瓦什的货币理论与政策

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1、MonetaryTheoryandPolicythirdeditionCarlE.WalshMonetaryTheoryandPolicyMonetaryTheoryandPolicyThirdEditionCarlE.WalshTheMITPressCambridgeMassachusetts62010MassachusettsInstituteofTechnologyAllrightsreserved.Nopartofthisbookmaybereproducedinanyformbyanyelectronicormechanicalmean

2、s(includingphotocopying,recording,orinformationstorageandretrieval)withoutpermissioninwritingfromthepublisher.Forinformationaboutspecialquantitydiscounts,pleaseemailhspecial_sales@mitpress.mit.edui.ThisbookwassetinTimesNewRomanon3B2byAscoTypesetters,HongKong.Printedandboundin

3、theUnitedStatesofAmerica.LibraryofCongressCataloging-in-PublicationDataWalsh,CarlE.Monetarytheoryandpolicy/CarlE.Walsh.—3rded.p.cm.Includesbibliographicalreferencesandindex.ISBN978-0-262-01377-2(hardcover:alk.paper)1.Monetarypolicy.2.Money.I.Title.HG230.3.W352010332.406—dc222

4、00902843110987654321ContentsPrefacexiIntroductionxvii1EmpiricalEvidenceonMoney,Prices,andOutput11.1Introduction11.2SomeBasicCorrelations11.2.1Long-RunRelationships11.2.2Short-RunRelationships41.3EstimatingtheE¤ectofMoneyonOutput91.3.1TheEvidenceofFriedmanandSchwartz101.3.2Gra

5、ngerCausality141.3.3PolicyUses151.3.4TheVARApproach181.3.5StructuralEconometricModels271.3.6AlternativeApproaches281.4Summary312Money-in-the-UtilityFunction332.1Introduction332.2TheBasicMIUModel352.2.1Steady-StateEquilibrium412.2.2SteadyStateswithaTime-VaryingMoneyStock462.2.

6、3TheInterestElasticityofMoneyDemand482.2.4Limitations522.3TheWelfareCostofInflation532.4Extensions582.4.1InterestonMoney582.4.2Nonsuperneutrality592.5DynamicsinanMIUModel61viContents2.5.1TheDecisionProblem622.5.2TheSteadyState652.5.3TheLinearApproximation662.5.4Calibration712.

7、5.5SimulationResults722.6Summary752.7Appendix:SolvingtheMIUModel762.7.1TheLinearApproximation782.7.2CollectingAllEquations852.7.3SolvingLinearRational-ExpectationsModelswithForward-LookingVariables862.8Problems873MoneyandTransactions913.1Introduction913.2ResourceCostsofTransa

8、cting923.2.1Shopping-TimeModels923.2.2RealResourceCosts973.3CIAModel