Money, Interest and Policy: Dynamic General Equilibrium in a Non-Ricardian World

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【资料名称】：Money, Interest, and Policy: Dynamic General Equilibrium in a Non-Ricardian World
【资料作者】：Jean-Pascal Bénassy
【出版社】：    The MIT Press
【简介及目录】：   

Product Details  

• Hardcover: 214 pages
• Publisher: The MIT Press (April 1, 2007)
• Language: English
• ISBN-10: 0262026139

Review  
"This book is a gem. Bénassy has managed the tour de force ofpresenting concisely the current debate on monetary policy, and oftaking it into the little-explored territory of non-Ricardian models.He writes with his usual crispness and sharpness, and the reader comesout of the book's ten chapters wanting to learn more."
  —Philippe Weil, European Centre for Advanced Research in Economics and Statistics, Université Libre de Bruxelles      

Product Description  
An important recent advancement in macroeconomics is the development ofdynamic stochastic general equilibrium (DSGE) macromodels. The use ofDSGE models to study monetary policy, however, has led to paradoxicaland puzzling results on a number of central monetary issues includingprice determinacy and liquidity effects. In Money, Interest, and Policy,Jean-Pascal Bénassy argues that moving from the standard DSGEmodels—which he calls "Ricardian" because they have the famous"Ricardian equivalence" property—to another, "non-Ricardian" modelwould resolve many of these issues. A Ricardian model represents ahousehold as a homogeneous family of infinitely lived individuals, andBénassy demonstrates that a single modification—the assumption that newagents are born over time (which makes the model non-Ricardian)—canbridge the current gap between monetary intuitions and facts, on onehand, and rigorous modeling, on the other.

After comparingRicardian and non-Ricardian models, Bénassy introduces a model thatsynthesizes the two approaches, incorporating both infinite lives andbirths of new agents. He applies this model to a number of issues inmonetary policy, namely liquidity effects, interest rate rules andprice determinacy, global determinacy, the Taylor principle, and thefiscal theory of the price level. Finally, using a simple overlappinggenerations model, he analyzes optimal monetary and fiscal policies,with a special emphasis on optimal interest rate rules.

About the Author  
Jean-Pascal Bénassy is Director of Research at CNRS (National Centerfor Scientific Research), Paris, and a Research Fellow at CEPREMAP(Center for Economic Research and Applications). He is the author of The Macroeconomics of Imperfect Competition and Nonclearing Markets: A Dynamic General Equilibrium Approach (MIT Press, 2002).

Table of Contents
Introduction ix
Part I Ricardian and Non-Ricardian Economies 1
1 The Ricardian Issue and the Pigou Effect 3
1.1 Introduction 3
1.2 The Traditional Ricardian Model 3
1.3 Monetary Puzzles 5
1.4 An Overlapping Generations Model 9
1.5 The Pigou E¤ect 12
1.6 Conclusions 16
1.7 References 16
Appendix A: Government Spending 17
Appendix B: Money in the Utility Function 18
2 Pigou Reconstructed: The Weil Model 23
2.1 Introduction 23
2.2 The Model 24
2.3 The Dynamics of the Economy 26
2.4 The Pigou E¤ect 28
2.5 Intertemporal Equilibrium and a Dynamic Equation 30
2.6 A Generalization: Decreasing Resources 31
2.7 The Autarkic Interest Rate 32
2.8 Conclusions 34
2.9 References 34
Appendix A: Money in the Utility Function 35
Appendix B: Existence Conditions 38
Appendix C: Proof of Proposition 2.2 41
Part II Interest, Prices, and Money 45
3 Liquidity Effects 47
3.1 Introduction 47
3.2 Liquidity E¤ects in a Simple IS-LM Model 47
3.3 The Model and Monetary Policy 49
3.4 Dynamic Equilibrium 50
3.5 Liquidity E¤ects 51
3.6 A Stronger Liquidity E¤ect 53
3.7 The Persistence of the Liquidity E¤ect 54
3.8 Conclusions 56
3.9 References 56
Appendix: Proofs of Propositions 3.1 and 3.2 57
4 Interest Rate Rules and Price Determinacy 63
4.1 Introduction 63
4.2 The Model and Policy 64
4.3 The Dynamic Equilibrium 65
4.4 Ricardian Economies and the Taylor Principle 66
4.5 Determinacy under an Interest Rate Peg 67
4.6 Taylor Rules 68
4.7 Economic Interpretations 69
4.8 The Taylor Principle with a Phillips Curve 70
4.9 Generalizations 73
4.10 Conclusions 76
4.11 References 76
Appendix: Interest Rate Pegging with Variable Interest Rates 77
5 Global Determinacy 79
5.1 Introduction 79
5.2 The Model 79
5.3 Ricardian Economies and the Taylor Principle 82
5.4 Non-Ricardian Economies: Dynamics and Steady States 84
5.5 The Financial Dominance Criterion 86
5.6 Local Determinacy and Financial Dominance 87
5.7 Non-Ricardian Dynamics: A Graphical Representation 89
5.8 Global Financial Dominance 90
5.9 Partial Financial Dominance 92
5.10 Interest Rate Rules and Global Determinacy: Examples 96
5.11 Conclusions 98
5.12 References 99
Appendix A: Global Determinacy in Ricardian Economies 99
Appendix B: Global Determinacy: Equilibria of Type R 100
Appendix C: Transversality Conditions 103
6 Fiscal Policy and Determinacy 107
6.1 Introduction 107
6.2 The Model 108
6.3 The Dynamic Equations 109
6.4 Ricardian Economies and Determinacy 109
6.5 Local Determinacy in the Non-Ricardian Case 112
6.6 Global Determinacy 115
6.7 Conclusions 119
6.8 References 119
Part III Optimal Policy 121
7 A Simple Framework for Policy Analysis 123
7.1 Introduction 123
7.2 The Model 123
7.3 General Equilibrium Relations 125
7.4 Optimality 127
7.5 Optimal Policies in Walrasian Equilibrium 129
7.6 Conclusions 130
7.7 References 131
8 Government Information and Policy Activism 133
8.1 Introduction 133
8.2 The Sargent-Wallace Argument 134
8.3 The Model 137
8.4 General Equilibrium Relations 138
8.5 Preset Wages 139
8.6 Preset Prices 146
8.7 Conclusions 149
8.8 References 150
9 Fiscal Policy and Optimal Interest Rate Rules 151
9.1 Introduction 151
9.2 The Model 152
9.3 General Equilibrium Relations 153
9.4 Optimal Interest Policy: The Walrasian Case 154
9.5 Preset Wages 155
9.6 Preset Prices 158
9.7 Conclusions 163
9.8 References 163
Appendix: Imperfect Competition and Demand Satisfaction 163
10 Inflation and Optimal Interest Rate Rules 169
10.1 Introduction 169
10.2 The Model 170
10.3 Market Equilibrium 171
10.4 Preset Prices 172
10.5 Inflation as a Surrogate for Shocks 175
10.6 Variable Contract Length 178
10.7 Conclusions 182
10.8 References 182
Appendix: Proofs for Chapter 10 183
Bibliography 189
Index 195

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