New Developments in Monetary Economics: Two Ghosts, Two Eccentricities, A Fallacy, A Mirage and A Mythos
回顾货币理论和政策的最新发展，指出流动性陷阱、实际余额效应、负名义利率、直升机撒钱、财政价格水平理论谬误、金融自由化导致货币政策失效的幻象以及独立中央银行的迷思，强调货币政策是跨期公共财政的一部分。
Monetary theory and policy are part of intertemporal public finance. The two ghosts are the liquidity trap and the real balance effect. The eccentricities are negative nominal interest rates and the helicopter drop of money. The fallacy is the Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government’s intertemporal budget constraint and the general price level. The mirage is the prediction that financial deregulation and technical change in the payments and settlements technology will cause monetary policy to lose its capacity to influence even nominal economic variables. Mythos refers to the independent central bank. This lecture reviews some recent developments in monetary theory, monetary policy and the design of institutions for conducting monetary policy. I hope to convey the following messages: (1) Monetary theory is a thriving and exciting area of research. (2) Monetary policy is, conceptually, institutionally and practically, a small but significant part of intertemporal public finance – its liquid corner. Central bank operational independence and other institutional arrangements