recursive macroeconomic theory credit and currency

recursive macroeconomic theory credit and currency

ID:7291919

大?。?25.60 KB

頁數(shù):36頁

時(shí)間:2018-02-10

recursive macroeconomic theory credit and currency_第1頁
recursive macroeconomic theory credit and currency_第2頁
recursive macroeconomic theory credit and currency_第3頁
recursive macroeconomic theory credit and currency_第4頁
recursive macroeconomic theory credit and currency_第5頁
資源描述:

《recursive macroeconomic theory credit and currency》由會(huì)員上傳分享,免費(fèi)在線閱讀,更多相關(guān)內(nèi)容在工程資料-天天文庫

1、Chapter27CreditandCurrency27.1.Creditandcurrencywithlong-livedagentsThischapterdescribesTownsend’s(1980)turnpikemodelofmoneyandputsittowork.Themodelusesaparticularpatternofheterogeneityofendowmentsandlocationstocreateademandforcurrency.Themodelismoreprimitivethantheshoppingtimemodelofchapte

2、r26.Aswiththeoverlappinggenerationsmodel,theturnpikemodelstartsfromasettinginwhichdiverseintertemporalendowmentpatternsacrossagentspromptborrowingandlending.Ifsomethingpreventsloanmarketsfromoperating,itispossiblethatanunbackedcurrencycanplayaroleinhelpingagentssmooththeirconsumptionovertim

3、e.FollowingTownsend,weshalleventuallyappealtolocationalheterogeneityastheforcethatcausesloanmarketstofailinthisway.Theturnpikemodelcanbeviewedasasimpli?edversionofthestochasticmodelproposedbyTrumanBewley(1980).Weusethemodeltostudyanumberofinterrelatedissuesandtheories,including(1)apermanent

4、incomemodelofconsumption,(2)aRicardiandoctrinethatgovernmentborrowingandtaxeshaveequivalenteconomice?ects,(3)somerestrictionsontheoperationofprivateloanmarketsneededinorderthatunbackedcurrencybevalued,(4)atheoryofin?ationary?nance,(5)atheoryoftheoptimalin?ationrateandtheoptimalbehaviorofthe

5、currencystockovertime,(6)a“l(fā)egalrestrictions”theoryofin?ationary?nance,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(·)istwicecontinuouslydi?erentiable,increasing,andstrictlyconcave,andsatis?esli

當(dāng)前文檔最多預(yù)覽五頁,下載文檔查看全文

此文檔下載收益歸作者所有

當(dāng)前文檔最多預(yù)覽五頁,下載文檔查看全文
溫馨提示:
1. 部分包含數(shù)學(xué)公式或PPT動(dòng)畫的文件,查看預(yù)覽時(shí)可能會(huì)顯示錯(cuò)亂或異常,文件下載后無此問題,請(qǐng)放心下載。
2. 本文檔由用戶上傳,版權(quán)歸屬用戶,天天文庫負(fù)責(zé)整理代發(fā)布。如果您對(duì)本文檔版權(quán)有爭(zhēng)議請(qǐng)及時(shí)聯(lián)系客服。
3. 下載前請(qǐng)仔細(xì)閱讀文檔內(nèi)容,確認(rèn)文檔內(nèi)容符合您的需求后進(jìn)行下載,若出現(xiàn)內(nèi)容與標(biāo)題不符可向本站投訴處理。
4. 下載文檔時(shí)可能由于網(wǎng)絡(luò)波動(dòng)等原因無法下載或下載錯(cuò)誤,付費(fèi)完成后未能成功下載的用戶請(qǐng)聯(lián)系客服處理。