【摘要】：本文在貨幣進(jìn)入效用函數(shù)(MIU)的貨幣理論模型中,討論Calvo定價(jià)、壟斷競(jìng)爭(zhēng)、資本積累以及貨幣政策的有效性問(wèn)題。在宏觀經(jīng)濟(jì)學(xué)和貨幣理論與政策的研究中一直存在著這樣幾個(gè)核心問(wèn)題:價(jià)格的調(diào)整是否具有粘性;貨幣政策是否會(huì)對(duì)實(shí)體經(jīng)濟(jì)產(chǎn)生影響;什么是最優(yōu)的貨幣政策。這些問(wèn)題一直以來(lái)都是眾多學(xué)者思考和關(guān)注的焦點(diǎn)。Sidrauski(1967)和Fischer(1979)認(rèn)為,在價(jià)格完全靈活變動(dòng)的條件下,貨幣是超中性的,而最優(yōu)貨幣政策是弗里德曼法則(名義利率為0)。然而,在現(xiàn)實(shí)經(jīng)濟(jì)中,價(jià)格通常無(wú)法完全迅速調(diào)整,即價(jià)格的調(diào)整具有一定程度的粘性。在粘性價(jià)格下,貨幣是否是中性的以及是否存在最優(yōu)貨幣政策就成為一個(gè)重要的理論問(wèn)題。關(guān)于價(jià)格粘性的微觀機(jī)制,目前的研究成果主要有菜單成本、工資合約、理性疏忽與注意力分配、交錯(cuò)定價(jià)等。其中,Calvo交錯(cuò)定價(jià)這種價(jià)格粘性的微觀機(jī)制在宏觀經(jīng)濟(jì)學(xué)和貨幣經(jīng)濟(jì)學(xué)中得到了廣泛應(yīng)用。本文把Calvo交錯(cuò)定價(jià)作為價(jià)格粘性的微觀機(jī)制,以貨幣進(jìn)入效用函數(shù)(MIU)的方式引入貨幣,討論產(chǎn)品定價(jià)、壟斷競(jìng)爭(zhēng)、資本積累及貨幣政策的有效性問(wèn)題�；鶞�(zhǔn)模型假設(shè)生產(chǎn)過(guò)程中不存在資本積累,而在擴(kuò)展模型中,我們假設(shè)企業(yè)進(jìn)行投資決策,從事資本積累,且以"資本是企業(yè)特有的"方式將資本引入模型。在計(jì)算和分析模型均衡和穩(wěn)態(tài)的基礎(chǔ)上,我們使用脈沖反應(yīng)函數(shù)分析貨幣政策的有效性,同時(shí)從最大化穩(wěn)態(tài)福利的角度求解和分析兩個(gè)模型下的最優(yōu)貨幣政策。而且,本文還將探討Calvo定價(jià)模型中資本積累的存在是否會(huì)對(duì)貨幣政策的有效性及最優(yōu)貨幣政策結(jié)果產(chǎn)生影響。本文主要使用了數(shù)值模擬的方法對(duì)模型進(jìn)行了定性與定量的分析。研究表明,在貨幣效用可分的情況下,當(dāng)不存在資本積累時(shí),貨幣是超中性的;當(dāng)存在資本積累時(shí),貨幣超中性不再成立。而且,無(wú)論是否存在資本積累,模型經(jīng)濟(jì)都不存在最優(yōu)的貨幣增長(zhǎng)率。然而,比較本文第二章與第三章可發(fā)現(xiàn),資本積累的存在會(huì)對(duì)模型的穩(wěn)態(tài)福利產(chǎn)生影響。此外,本文第五章表明在效用函數(shù)為不可分形式時(shí),相關(guān)結(jié)論仍然成立。理論意義方面,本文通過(guò)對(duì)Calvo定價(jià)、壟斷競(jìng)爭(zhēng)框架下是否具有資本積累過(guò)程的兩個(gè)模型的研究,探索企業(yè)生產(chǎn)過(guò)程中資本積累過(guò)程的存在性對(duì)模型結(jié)果的影響,并從貨幣超中性、貨幣政策有效性和最優(yōu)貨幣政策結(jié)果三個(gè)方面進(jìn)行分析。同時(shí),本文也將簡(jiǎn)單分析價(jià)格粘性和效用函數(shù)形式變動(dòng)對(duì)模型結(jié)果的影響。這些分析一方面有助于我們對(duì)最優(yōu)貨幣政策與模型構(gòu)造方式之間的關(guān)系產(chǎn)生更深入的理解,另一方面也有助于我們對(duì)價(jià)格粘性及貨幣超中性的來(lái)源與其對(duì)模型結(jié)果的影響產(chǎn)生更深刻的認(rèn)識(shí)。
[Abstract]:In the monetary theory model of (MIU), this paper discusses the pricing of Calvo, monopoly competition, capital accumulation and the effectiveness of monetary policy. In the study of macroeconomics and monetary theory and policy, there are several core problems: whether the price adjustment is viscous, whether monetary policy will have an impact on the real economy, and what is the optimal monetary policy. Sidrauski (1967) and Fischer (1979) think that under the condition of completely flexible price, the currency is super neutral, and the optimal monetary policy is Friedman's rule (nominal interest rate is 0). However, in the real economy, the price usually can not be adjusted completely quickly, that is, the price adjustment has a certain degree of stickiness. Whether the currency is neutral and whether there is an optimal monetary policy is an important theoretical question under viscous price. On the micro mechanism of price stickiness, the current research results mainly include menu cost, wage contract, rational negligence and attention distribution, staggered pricing and so on. Calvo staggered pricing, a price stickiness mechanism, has been widely used in macroeconomics and monetary economics. In this paper, Calvo staggered pricing is used as the microscopic mechanism of price stickiness, and money is introduced into the utility function (MIU). The problems of product pricing, monopoly competition, capital accumulation and the effectiveness of monetary policy are discussed. The benchmark model assumes that there is no capital accumulation in the production process, while in the extended model, we assume that the enterprise makes investment decisions, engages in the capital accumulation, and introduces the capital into the model in the way of "capital is unique to the enterprise". On the basis of calculating and analyzing the equilibrium and steady-state of the model, we use the impulse response function to analyze the effectiveness of monetary policy, and at the same time to solve and analyze the optimal monetary policy under the two models from the point of view of maximizing the steady-state welfare. Furthermore, this paper will discuss whether the existence of capital accumulation in the Calvo pricing model will have an impact on the effectiveness of monetary policy and the results of optimal monetary policy. In this paper, the method of numerical simulation is used to analyze the model qualitatively and quantitatively. The results show that when there is no capital accumulation, money is super neutral, and when there is capital accumulation, money is no longer super neutral. Moreover, no matter whether there is capital accumulation or not, there is no optimal monetary growth rate in the model economy. However, by comparing the second and third chapters, it is found that the existence of capital accumulation has an effect on the steady-state welfare of the model. In addition, the fifth chapter shows that when the utility function is an inseparable form, the relevant conclusions are still valid. In terms of theoretical significance, this paper explores the influence of the existence of capital accumulation process on the model results through the study of two models of capital accumulation process under the framework of Calvo pricing and monopoly competition. And from the monetary super-neutral, the effectiveness of monetary policy and the results of optimal monetary policy are analyzed. At the same time, the influence of price viscosity and utility function on the model results is also analyzed. These analyses, on the one hand, contribute to a deeper understanding of the relationship between optimal monetary policy and the way the model is constructed. On the other hand, it also helps us to have a deeper understanding of price stickiness and monetary ultra-neutral sources and their influence on the results of the model.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F276.8;F820

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1 李芳慧;Calvo定價(jià)、壟斷競(jìng)爭(zhēng)和貨幣政策的有效性：一個(gè)理論分析[D];山東大學(xué);2017年

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本文編號(hào)：2196453