Calvo定价、垄断竞争和货币政策的有效性：一个理论分析
发布时间：2018-08-22 07:45
【摘要】：本文在货币进入效用函数(MIU)的货币理论模型中,讨论Calvo定价、垄断竞争、资本积累以及货币政策的有效性问题。在宏观经济学和货币理论与政策的研究中一直存在着这样几个核心问题:价格的调整是否具有粘性;货币政策是否会对实体经济产生影响;什么是最优的货币政策。这些问题一直以来都是众多学者思考和关注的焦点。Sidrauski(1967)和Fischer(1979)认为,在价格完全灵活变动的条件下,货币是超中性的,而最优货币政策是弗里德曼法则(名义利率为0)。然而,在现实经济中,价格通常无法完全迅速调整,即价格的调整具有一定程度的粘性。在粘性价格下,货币是否是中性的以及是否存在最优货币政策就成为一个重要的理论问题。关于价格粘性的微观机制,目前的研究成果主要有菜单成本、工资合约、理性疏忽与注意力分配、交错定价等。其中,Calvo交错定价这种价格粘性的微观机制在宏观经济学和货币经济学中得到了广泛应用。本文把Calvo交错定价作为价格粘性的微观机制,以货币进入效用函数(MIU)的方式引入货币,讨论产品定价、垄断竞争、资本积累及货币政策的有效性问题。基准模型假设生产过程中不存在资本积累,而在扩展模型中,我们假设企业进行投资决策,从事资本积累,且以"资本是企业特有的"方式将资本引入模型。在计算和分析模型均衡和稳态的基础上,我们使用脉冲反应函数分析货币政策的有效性,同时从最大化稳态福利的角度求解和分析两个模型下的最优货币政策。而且,本文还将探讨Calvo定价模型中资本积累的存在是否会对货币政策的有效性及最优货币政策结果产生影响。本文主要使用了数值模拟的方法对模型进行了定性与定量的分析。研究表明,在货币效用可分的情况下,当不存在资本积累时,货币是超中性的;当存在资本积累时,货币超中性不再成立。而且,无论是否存在资本积累,模型经济都不存在最优的货币增长率。然而,比较本文第二章与第三章可发现,资本积累的存在会对模型的稳态福利产生影响。此外,本文第五章表明在效用函数为不可分形式时,相关结论仍然成立。理论意义方面,本文通过对Calvo定价、垄断竞争框架下是否具有资本积累过程的两个模型的研究,探索企业生产过程中资本积累过程的存在性对模型结果的影响,并从货币超中性、货币政策有效性和最优货币政策结果三个方面进行分析。同时,本文也将简单分析价格粘性和效用函数形式变动对模型结果的影响。这些分析一方面有助于我们对最优货币政策与模型构造方式之间的关系产生更深入的理解,另一方面也有助于我们对价格粘性及货币超中性的来源与其对模型结果的影响产生更深刻的认识。
[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.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.8;F820
本文编号：2196453
[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.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.8;F820
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1 李芳慧;Calvo定价、垄断竞争和货币政策的有效性：一个理论分析[D];山东大学;2017年
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