OPTIMAL MONETARY-POLICY IN A CASH-IN-ADVANCE ECONOMY

被引：6

作者：

FUERST, TS

机构：

来源：

ECONOMIC INQUIRY | 1994年 / 32卷 / 04期

关键词：

D O I：

10.1111/j.1465-7295.1994.tb01352.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The issue of optimal monetary policy within a particular general equilibrium model of the monetary transmission mechanism is addressed. The model analyzed is a member of the recent class of ''liquidity models'' of the monetary business cycle. The nature of the trading frictions that define these models introduces a role for activist monetary policy. In particular, to the extent that the central bank can adjust liquidity more rapidly than the private sector, there is a welfare-improving role for monetary policy. In contrast to traditional policy prescriptions for ''aggregate demand management,'' this is a prescription for ''liquidity management.''

引用

页码：582 / 596

页数：15

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