货币理论的新发展(PDF 57页)

ABSTRACT
Monetary theory and policy are part of intertemporal public finance. The lecture reviews some
interesting recent developments. The two ghosts are the venerable liquidity trap and the Pigou effect
or real balance effect. The eccentricities are negative nominal interest rates and the helicopter drop
of base money - two unconventional policies for stimulating consumer demand even when nominal
interest rates, short and long, present and future, are at their zero lower bounds. The fallacy is the
so-called Fiscal Theory of the Price Level, a logically in-consistent theory of the link between the
government budget and the general price level. The mirage is the prediction that financial
deregulation and technical change in the payments and settlements technology (e-money etc.), will
cause monetary policy to lose its capacity to influence even nominal economic variables. Mythos
refers to the independent central bank.
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