A Search model of money and circulating private Debt with applications to monetary policy

Yiting Li

首页> 外文期刊>International economic review >A Search model of money and circulating private Debt with applications to monetary policy

【24h】

A Search model of money and circulating private Debt with applications to monetary policy

机译：货币与流通性私人债务的搜索模型及其在货币政策中的应用

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

A search-theoretic model is used to examine the coexistence of money and circulating private debt. Money is still valued even though there coexists credit which circulates among agents and dominates in the rate of return. When there coexist multiple equilibria, the equilibrium with credit Pareto dominates the one without credit if money supply is not extremely plentiful. This article also provides some predictions about the effects of monetary policies.

机译：搜索理论模型用于检验货币与流通私人债务的共存。即使存在在代理商之间流通并在回报率中占主导地位的信用，货币仍然是有价值的。当存在多种均衡时，如果货币供应量不是很充足，那么具有信贷帕累托的均衡将主导没有信贷的均衡。本文还提供了有关货币政策影响的一些预测。

著录项

来源
《International economic review》 |2001年第4期|p.925-946|共22页
作者
Yiting Li;
展开▼
作者单位

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类世界经济、国际经济关系;
关键词

相似文献

外文文献
中文文献
专利

1. Money Shortage, Monetary Settlement and Monetary Policy ---- A Monetary Settlement Model Based on the Theory of Money Supply and Demand [J] . Xie Jiaojiao Science Innovation . 2017,第6期

机译：货币短缺，货币结算和货币政策-基于货币供求理论的货币结算模型
2. A search-based model of the interbank money market and monetary policy implementation [J] . Bech Morten, Monnet Cyril Journal of economic theory . 2016,第Jula期

机译：基于搜索的银行间货币市场模型和货币政策实施
3. OPTIMAL MONETARY AND FISCAL POLICIES IN A SEARCH-THEORETIC MODEL OF MONEY AND UNEMPLOYMENT [J] . Pedro Gomis-Porqueras, Benoit Julien, Chengsi Wang Macroeconomic dynamics . 2013,第6期

机译：货币与失业率搜索理论模型中的最优货币政策和财政政策
4. On the Liquidation of Government Debt under A Debt-Free Money System Modeling the American Monetary Act [C] . Kaoru Yamaguchi International conference of the system dynamics society . 2011

机译：以美国货币法为模型的无债务货币制度下的政府债务清算
5. OPTIMAL GOVERNMENT FINANCIAL POLICY IN A TRANSACTIONS-COST MODEL OF MONEY (MONETARY POLICY, FISCAL POLICY, PUBLIC FINANCE). [D] . CROUSHORE, DEAN DARRELL. 1984

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）。
6. Private finance and value for money in NHS hospitals: a policy in search of a rationale? [O] . Allyson M Pollock, Jean Shaoul, Neil Vickers 2002

机译：NHS医院中的私人财务和物有所值：寻求合理性的政策？
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。

A Search model of money and circulating private Debt with applications to monetary policy

摘要

著录项

相似文献

相关主题

期刊订阅