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首页> 外文学位 >OPTIMAL GOVERNMENT FINANCIAL POLICY IN A TRANSACTIONS-COST MODEL OF MONEY (MONETARY POLICY, FISCAL POLICY, PUBLIC FINANCE).
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OPTIMAL GOVERNMENT FINANCIAL POLICY IN A TRANSACTIONS-COST MODEL OF MONEY (MONETARY POLICY, FISCAL POLICY, PUBLIC FINANCE).

机译：货币交易成本模型中的最佳政府财务政策（货币政策，财政政策，公共财政）。

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摘要

This dissertation addresses the problem of finding optimal fiscal and monetary policies in a macroeconomic model with a microeconomic base. The main features of the theoretical model presented here are: (1) The government chooses from the full range of financing possibilities--taxes, bonds, and money; (2) Demands for money and bonds are explicitly modeled based on utility maximization by individuals in a model in which bonds pay a higher explicit rate of return than money, but the use of bonds entails transactions costs; (3) A public-finance approach is utilized in which costs and benefits are measured in social welfare terms.;The model of chapter 5 explicitly examines the choice between money and bonds in terms of transactions costs which are incurred when bonds are purchased or sold. The existence of transactions costs explains the coexistence of money and bonds when bonds pay a higher explicit return. Because of the complicated equilibrium conditions of the model, numerical examples are used to illustrate the results.;One of the major concerns about government debt is its effect on the capital stock. Chapter 6 introduces individual capital which is useful in increasing production. Maximizing social welfare is more complicated because the government must include in its calculations the welfare effects of the crowding-out of capital.;Pure public goods and proportional taxation are introduced in chapter 7. The government finds the optimal mix of finance by taxes, bonds, and money by examining the social-welfare costs of each method. Policy experiments are performed to look at the effects of nonoptimal policies.;Chapters 1 and 2 provide a brief overview of the theoretical and empirical literature on the effects of alternative methods of government finance. The basic theoretical model is developed in chapter 3. The model is an overlapping-generations model with two-period lived agents. A minimum size on bonds restricts some agents to use money rather than bonds as a store of value. The government is capable of using debt and money to make everyone better off--a situation described as an intergenerational free lunch. A neutrality theorem shows that any change in government debt and any change in the money supply may be neutral in their effects providing that the government adjusts lump-sum taxes appropriately. Extensions to this basic model are considered in chapter 4.
机译：本文探讨了在具有微观经济基础的宏观经济模型中寻找最优财政和货币政策的问题。这里介绍的理论模型的主要特征是：（1）政府从税收，债券和货币的各种融资可能性中进行选择； （2）货币和债券的需求是基于个人效用最大化而明确建立的，在这种模型中，债券的显式回报率高于货币，但债券的使用带来交易成本； （3）使用公共财政方法，其中成本和收益以社会福利术语衡量;;第5章的模型明确地考察了购买或出售债券时产生的交易成本方面的货币和债券之间的选择。交易成本的存在解释了当债券支付较高的显式收益时，货币与债券并存的情况。由于该模型的均衡条件复杂，因此，使用数值示例来说明结果。;政府债务的主要担忧之一是其对资本存量的影响。第六章介绍了可用于增加产量的个人资本。最大化社会福利更加复杂，因为政府必须在其计算中包括资本挤出的福利影响。；第7章介绍了纯公共产品和比例税制。政府通过税收，债券找到了融资的最佳组合，以及通过检查每种方法的社会福利费用来赚钱。进行政策实验以考察非最优政策的影响。第1章和第2章简要介绍了有关政府融资替代方法的影响的理论和经验文献。在第3章中开发了基本的理论模型。该模型是具有两期活期代理的重叠世代模型。债券的最小规模限制了某些代理人使用金钱而不是使用债券作为价值存储。政府有能力利用债务和金钱使每个人都过上更好的状况-这种情况被称为代际免费午餐。中立性定理表明，只要政府适当调整一次性税，政府债务的任何变化和货币供应量的任何变化都可能产生中性作用。在第4章中考虑了对该基本模型的扩展。

著录项

  • 作者

    CROUSHORE, DEAN DARRELL.;

  • 作者单位

    The Ohio State University.;

  • 授予单位 The Ohio State University.;
  • 学科 Economics Theory.
  • 学位 Ph.D.
  • 年度 1984
  • 页码 242 p.
  • 总页数 242
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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