Monetary Policy, Homeostasis, and the Transmission Mechanism
指出货币政策辩论进展缓慢源于忽视稳态与传导机制，通过扩展IS-LM模型引入稳态机制和替代传导渠道，分析短期与长期政策效果。
Philip Howrey (1967), William Poole (1970), and John Kareken (1970) initiated a formal debate over monetary policy using some variant of an IS-LM model. Thomas Sargent and Neil Wallace (1975) extend this work by incorporating a Lucas-type aggregate supply function and rational expectations. In spite of the effort spent in following up on the seminal work by Howrey, Poole, and Kareken, little progress has been made in resolving the debate.' The central theme of this paper is that the lack of progress is the result of ignoring homeostasis and the nature of the transmission mechanism. In order to illustrate the importance of homeostasis and the transmission mechanism, this paper extends the standard IS-LM framework in two ways. First it introduces a homeostatic mechanism that generates shortrun responses which correspond to standard IS-LM behavior, and long-run responses which reflect full employment. Second, it provides for alternative transmission mechanisms by dropping the assumption that markets clear continuously. The paper is organized as follows. The model is developed in the next section. The following section examines the role of homeostasis and the transmission mechanism in the debate over policy. The final section presents the conclusions.