【主讲】朱涛 (香港科技大学)
【主题】The Real-Bills Doctrine versus the Quantity Theory: a Policy-effetiveness Perspective
【时间】2016年3月25日 (周五) 15：30-17：00
【地点】上海财经大学经济学院楼401室
【语言】英文
【摘要】The paper draws a noninflationary component of monetary policyand a friction that makes the component relevant from the backgroundof the debate between the real-bills doctrine and quantity theory. Withthe friction in place, there is a parameter space in which the noninfla-tionary component is effective in affecting the nominal and real interestrates. A complete description of both inflationary and noninflationarycomponents by policy can result in determinacy of equilibrium whenit is effective. The classic liquidity trap may be contributed by bothfundamentals and policy; the noninfiationary component is ineffectivein the liquidity trap. The interest-rate pegging policy leads to inde-terminacy of equilibrium because it leaves the inflationary componentunspecified.
