新凯恩斯主义总需求理论的微观基础——一个基本模型及其在货币政策中的应用

On the New Keynesian Aggregate Demand Theory——Its Micro-foundation and Applications in Monetary Policy

宏观经济学正在迈向新一次综合。在这个进程中,一些前沿经济学家为总需求理论构建了坚实的微观基础,使其成为新新古典综合框架的一块基石。它与同样建立在微观基础上的总供给理论相结合,就成为当前主流宏观经济学进行货币政策分析的标准工具。利用这个工具,经济学家对货币政策的研究得出了很多富有启发性的结论。本文梳理了总需求理论的上述新近发展,并讨论它在货币政策中的一些应用。特别地,本文的分析表明,这些应用对于中国的货币政策操作具有重要的借鉴意义。

Macroeconomics is moving toward a New Synthesis. In the process of this change, the aggregate demand theory has been developed greatly, so that the aggregate-demand relation, consistent with the utility maximization and rational expectations, can be derived from a dynamic optimizing general equilibrium model and serve as a building block of the new synthesis. Combined with the aggregate supply relation or the Philips relation, it also becomes one of the primary tools in the analysis of monetary policy by leading economists. This paper surveys the recent developments of the aggregate demand theory and discusses some of its applications especially irradiative to China＇s monetary policy.