Год издания: 2008
Количество страниц: 216
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An important recent advancement 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 BA©nassy argues that moving from the standard DSGE modelsa??which he calls "Ricardian" because they have the famous "Ricardian equivalence" propertya??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 BA©nassy demonstrates that a single modificationa??the assumption that new agents are born over time (which makes the model non-Ricardian)a??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...