资源描述：
《recursive macroeconomic theory credit and currency》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、Chapter27CreditandCurrency27.1.Creditandcurrencywithlong-livedagentsThischapterdescribesTownsend’s(1980)turnpikemodelofmoneyandputsittowork.Themodelusesaparticularpatternofheterogeneityofendowmentsandlocationstocreateademandforcurrency.Themodelismoreprimitivethantheshoppingtimemodelofchapte
2、r26.Aswiththeoverlappinggenerationsmodel,theturnpikemodelstartsfromasettinginwhichdiverseintertemporalendowmentpatternsacrossagentspromptborrowingandlending.Ifsomethingpreventsloanmarketsfromoperating,itispossiblethatanunbackedcurrencycanplayaroleinhelpingagentssmooththeirconsumptionovertim
3、e.FollowingTownsend,weshalleventuallyappealtolocationalheterogeneityastheforcethatcausesloanmarketstofailinthisway.TheturnpikemodelcanbeviewedasasimplifiedversionofthestochasticmodelproposedbyTrumanBewley(1980).Weusethemodeltostudyanumberofinterrelatedissuesandtheories,including(1)apermanent
4、incomemodelofconsumption,(2)aRicardiandoctrinethatgovernmentborrowingandtaxeshaveequivalenteconomiceffects,(3)somerestrictionsontheoperationofprivateloanmarketsneededinorderthatunbackedcurrencybevalued,(4)atheoryofinflationaryfinance,(5)atheoryoftheoptimalinflationrateandtheoptimalbehaviorofthe
5、currencystockovertime,(6)a“legalrestrictions”theoryofinflationaryfinance,and(7)atheoryofexchangerateindeterminacy.11SomeoftheanalysisinthischapterfollowsManuelliandSargent(2002).AlsoseeChatterjeeandCorbae(1996)andIreland(1994)foranalysesofpolicieswithinaturnpikeenvironment.–1093–1094Creditand
6、Currency27.2.PreferencesandendowmentsThereisoneconsumptiongood.Itcannotbeproducedorstored.ThetotalamountofgoodsavailableeachperiodisconstantatN.Thereare2Nhouse-holds,dividedintoequalnumbersNoftwotypes,accordingtotheirendowmentsequences.Thetwotypesofhouseholds,dubbedoddandeven,haveendowments
7、equences{yo}∞={1,0,1,0,...},tt=0{ye}∞={0,1,0,1,...}.tt=0Householdsofbothtypesorderconsumptionsequences{ch}accordingtothetcommonutilityfunction∞U=βtu(ch),tt=0whereβ∈(0,1),andu(·)istwicecontinuouslydifferentiable,increasing,andstrictlyconcave,andsatisfiesli
