理性预期条件下的货币政策有效性分析

理性预期学派及其理论已经成为现代西方经济理论系统的重要组成部分。它的发展为现代宏观经济系统建立了基于个体最优化行为的微观基础,弥补了长期以来宏观经济理论缺乏微观基础的缺陷。本文在对货币政策中性命题重新认识以及对新凯恩斯主义理论的演变途径探讨的基础上,通过对已有的理性预期理论模型的分析,说明即使是在理性预期条件下,宏观的货币政策调控仍然是有效的。

Analysis of Monetary Policy Effectiveness under Rational Expectation Conditions

The rational expectations theory has become an important part of modem macro-economics.Its development has become the microcosmic foundation on the basis of the optimization of individual behavior in modem macro-economics and made up the limitations of traditional macroeconomics theory, which is in lack of microcosmic foundation. The writer of this paper, starting from the renewal of monetary policy neutral proposition and the analyses of the changes of the new Keynesian theory, argues that macro monetary policy moderation is still effective even under rational expectation conditions by analyzing the existing rational expectation models.