89 102 Masahiro NAKANO Keynes benchmark Keynes 89
( )IS LM Keynes Hicks IS LM Phillips stylized fact ( ) ( ) 90
Keynes 3 superneutrality 4 RBC 2 1 (i) (ii) (a) (b) (c) 3 Keynes 91
Walras Keynes Say s law 2 2 Keynes 1936 Keynes Keynes Keynes Keynes 92
Keynes Keynes IS LM Keynes 10 Keynes Monetary Growth Model 4 Real Business Cycle RBC 3 1 93
1 Solow dynamic inefficiency 11 12 Sidrauski(1967) Sidrauski money in utility function 13 1 n 14 (1) U=U(c,m) m 15 W (2) W= 0 [U(c,m)]e t dt (3) ȧ+na=f (k)+x m c 94
(4) a=k+m a k x f ( ) Asako(1983) (5) U(c,m)=U(z) U'>0,U"<0 z=min[(1 )c,m] a0=a 0 H Lagrange (6) H=U(m)+ [f (k)+x m m na]+ (a k m) (7) H k= f'(k) =0 (8) H m=u'(m) ( + ) =0 (9) = H a+ =(n+ ) 16 (7) (8) (10) U'(m)=[f'(k)+ + ] 3 2 (11) ṁ m= ṗ p n ṗ p 95
17 ṗ p= (13) f (k)= m+k +nk 18 k =ṁ= =0 (7) (9) (14) f' (k*)=n+ (14) modified golden rule (13) (15) m*=(1 )[ f (k*) nk*] k =ṁ= =0 saddle point k 19 20 (5) 3 3 96
(14) 21 Keynes 4 1 1960 1970 80 22 1970 Lucas 23 1980 RBC Kydland Prescott RBC 1 RBC RBC 97
Calibration Analysis Nelson and Plosser(1982) RBC RBC King and Plosser(1984) M M King and Plosser(1984) RBC King and Plosser(1984) Granger VAR Structural VAR 4 2 3 RBC 2 (a) (b) (c) cash-in-advance 24 98
Keynes Keynes 17 (i) (ii) (iii) (i) (ii) (iii) 25 26 2 Keynes 3 superneutrality 4 RBC 99
Sidrauski(1967) 3 1980 Mishkin(1995) (1998) (2000) (1995) (1) (2) (3) Azariadis(1993) Quantity of Money Keynes 21 (1999) 10 D.Romer(2000) IS LM 11 (1994) 7 (1995) (2000) 12 (a) (b) (c) Orphanides and Solow (1990) (2000) (overlapping generations model) (d) 13 Sidrauski(1967) Asako(1983) Turnovsky(2000) 14 15 zt Mt pt Nt Sidrauski 100
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