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1、NewMonetaristEconomics:MethodsStephenWilliamsonandRandallWrightThisessayarticulatestheprinciplesandpracticesofNewMonetarism,theauthors’labelforarecentbodyofworkonmoney,banking,payments,andassetmarkets.Theyfirstdiscussmethod-ologicalissuesdistinguishingtheira
2、pproachfromothers:NewMonetarismhassomethingincommonwithOldMonetarism,buttherearealsoimportantdifferences;ithaslittleincommonwithKeynesianism.Theydescribetheprinciplesoftheseschoolsandcontrastthemwiththeirapproach.Toshowhowitworksinpractice,theybuildabenchmar
3、kNewMonetaristmodelanduseittostudyseveralissues,includingthecostofinflation,liquidity,andassettrading.Theyalsodevelopanewmodelofbanking.(JELE0,E1,E4,E5)FederalReserveBankofSt.LouisReview,July/August2010,92(4),pp.265-302.1.INTRODUCTIONperhapsourlabelingofitme
4、ritsexplanation.WecallourselvesNewMonetaristsbecausewefindhepurposeofthisessayistoarticulatemuchthatisappealinginOldMonetaristeco-theprinciplesandpracticesofaschoolTnomics,epitomizedbythewritingsofMiltonofthoughtwecallNewMonetaristFriedmanandhisfollowers,alt
5、houghwealsoEconomics.ItisacompanionpiecetoWilliamsondisagreewithsomeoftheirideasinimportantandWright(forthcoming),whichprovidesmoreways.WehavelittleincommonwithOldorofasurveyofthemodelsusedinthisliteratureNewKeynesians,inpartbecauseofthewaytheyandfocusesonte
6、chnicalissuestotheneglectofapproachmonetaryeconomicsandthemicro-methodologyorhistoryofthought.Althoughwefoundationsofmacroeconomicsandinpartdopresentsometechnicalmaterialinordertobecauseoftheirnearlyexclusivefocusonnomi-showhowtheapproachworksinpractice,here
7、nalrigiditiesasthekeydistortionshapingpolicy.wealsowanttodiscussinmoredetailwhatwe1BelowwedescribeinmoredetailwhatweseethinkdefinesNewMonetarism.Althoughthereasthedefiningprinciplesofthesevariousschoolsisbynowalargebodyofresearchinthearea,andtrytodifferentia
8、teourapproach.1TheotherpaperisforthcomingasachapterforthenewHandbookofMonetaryEconomics,editedbyBenjaminFriedmanandMichaelbenchmarkmodelisdevelopedinboth,buttheapplicationsareWoodford,andearlyve
