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Money, Interest, and Policy: Dynamic General Equilibrium in a Non-Ricardian World | 
 enlarge | Author: Jean-pascal Benassy
Publisher: The MIT Press
Category: Book
List Price: $21.00
Buy New: $14.86
You Save: $6.14 (29%)
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Rating:  1 reviews
Sales Rank: 859183
Media: Paperback
Pages: 216
Number Of Items: 1
Shipping Weight (lbs): 0.6
Dimensions (in): 9.1 x 5.8 x 0.6
ISBN: 0262524937
Dewey Decimal Number: 339
EAN: 9780262524933
ASIN: 0262524937
Publication Date: September 30, 2008
Availability: Usually ships in 1-2 business days
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Product Description
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 models, BA nassy introduces a model that synthesizes the two approaches, incorporating both infinite lives and births of new agents. He applies this model to a number of issues in monetary policy, namely liquidity effects, interest rate rules and price determinacy, global determinacy, the Taylor principle, and the fiscal theory of the price level. Finally, using a simple overlapping generations model, he analyzes optimal monetary and fiscal policies, with a special emphasis on optimal interest rate rules.
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| Customer Reviews:
A very interesting book August 8, 2008
Sergio R. B. Gadelha (Brasilia, Brazil.)
This is a very interesting book that explains the current debate on monetary policy comparing Ricardian (or DSGE models) and non-Ricardian models. It does its job beautifully and with no lack of rigour.
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