一、主题：The Real-Bills Doctrine versus the Quantity Theory: a Policy-effectiveness Perspective

二💋、主讲人👠：朱涛，香港科技大学经济系副教授。曾任教于美国康奈尔大学，毕业于美国宾夕法尼亚州立大学，获经济学博士学位。主要研究领域为货币经济学和宏观经济学。其研究成果曾在Econometrica、Journal of Economic Theory、Journal of Monetary Economics等期刊发表。

三🤽🏿‍♀️、时间🫰🏻：2016年10月24日（周一），13:30-15:00

四、地点🙋🏼：主教楼913会议室

五、主持人🚰：金谷，凯发平台助理教授

论文摘要👩🏻‍🚀：Against the background of the debate between the real-bills doctrine and quantity theory, this paper addresses the issue of policy effectiveness in a model that accommodates permanent and temporary components of base money and integrate the Keynesian and loanable fund notions of the interest rate. The nominal interest rate and the inflation rate respond differently to changes in two components of base money, leaving a room for monetary policy to manipulate the nominal interest rate without altering the inflation trend; the manipulation is constraint by the loanable-fund characteristic of the interest rate. A complete description of both components of base money is necessary to avoid real indeterminacy.