在以市场价值标准为准的基于代理的模型中的非传统货币政策
Mattia Guerini1,2,3, Francesco Lamperti3,4,5, Mauro Napoletano2,3,6,7
1Department of Economics and Management, University of Brescia, Brescia, Italy.
市值会计放大了经济的不稳定性,而非传统的货币政策稳定了市场. 它们的相互作用表明,政策可以减轻会计的负担.
科学领域:
- 宏观经济学 宏观经济学
- 金融经济学 金融经济学
- 计算经济学计算经济学
背景情况:
- 会计准则对经济稳定有重大影响.
- 中央银行越来越多地使用非传统货币政策 (UMP).
- 会计准则和普法之间的相互作用需要进一步调查.
研究的目的:
- 分析按市场价值 (MTM) 会计和UMP的宏观经济影响.
- 调查MTM会计与UMP之间的相互作用效应.
- 评估UMP在缓解金融和实体市场不稳定的作用.
主要方法:
- 基于代理的建模 (ABM) 方法.
- 使用修改的舒佩特会议凯恩斯 (K+S) 宏观经济ABM.
- 模拟场景比较历史会计,MTM会计和UMP干预.
主要成果:
- 货币交易系统会计表现出亲周期性行为,放大了信贷周期和经济不稳定性.
- 统一市场政策显示出反周期性质,改善宏观经济指标.
- 互动显示,UMP可以有效地抵消MTM会计的破坏性影响.
结论:
- 货币交易系统会计加剧了经济和金融周期.
- 统一市场政策作为经济中的稳定力量.
- 统一市场政策应该整合到中央银行的工具包中,用于正常时期,而不仅仅是危机时期.
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