New Monetarism in Continuous Time: Methods and Applications
构建了一个连续时间的新货币主义模型，代理人在竞争性市场中连续交易，偶尔进行配对交易。模型可用于分析前瞻指引、总需求管理和公开市场操作等货币政策问题。
Abstract We develop a New Monetarist model in continuous time where agents trade continuously in competitive markets and infrequently in pairwise meetings. Agents can produce and consume both in flows over time intervals and in discrete quantities at points in time. We detail the methodology to solve individual optimisation problems and characterise the full set of perfect foresight equilibria. We illustrate the role of continuous time and the tractability of our approach with three applications related to monetary policy: (i) forward guidance with policy announcements; (ii) aggregate demand management and firm entry; (iii) open market operations with partially liquid assets.