| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP3947
|
| DP3947 It Takes Two: An Explanation of the Democratic Peace |
| Gilat Levy; Ronny Razin
|
| 发表日期 | 2003-06-23
|
| 出版年 | 2003
|
| 语种 | 英语
|
| 摘要 | This Paper considers the role of monetary aggregates in modern macroeconomic models of the New Keynesian type. The focus is on possible developments of these models that are suggested by the monetarist literature, and that in addition seem justified empirically. Both the relation between money and inflation, and between money and aggregate demand, are considered. Regarding the first relation, it is argued that both the mean and the dynamics of inflation in present-day models are governed by money growth. This relationship arises from a conventional aggregate-demand channel; an emphasis on the link between monetary aggregates and inflation in no way requires a direct channel connecting money and inflation. The relevance of money for aggregate demand, in turn, lies not via real balance effects (or any other justification for money in the structure of the IS equation), but on money?s ability to serve as a proxy for the various substitution effects of monetary policy that exist when many asset prices matter for aggregate demand. This role for monetary aggregates, which is supported by empirical evidence, enhances the value of money to monetary policy. |
| 主题 | International Macroeconomics
|
| 关键词 | Money
inflation
Monetary aggregates
Taylor rules
Transmission mechanism
|
| URL | https://cepr.org/publications/dp3947
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532929
|
推荐引用方式
GB/T 7714 |
Gilat Levy,Ronny Razin. DP3947 It Takes Two: An Explanation of the Democratic Peace. 2003.
|
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