The Monetary Policy Of Structural Research

IS-LM model is obtained from product market and money market equilibrium. Now it becomes the most important model that analysis macroeconomic policy's effect, But the model assume that economic agents are homogeneous, thus ignores economic structure transformation's influence on macroeconomic. In chapter two, we study money demand heterogeneity from the view of firm. Theoretical model and empirical results prove that firms' money demand heterogeneity comes from industry heterogeneity, size heterogeneity and register region heterogeneity. In chapter three we consider that the transformation of economy structure and institutes influence money demand elasticity. We find that economic open index displays an important effect on money demand size, real income elasticity and interest elasticity, while industry structure influences real income elasticity mainly.Financial institutions connect money demand and supply. Chapter four studies the changer of money velocity from the perspective of financial institution's balance sheet. Chapter five thinks central bank supplies base money in different way, and different ways influence different agents and have different efficiency. So money multiplier has some relationship with monetary authority's portfolios.There is another shortcoming in IS-LM model, which is short of economic agents' anticipation. In fact, the substitute relationship of inflation and unemployment rate relies on how economic agents anticipate. Chapter six estimates a New Keynesian hybrid Phillips curve under open economy for China by way of GMM, Empirical result shows that hybrid costs are statistically significant and qualitatively important; capital cost and intermediate imported input cost influence inflation mostly; there are back-looking and forward-looking pricing behavior, but the forward-looking behavior captures most firms' behavior. And price is flexible.Chapter seven analysis liquidity trap by means of game theory. We bring out a simple decision-making model for producers and consumers. According to model, we explain the forthcoming of liquidity trap and the inefficacy of money policy under liquidity trap, then put forward some means to cure liquidity trap.