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The importance of money and monetary policy in general equilibrium models of open and closed economies.

机译：货币和货币政策在开放和封闭经济体的一般均衡模型中的重要性。

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This dissertation consists of three essays that investigate the role of money and monetary policy in closed and open economies. Each essay addresses a distinct aspect of an individual's decision to hold real balances. While each essay is unique in contribution, they are linked, as discussed in Chapter One, by their treatment of money in a general-equilibrium framework.;Chapter Two studies consumer demand for real balances by allowing money to enter into an aggregate utility function as an asset that provides liquidity services. The essay extends existing literature by investigating a money-in-the-utility-function model under a variety of specifications of the representative agent's objective function. The coefficients of the Euler equations derived from the model are estimated and compared across specifications of the utility function and across data sets. The results provide support for the view that liquidity services significantly contribute to utility. The more parsimonious forms of the utility function appear to achieve the best fit with the data.;Chapter Three contributes to previous work by developing an explicit link between the distribution of income and monetary-policy preferences. This essay examines agents' policy preferences over short-run monetary-policy responses to real disturbances when agents are heterogeneous in their factor ownership and diversification opportunities are limited. The study explores whether different groups of agents desire different paths for monetary policy. When the speed of price adjustment differs across sectors, monetary responses can offset the distributional effects of real shocks by changing relative prices and the real returns to factors. The simulations reveal that factor ownership and the structure of domestic asset markets are critical determinants of some agents' preferred monetary responses.;Chapter Four emphasizes the role of anticipated inflation in the international transmission of monetary-policy fluctuations. In the model, foreign monetary policy influences real domestic activity through an inflation-tax channel. Anticipated inflation affects the supplies of factors, which are determined endogenously by utility-maximizing households. The transmission mechanism depends on the substitutability of the two consumption goods and on the nominal exchange-rate regime. The essay compares the welfare cost of the inflation tax across countries under alternative exchange-rate policies.

机译：本文由三篇论文组成，主要研究货币和货币政策在封闭和开放经济中的作用。每篇文章都针对个人决定保持实际平衡的一个独特方面。尽管每篇文章的贡献都是独特的，但正如第一章所讨论的那样，它们是通过在一般均衡框架中对货币的处理而联系起来的。第二章研究了消费者对实际余额的需求，方法是允许货币进入总的效用函数。提供流动性服务的资产。本文通过研究代表代理人目标功能的各种规格下的效用函数模型来扩展现有文献。从效用函数的规范和数据集估计并比较从模型导出的欧拉方程的系数。该结果为以下观点提供了支持：流动性服务极大地有助于效用。效用函数的更简约形式似乎最适合数据。第三章通过建立收入分配与货币政策偏好之间的明确联系，为先前的工作做出了贡献。本文探讨了当代理商的要素所有权异质且多元化机会有限时，代理商对短期货币政策应对实际干扰的政策偏好。该研究探讨了不同的代理人群体是否期望货币政策的不同途径。当各个部门的价格调整速度不同时，货币响应可以通过改变相对价格和实际要素回报来抵消实际冲击的分配影响。模拟结果表明，要素所有权和国内资产市场的结构是某些主体偏好货币对策的关键决定因素。第四章强调预期通货膨胀在货币政策波动国际传递中的作用。在该模型中，外国货币政策通过通货膨胀税渠道影响实际的国内活动。预期的通货膨胀影响因素的供给，这些因素由效用最大化的家庭内生地决定。传导机制取决于两种消费品的替代性以及名义汇率制度。本文比较了替代汇率政策下各国通货膨胀税的福利成本。

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作者
Holman, Jill Ann.;
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作者单位

University of Colorado at Boulder.;

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授予单位 University of Colorado at Boulder.;
学科 Finance.;Economic theory.
学位 Ph.D.
年度 1997
页码 128 p.
总页数 128
原文格式 PDF
正文语种 eng
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5. Essays on monetary policy transmission mechanisms in open and closed economies. [D] . Soto, Claudio Edmundo. 2003

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6. Interaction between Fiscal and Monetary Policy in a Dynamic NonlinearModel [O] . Mario A. Bertella, Henio A. Rego, Celso Neris Jr., -1

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

The importance of money and monetary policy in general equilibrium models of open and closed economies.

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