Oписание

NOSAUKUMS Money, Interest, and Policy : Dynamic General Equilibrium in a Non-Ricardian World / Jean-Pascal Benassy.
IZDEVĒJS/GADS Cambridge
MIT Press
2007
APJOMS - XVII, 196 p. : ill.
BIBLIOGRĀFIJA Includes bibliographical references (p. [189]-194) and index
ISBN 9780262026130

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Аннотация


Part I Ricardian and Non-Ricardian Economies 1
 
1 The Ricardian Issue and the Pigou Effect 3
 
1.1 Introduction 3
 
1.2 The Traditional Ricardian Model 3
 
1.3 Monetary Puzzles 5
 
1.4 An Overlapping Generations Model 9
 
1.5 The Pigou Effect 12
 
1.6 Conclusions 16
 
1.7 References 16
 
Appendix A: Government Spending 17
 
Appendix B: Money in the Utility Function 18
 
2 Pigou Reconstructed: The Weil Model 23
 
2.1 Introduction 23
 
2.2 The Model 24
 
2.3 The Dynamics of the Economy 26
 
2.4 The Pigou Effect 28
 
2.5 Intertemporal Equilibrium and a Dynamic Equation 30
 
2.6 A Generalization: Decreasing Resources 31
 
2.7 The Autarkic Interest Rate 32
 
2.8 Conclusions 34
 
2.9 References 34
 
Appendix A: Money in the Utility Function 35
 
Appendix B: Existence Conditions 38
 
Appendix C: Proof of Proposition 2.2 41
 
Part II Interest, Prices, and Money 45
 
3 Liquidity Effects 47
 
3.1 Introduction 47
 
3.2 Liquidity Effects in a Simple IS-LM Model 47
 
3.3 The Model and Monetary Policy 49
 
3.4 Dynamic Equilibrium 50
 
3.5 Liquidity Effects 51
 
3.6 A Stronger Liquidity Effect 53
 
3.7 The Persistence of the Liquidity Effect 54
 
3.8 Conclusions 56
 
3.9 References 56
 
Appendix: Proofs of Propositions 3.1 and 3.2 57
 
Appendix: Proofs of Propositions 3.1 and 3.2 57
 
4 Interest Rate Rules and Price Determinacy 63
 
4.1 Introduction 63
 
4.2 The Model and Policy 64
 
4.3 The Dynamic Equilibrium 65
 
4.4 Ricardian Economies and the Taylor Principle 66
 
4.5 Determinacy under an Interest Rate Peg 67
 
4.6 Taylor Rules 68
 
4.7 Economic Interpretations 69
 
4.8 The Taylor Principle with a Phillips Curve 70
 
4.9 Generalizations 73
 
4.10 Conclusions 76
 
4.11 References 76
 
Appendix: Interest Rate Pegging with Variable Interest Rates 77
 
5 Global Determinacy 79
 
5.1 Introduction 79
 
5.2 The Model 79
 
5.3 Ricardian Economies and the Taylor Principle 82
 
5.4 Non-Ricardian Economies: Dynamics and Steady States 84
 
5.5 The Financial Dominance Criterion 86
 
5.6 Local Determinacy and Financial Dominance 87
 
5.7 Non-Ricardian Dynamics: A Graphical Representation 89
 
5.8 Global Financial Dominance 90
 
5.9 Partial Financial Dominance 92
 
5.10 Interest Rate Rules and Global Determinacy: Examples 96
 
5.11 Conclusions 98
 
5.12 References 99
 
Appendix A: Global Determinacy in Ricardian Economies 99
 
Appendix B: Global Determinacy: Equilibria of Type R 100
 
Appendix C: Transversality Conditions 103
 
6 Fiscal Policy and Determinacy 107
 
6.1 Introduction 107
 
6.2 The Model 108
 
6.3 The Dynamic Equations 109
 
6.4 Ricardian Economies and Determinacy 109
 
6.5 Local Determinacy in the Non-Ricardian Case 112
 
6.6 Global Determinacy 115
 
6.7 Conclusions 119
 
6.8 References 119
 
Part III Optimal Policy 121
 
7 A Simple Framework for Policy Analysis 123
 
7.1 Introduction 123
 
7.2 The Model 123
 
7.3 General Equilibrium Relations 125
 
7.4 Optimality 127
 
7.5 Optimal Policies in Walrasian Equilibrium 129
 
7.6 Conclusions 130
 
7.7 References 131
 
8 Government Information and Policy Activism 133
 
8.1 Introduction 133
 
8.2 The Sargent-Wallace Argument 134
 
8.3 The Model 137
 
8.4 General Equilibrium Relations 138
 
8.5 Preset Wages 139
 
8.6 Preset Prices 146
 
8.7 Conclusions 149
 
8.8 References 150
 
9 Fiscal Policy and Optimal Interest Rate Rules 151
 
9.1 Introduction 151
 
9.2 The Model 152
 
9.3 General Equilibrium Relations 153
 
9.4 Optimal Interest Policy: The Walrasian Case 154
 
9.5 Preset Wages 155
 
9.6 Preset Prices 158
 
9.7 Conclusions 163
 
9.8 References 163
 
Appendix: Imperfect Competition and Demand Satisfaction 163
 
10 Inflation and Optimal Interest Rate Rules 169
 
10.1 Introduction 169
 
10.2 The Model 170
 
10.3 Market Equilibrium 171
 
10.4 Preset Prices 172
 
10.5 Inflation as a Surrogate for Shocks 175
 
10.6 Variable Contract Length 178
 
10.7 Conclusions 182
 
References 182
 
Appendix: Proofs for Chapter 10 183
 
Bibliography

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