• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文学位 >Monetary equilibrium with heterogeneous agents and incomplete financial markets: Theory and computation.
【24h】

Monetary equilibrium with heterogeneous agents and incomplete financial markets: Theory and computation.

机译：具有异构主体和不完整金融市场的货币均衡：理论与计算。

获取原文
获取原文并翻译 | 示例
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

In the first chapter, I study a stationary monetary equilibrium in a Baumol-Tobin exchange economy with two assets (money and bonds) and long-lived, heterogeneous consumers who face uninsurable idiosyncratic endowment risk. I characterize the theoretical properties and evaluate the model quantitatively by using calibrated parameters. First, increasing the exogenous growth rate of money increases the nominal interest rate and velocity of money, but decreases the real interest rate, in accordance with the Mundell-Tobin effect. The presence of the Mundell-Tobin effect makes clear the contrast with models with complete financial markets, in which I show that the steady-state real interest rate is equal to the common discount rate of consumers. Second, when the exogenous transaction cost is reduced, the nominal and real interest rates fall and the velocity of money increases. Third, I quantify the welfare consequences of Friedman's rule. Friedman's rule may reduce average welfare because changes in the lump-sum taxation induce redistributions across consumers.; In the second chapter, which is joint with Ingolf Schwarz, we study a two-period general equilibrium model with incomplete markets (GEI) and a cash-in-advance constraint. The central bank either pegs the interest rate or money supply while the fiscal authority sets a Ricardian or a non-Ricardian fiscal plan. We prove the existence of equilibria in all four scenarios. In Ricardian economies, the conditions required for existence are not more restrictive than in standard GEL In non-Ricardian economies, the sufficient conditions for existence are more demanding. In the Ricardian economy, neither the price level nor the equivalent martingale measure is determinate.; In the third chapter, which is joint with Ingolf Schwarz, we study a two-period Baumol-Tobin model. The central bank may peg the interest rate or control the money supply. If the fiscal authority sets a Ricardian fiscal plan through redistributing its seigniorage and tax income at each state, under standard conditions there exists a monetary equilibrium for any strictly positive price level and equivalent martingale measure. Under a non-Ricardian fiscal policy with exogenously fixed nominal transfers, the existence result can be established as long as the government maintains a strictly positive commodity tax.
机译：在第一章中，我研究了Baumol-Tobin交换经济中的静态货币均衡，该货币经济具有两种资产（货币和债券）以及寿命长，种类繁多的消费者，他们面临着无法保证的特殊end赋风险。我表征了理论特性，并通过使用校准参数对模型进行了定量评估。首先，按照蒙代尔-托宾效应，提高货币的外生增长率会提高名义利率和货币流通速度，但会降低实际利率。 Mundell-Tobin效应的存在与具有完整金融市场的模型形成鲜明对比，在该模型中，我证明了稳态实际利率等于消费者的普通贴现率。第二，当外生交易成本降低时，名义利率和实际利率下降，货币流通速度增加。第三，我量化了弗里德曼统治的福利后果。弗里德曼法则可能会降低平均福利，因为一次性征税的变化导致了消费者之间的重新分配。在与Ingolf Schwarz联合的第二章中，我们研究了具有不完全市场（GEI）和提前现金约束的两阶段一般均衡模型。中央银行盯住利率或货币供应，而财政当局制定里卡德或非里卡德财政计划。我们证明了在所有四种情况下均存在均衡。在Ricardian经济体中，生存所需的条件并不比在标准GEL中受到更多限制。在非Ricardian经济体中，生存的充分条件要求更高。在里卡德（Ricardian）经济中，价格水平或等效mar测度均不确定。在与Ingolf Schwarz联合的第三章中，我们研究了一个两周期的Baumol-Tobin模型。中央银行可以钉住利率或控制货币供应。如果财政当局通过在每个州重新分配其铸币税和税收来制定里卡德财政计划，则在标准条件下，对于任何严格的正价格水平和同等mar测度，都存在货币平衡。在外来固定名义转移的非里卡德财政政策下，只要政府维持严​​格的正商品税，就可以确定存在结果。

著录项

  • 作者

    Bai, Jinhui.;

  • 作者单位

    Yale University.;

  • 授予单位 Yale University.;
  • 学科 Economics General.
  • 学位 Ph.D.
  • 年度 2006
  • 页码 132 p.
  • 总页数 132
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;
  • 关键词

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号