Stabilizing monetary-injection policies
成果类型：
Article
署名作者：
Bona, JL; Li, JX
署名单位：
University of Texas System; University of Texas Austin; University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.2000.2748
发表日期：
2001
页码：
127-157
关键词：
摘要：
The primary concern of this paper is understanding how prices and interest rates respond to open-market operations. In a model economy developed by Grossman and Weiss, but with more general utility functions, we establish global existence of equilibrium paths and observe that prices and interest rates rise initially, but thereafter oscillate around a new steady state. Also investigated are optimal monetary policies wherein injections take place in more than one time period and corresponding to which the equilibrium prices are most stable. Existence of such policies is established by mathematical analysis and its detailed structure explored by numerical simulation. (C) 2001 Academic Press.