资源描述：
《Monetary Theory and Policy solution.pdf》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、MonetaryTheoryandPolicy:ProblemSolutions∗CarlE.WalshUniversityofCalifornia,SantaCruzMarch16,1999Contents1Chapter2:MoneyinaGeneralEquilibriumFramework22Chapter3:MoneyandTransactions83Chapter4:MoneyandPublicFinance204Chapter5:MoneyandOutputintheShortRun275Chapter6:MoneyandtheOpenEc
2、onomy436Chapter8:DiscretionaryPolicyandTimeInconsistency597Chapter9:Monetary-PolicyOperatingProcedures818Chapter10:InterestRatesandMonetaryPolicy979Typos109∗Solutionsc1998byCarlE.Walsh.Commentsandcorrectionsshouldbesenttowal-shc@cats.ucsc.edu.11Chapter2:MoneyinaGeneralEquilibriu
3、mFramework1.CalvoandLeiderman(1992):Acommonlyusedspecificationofthede-mandformoney,originallyduetoCagen(1956),assumesm=Ae−αitwhereAandαareparametersandiisthenominalrateofinterest.IntheSidrauski(1967)model,assumethatutilityisseparableinconsump-tionandrealmoneybalances:u(ct,mt)=w(ct
4、)+v(mt),andfurtherassumethatv(mt)=mt(B−Dlnmt)whereBandDarepositivepa-rameters.Showthatthedemandformoneyisgivenbym=Ae−αtittB−1)whereA=e(Dandα=w(c)/D.ttThebasicconditionfromwhichonecanderivethedemandformoneyinSidrauski’smoney-in-the-utilityfunctionmodelisgivenbyequation(2.23)onpag
5、e57.Thisequationstatesthattheratioofthemarginalutilityofmoneytothemarginalutilityofconsumptiondependsonthenominalrateofinterest:um(ct,mt)it=≈ituc(ct,mt)1+itNoticethattheexpressionhasbeensimplifiedbyemployingtheapproximationx/(1+x)≈xforsmallx.Sidrauskidevelopedhismodelincontinuoust
6、ime,inwhichcasethefirstorderconditiontakestheexactformum(ct,mt)=ituc(ct,mt)Usingtheproposedutilityfunction,u=B−D−Dlnmandu=w(c),somtctthisconditionbecomesumB−D−DlnmtB/D−1−lnmt===itucw(ct)w(ct)/DRearrangingyieldsBw(c)ittlnmt=(−1)−DDor(B−1)−w(ct)itmt=eDeD∞i−γmt2.Supposeu(ct,mt)
7、=i=0β[lnct+mte],γ>0andβ=0.95.As-sumetheproductionfunctionisf(k)=k0.5andδ=0.02.Whatrateofinflationmaximizessteady-statewelfare?Howdorealmoneybalancesatthewelfaremaximizinginflationratedependonγ?2Thesteady-statewelfaremaximizingnominalrateofinterestisiss=0(seesection2.3.1.2,pages61-6
8、4)atwhichpointum=0.IfRisthegrossrealrate
