 0 暂无简介 举报

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MonetaryTheoryandPolicySecondEditionCarlEWalshTheMITPressCambridge,MassachusettsLondon,EnglandContentsPrefacexviiIntroductionEmpiricalEvidenceonMoney,Prices,andOutputIntroductionSomeBasicCorrelationsLongRunRelationshipsShortRunRelationshipsEstimatingtheE¤ectofMoneyonOutputTheEvidenceofFriedmanandSchwartzGrangerCausalityPolicyUsesTheVARApproachStructuralEconometricModelsAlternativeApproachesSummaryMoneyintheUtilityFunctionIntroductionTheBasicMIUModelSteadyStateEquilibriumTheInterestElasticityofMoneyDemandLimitationsTheWelfareCostofInflationExtensionsInterestonMoneyNonsuperneutralityDynamicsinanMIUModelTheSteadyStateTheLinearApproximationCalibrationSimulationResultsSummaryAppendix:SolvingfortheDynamicsintheMIUModelTheDecisionProblemFunctionalFormsTheSteadyStateTheLinearApproximationSolvingLinearRationalExpectationsModelswithForwardLookingVariablesProblemsMoneyandTransactionsIntroductionShoppingTimeModelsCIAModelsTheCertaintyCaseAStochasticCIAModelOtherApproachesRealResourceCostsSearchSummaryAppendix:TheCIAApproximationTheBasicDecisionProblemTheSteadyStateTheLinearApproximationProblemsMoneyandPublicFinanceIntroductionBudgetAccountingIntertemporalBudgetBalanceMoneyandFiscalPolicyFrameworksFiscalDominance,Deficits,andInflationTheFiscalTheoryofthePriceLevelOptimalTaxationandSeigniorageAPartialEquilibriumModelOptimalSeigniorageandTemporaryShocksFriedman’sRuleRevisitedNonindexedTaxSystemsSummaryProblemsviiiContentsMoney,Output,andInflationintheShortRunIntroductionFlexiblePricesImperfectInformationLimitedParticipationandLiquidityE¤ectsNominalRigiditiesWageRigidityinanMIUModelImperfectCompetitionandPriceStickinessInflationPersistenceANewKeynesianModelforMonetaryAnalysisTheBasicModelEvaluatingtheNewKeynesianInflationAdjustmentEquationGeneralEquilibriumStickyWagesandPricesSummaryAppendixAnImperfectInformationModelAStickyWageMIUModelTheNewKeynesianPhillipsCurveProblemsMoneyandtheOpenEconomyIntroductionTheObstfeldRogo¤TwoCountryModelTheLinearApproximationEquilibriumwithFlexiblePricesStickyPricesPolicyCoordinationTheBasicModelEquilibriumwithCoordinationEquilibriumWithoutCoordinationTheSmallOpenEconomyFlexibleExchangeRatesFixedExchangeRatesOpenEconomyModelswithOptimizingAgentsandNominalRigiditiesContentsixABasicOpenEconomyModelTheFlexiblePriceEquilibriumDeviationsfromtheFlexiblePriceEquilibriumExtensionsSummaryAppendixTheObstfeldRogo¤ModelTheSmallOpenEconomyModelProblemsTheCreditChannelofMonetaryPolicyIntroductionImperfectInformationinCreditMarketsAdverseSelectionMoralHazardMonitoringCostsAgencyCostsMacroeconomicImplicationsASimpleModelwithBankLoansGeneralEquilibriumModelsAgencyCostsandGeneralEquilibriumAgencyCostsandStickyPricesDoesCreditMatterTheBankLendingChannelTheBroadCreditChannelSummaryDiscretionaryPolicyandTimeInconsistencyIntroductionInflationUnderDiscretionaryPolicyPolicyObjectivesTheEconomyEquilibriumInflationSolutionstotheInflationBiasReputationPreferencesxContentsContractsInstitutionsTargetingRulesIstheInflationBiasImportantDoCentralBankingInstitutionsMatterSummaryProblemsMonetaryPolicyOperatingProceduresIntroductionFromInstrumentstoGoalsTheInstrumentChoiceProblemPoole’sAnalysisPolicyRulesandInformationIntermediateTargetsRealE¤ectsofOperatingProceduresOperatingProceduresandPolicyMeasuresMoneyMultipliersTheReserveMarketReserveMarketResponsesABriefHistoryofFedOperatingProceduresOtherCountriesProblemsInterestRatesandMonetaryPolicyIntroductionInterestRateRulesandthePriceLevelPriceLevelDeterminacyInterestRatePoliciesinGeneralEquilibriumLiquidityTrapsTheTermStructureofInterestRatesTheExpectationsTheoryoftheTermStructurePolicyandtheTermStructureExpectedInflationandtheTermStructureSimpleModelsforPolicyAnalysisAClosedEconomyModelContentsxiOptimalPolicyAnOpenEconomyModelSummaryProblemsPolicyAnalysisinNewKeynesianModelsTheBasicNewKeynesianModelPolicyObjectivesOptimalCommitmentandDiscretionCommitmentDiscretionDiscretionVersusCommitmentCommitmenttoaRulePolicyTradeo¤sUnderDiscretionModelUncertaintyEndogenousPersistenceExtensionstotheOpenEconomyTargetingRegimesandInstrumentRulesInflationTargetingOtherTargetingRegimesInstrumentRulesAppendixApproximatingUtilitySolvingforOptimalPolicyProblemsReferencesNameIndexSubjectIndexxiiContentsFigures:DynamicCorrelations,GDPtandMtþj::–::DynamicCorrelations,Output,Prices,andInterestRates::–::DetrendedMoneyandRealGDP:InterestRatesandDetrendedRealGDP:OutputandPriceResponsetoaFundsRateShock(–):OutputandPriceResponsetoaFundsRateShock(–):SteadyStateRealBalances(SeparableUtility):TheWelfareCostsofInflation:OutputandLaborResponsestoaMoneyGrowthShock:NominalInterestRateandInflationResponsetoaMoneyGrowthShock:OutputandLaborResponsetoaMoneyGrowthShock:NominalInterestRateandInflationResponsetoaMoneyGrowthShock:SeigniorageasaFunctionofInflation:MoneyGrowthandSeigniorageRevenue:EquilibriumwithaFixedNominalMoneySupply:USDeficitsandSeigniorage–(asapercentageofGDP):TheE¤ectsofaMoneyShockwithStaggeredPriceAdjustment: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:ResponsestoaCostShockwithEndogenousPersistenceðf¼:ÞxivFiguresTables:SteadyStateValues:BaselineParameterValues:SteadyStateValuesatBaselineParameterValues:ImpliedContemporaneousCorrelations:E¤ectsoftheMoneyProcess:g¼::BaselineParameters:E¤ectsoftheMoneyProcessðg¼: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),alsoo¤eredhelpfulcommentsandassistanceinpreparingthisneweditionThefirsteditionwasimmenselyimprovedbythethoughtfulcommentsofmanyindividualswhotookthetimetoreadpartsofearlierdraftsLuigiButtiglione,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,themajortheoreticalmodelsarelinkedtothecalibrationandsimulationtechniquescommonlyusedinmacroeconomicsandtotheclassofmodelscommonlyusedforpolicyanalysisTheuseofdynamicsimulationstoevaluatethequantitativesignificanceofthechannelsthroughwhichmonetarypolicyandinflationa¤ecttheeconomyisoneinnovationofthisbookModernapproachestomonetarypolicystresstheneedtounderstandtheincentivesfacingcentralbanksandtomodelthestrategicinteractionsbetweenthecentralbankandtheprivatesectorThisapproachreceivesextensivecoverage,andthisrepresentsasecondinnovationofthebookAthirdinnovationisthefocusoninterestratesinthediscussionofmonetarypolicyFewcentralbanksconductmonetarypolicyorientedtowardthequantityofmoney,yetuntilthemids,mosttreatmentsofmonetarypolicyemphasizedmoneysupplycontrolandmoneydemandWhenoneiswritingabooksuchasthis,severalorganizationalapproachespresentthemselvesMonetaryeconomicsisalargefield,andonemustdecidewhethertoprovidebroadcoverage,givingstudentsabriefintroductiontomanytopics,ortofocusmorenarrowlyandinmoredepthIhavechosentofocusonparticularmodels,modelsthatmonetaryeconomistshaveemployedtoaddresstopicsintheoryandpolicyIhavetriedtostressthemajortopicswithinmonetaryeconomicsinordertoprovidesu‰cientlybroadcoverageofthefield,butthefocuswithineachtopicisoftenonasmallnumberofpapersormodelsthatIhavefoundusefulforgaininginsightintoaparticularissueAsanaidtostudents,derivationsofbasicresultsareoftenquitedetailed,butdeepertechnicalissuesofexistence,multipleequilibria,andstabilityreceivesomewhatlessattentionThischoicewasnotmadebecausethelatterareunimportantinstead,therelativeemphasisreflectsanassessmentthattodothesetopicsjustice,whilestillprovidingenoughemphasisonthecoreinsightso¤eredbymonetaryeconomics,wouldhaverequiredamuchlongerbookByreducingthedimensionalityofproblemsandbynottreatingtheminfullgenerality,Ihopedtoachievetherightbalanceofinsight,accessibility,andrigorThemanyreferenceswillservetoguidestudentstotheextensivetreatmentsintheliteratureofallthetopicstoucheduponinthisbookMonetaryeconomicstodayisdominatedbythreealternativemodelingstrategiesThefirsttwo,representativeagentmodelsandoverlappinggenerationsmodels,shareacommonmethodologicalapproachinbuildingequilibriumrelationshipsexplicitlyonthefoundationsofoptimizingbehaviorbyindividualagentsThethirdapproachisbasedonsetsofequilibriumrelationshipsthatareoftennotderiveddirectlyfromanydecisionproblemInstead,theyaredescribedasadhocbycriticsandasconvenientapproximationsbyproponentsThelattercharacterizationisgenerallymoreappropriate,andthesemodelshavedemonstratedgreatvalueinhelpingeconomistsunderstandissuesinmonetaryeconomicsInthisbook,wewilldealwithmodelsintherepresentativeagentclassandwithadhocmodelsofthetypemorecommoninpolicyanalysisThereareseveralreasonsforignoringtheoverlappinggenerations,orOLG,approachFirst,systematicexpositionsofmonetaryeconomicsfromtheperspectiveIntroductionofoverlappinggenerationsarealreadyavailableForexample,Sargent()andChampandFreeman()covermanytopicsinmonetaryeconomicsusingOLGmodelsSecond,manyoftheissuesonestudiesinmonetaryeconomicsrequireunderstandingthetimeseriesbehaviorofmacroeconomicvariablessuc

用户评价(4)

  • wqs85123 质量很好 可惜是英文

    2013-01-16 17:21:23

  • gunguymadman 可以下 不过是英文

    2012-10-18 23:45:25

  • codoba 下不了

    2010-02-09 08:25:22

  • amfong 下不了,浪费时间

    2010-01-12 18:57:35

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