LEADER 04562nam 2200709 a 450 001 9910452346903321 005 20200520144314.0 010 $a1-282-09700-8 010 $a0-262-26808-6 010 $a9786612097003 010 $a1-4294-6553-0 035 $a(CKB)1000000000472544 035 $a(EBL)3338492 035 $a(OCoLC)939263596 035 $a(SSID)ssj0000205175 035 $a(PQKBManifestationID)11187262 035 $a(PQKBTitleCode)TC0000205175 035 $a(PQKBWorkID)10191829 035 $a(PQKB)10117054 035 $a(SSID)ssj0000519148 035 $a(PQKBManifestationID)12223468 035 $a(PQKBTitleCode)TC0000519148 035 $a(PQKBWorkID)10495680 035 $a(PQKB)11645925 035 $a(MiAaPQ)EBC3338492 035 $a(OCoLC)123915772$z(OCoLC)290542008$z(OCoLC)475316654$z(OCoLC)475613179$z(OCoLC)648223258$z(OCoLC)655177420$z(OCoLC)860365416$z(OCoLC)939263596$z(OCoLC)961552520$z(OCoLC)962681872$z(OCoLC)988415096$z(OCoLC)992093447$z(OCoLC)992103522$z(OCoLC)1037923264$z(OCoLC)1038684394$z(OCoLC)1055393639$z(OCoLC)1058899847$z(OCoLC)1064193922$z(OCoLC)1081291206$z(OCoLC)1097085891 035 $a(OCoLC-P)123915772 035 $a(MaCbMITP)4760 035 $a(PPN)170265854 035 $a(Au-PeEL)EBL3338492 035 $a(CaPaEBR)ebr10173545 035 $a(CaONFJC)MIL209700 035 $a(EXLCZ)991000000000472544 100 $a20060913d2007 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMoney, interest, and policy$b[electronic resource] $edynamic general equilibrium in a non-Ricardian world /$fJean-Pascal Be?nassy 210 $aCambridge, Mass. $cMIT Press$dc2007 215 $a1 online resource (215 p.) 300 $aDescription based upon print version of record. 311 $a0-262-52493-7 311 $a0-262-02613-9 320 $aIncludes bibliographical references (p. [189]-194) and index. 327 $aIntroduction; Part I - Ricardian and Non-Ricardian Economies; 1 - The Ricardian Issue and the Pigou Effect; 2 - Pigou Reconstructed: The Weil Model; Part II - Interest, Prices, and Money; 3 - Liquidity Effects; 4 - Interest Rate Rules and Price Determinacy; 5 - Global Determinacy; 6 - Fiscal Policy and Determinacy; Part III - Optimal Policy; 7 - A Simple Framework for Policy Analysis; 8 - Government Information and Policy Activism; 9 - Fiscal Policy and Optimal Interest Rate Rules; 10 - Inflation and Optimal Interest Rate Rules; Bibliography; Index 330 $aAn important recent advance in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinacy and liquidity effects. In Money, Interest, and Policy, Jean-Pascal Benassy argues that moving from the standard DSGE models - which he calls "Ricardian" because they have the famous "Ricardian equivalence" property-to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and Benassy demonstrates that a single modification-the assumption that new agents are born over time (which makes the model non-Ricardian)-can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other.After comparing Ricardian and non-Ricardian models, Benassy introduces a model that synthesizes the two approaches, incorporating both infinite lives and the birth of new agents. Using this model, he considers a number of issues in monetary policy, including liquidity effects, interest rate rules and price determinacy, global determinacy, the Taylor principle, and the fiscal theory of the price level. Finally, using a simple overlapping generations model, he analyzes optimal monetary and fiscal policies, with a special emphasis on optimal interest rate rules. 606 $aMoney$xMathematical models 606 $aEquilibrium (Economics)$xMathematical models 608 $aElectronic books. 615 0$aMoney$xMathematical models. 615 0$aEquilibrium (Economics)$xMathematical models. 676 $a339.5/3 700 $aBe?nassy$b Jean-Pascal$0613692 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910452346903321 996 $aMoney, interest, and policy$92008243 997 $aUNINA