TAILIEUCHUNG - Lecture notes for Macro 2

The main contents of this chapter include all of the following: Money demand (and some supply), the price of money, derivations of the pricing relations, money and sticky prices, money in models of monopolistic competition, money and price setting, monetary policy, empirical measures of the effect of money on output. | Contents 1 Lecture Notes for Macro 2 2001 (first year PhD course in Stockholm) Paul S¨ derlind1 o 2 June 2001 (some typos corrected later) Money Demand (and some Supply) Money Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Overview of Money Demand . . . . . . . . . . . . . . . . . . . . . . Money Demand: A General Equilibrium Model with Money in the Utility Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Mechanics of Money Supply∗ . . . . . . . . . . . . . . . . . . . The Price of Money UIP, Fisher Equation, and the Expectations Hypothesis of the Yield Curve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Price Level as an Asset Price: Cagan’s (1956) Model with Rational Expectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A Simple Model of Exchange Rate Determination . . . . . . . . . . . A Derivations of the Pricing Relations A Real Bond . . . . . . . . . . . . . . . . A Nominal Bond . . . . . . . . . . . . . . A Nominal Foreign Bond . . . . . . . . . . Real Effects of Money? . . . . . . . . . . . Empirical Evidence on the Pricing Relations 3 1 University of St. Gallen and CEPR. Address: s/bf-HSG, Rosenbergstrasse 52, CH-9000 St. Gallen, Switzerland. E-mail: . Document name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Money and Sticky Prices: A First Look Basic Models of the Effects of Monetary Policy Surprises . . . . . . . “Money and Wage Contracts in an Optimizing Model of the Business Cycle,” by Benassy . . . . . . . . . . . . . . . . . . . . . . . . . . . “Money and the Business Cycle,” by Cooley and Hansen . . . . . . . 4 4 4 7 16 24 24 25 31 38 40 40 41 41 42 45 45 46 56 1 X Sticky Wages or Sticky Prices? . . . . . . . . . . . . . . . . . . . .

• Kinh tế học
• Lecture notes for Macro
• Kinh tế vĩ mô
• Money demand
• The price of money
• Derivations of the pricing relations
• Sticky prices
• A course in monetary economics
• Monetary economics
• Optimal fiscal
• Monetary policy
• Optimal quantity choices
• Flexible prices
• Lecture Macroeconomics
• Economic theory
• Modern economic growth
• Economic growth