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    伟德betvlctor1946双周论坛系列通知(第27期)
    发布日期:2015/01/05 点击量:

    时间:2015/01/06,15:30~17:00

    地点:伟德betvlctor1946一楼院史馆

    主讲人:Young Sik Kim

    题目:Money, Unit ofAccount, and Nominal Rigidity

    摘要:In order tocharacterize the properties required to fulfill the roles of money as a unit ofaccount (UoA) as well as a medium of exchange (MoE), we consider the choice ofa UoA in the context of a micro-founded model where inflation uncertaintyexists and some conversion cost is incurred in using a UoA that is different froman MoE. We show that it is not the level of inflation but its volatility that mattersfor the choice of a UoA. In the presence of inflation uncertainty, money canstill become both an MoE and a UoA as long as the conversion cost is higher thanits maximum buyers are willing to bear for ensuring stable consumption againstinflation uncertainty. Also, the choice of a UoA in the presence of fiat moneyas an MoE determines endogenously the nominal price rigidity or flexibility. Aneconomy adopting money as a UoA yields the short-run nominal rigidity and thePhillips-curve relationship.

    主讲人介绍:Young Sik Kim: Departmentof Economics,Seoul National

    University

    Kim and Lee (2014).pdf

    Prof. Kim_Slides.pdf

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