Countercyclical versus Passive Monetary Policy in a Medium-Run Macro Model
构建了一个包含政府预算约束的通货膨胀经济宏观模型，比较了被动货币政策和主动反周期货币政策两种制度，发现主动政策能确保充分就业均衡的局部稳定性并平滑经济周期，但可能因产出大幅低于充分就业水平而引发不稳定。
A macro model of an inflationary economy incorporating the government budget constraint is set up to analyze two alternative monetary policy regimes: a passive policy and an active countercyclical policy. It is found that the policy is potentially unstable, especially when monetarist parameter values prevail, whereas the local stability of fullemployment equilibrium can always be ensured by choosing an appropriate countercyclical feedback rule for the monetary growth rate. An active monetary policy can also smooth out the business cycle in the neighborhood of equilibrium, but in accordance with Leijonhufvud's corridor hypothesis, instability may occur when output is pushed sufficiently far below its full-employment level.