GOVERNMENT POLICY IN MONETARY ECONOMIES*
研究了在政府有限承诺下，微观货币框架的一般和具体细节如何影响政策制定，发现解决金融和交易摩擦显著影响长期政策，而生产率波动的政策反应因模型而异。
I study how the general and specific details of a micro‐founded monetary framework affect the determination of policy when the government has limited commitment. In the general framework, policy is determined by the interaction between the incentives to smooth distortion intertemporally and a time‐consistency problem. Resolving financial and trading frictions affects long‐run policy significantly. Policy response to fluctuations in productivity is quantitatively different across model variants, mainly due to the idiosyncratic behavior of the money demand. Other types of shocks, both transitory and permanent, affect policy in a similar manner across a variety of specifications.