Money and Prices Under Uncertainty
研究货币经济中是否存在名义不确定性，即货币政策能否在不确定性下决定价格路径。在一个简单的随机现金先行经济中，发现名义不确定性存在，货币政策仅决定平均通胀而非其分布，且结果不受价格粘性影响。
We study whether monetary economies display nominal indeterminacy: equivalently, whether monetary policy determines the path of prices under uncertainty. In a simple, stochastic, cash-in-advance economy, we find that indeterminacy arises and is characterized by the initial price level and a probability measure associated with state-contingent nominal bonds: equivalently, monetary policy determines an average, but not the distribution of inflation across realizations of uncertainty. The result does not derive from the stability of the deterministic steady state and is not affected essentially by price stickiness. Nominal indeterminacy may affect real allocations in cases we identify. Our characterization applies to stochastic monetary models in general, and it permits a unified treatment of the determinants of paths of inflation. Copyright 2005, Wiley-Blackwell.