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| Author: | Yi, Dinghong Wu, Hanhong |
| Title: | Development in western monetary theories since the 1980s (original in Chinese) |
| Journal: | Social Sciences in China (c)
1999 : 6, p.19-32 |
| Index terms: | MONETARY THEORY |
| Language: | chn |
| Abstract: | Developments in Western monetary theories since the 1980s have focused on the following three aspects: Firstly, theorists have used the general equilibrium model of choice theory to provide a micro foundation for monetary theories, and to make aggregated phenomena consistent with the general equilibrium and individual optimization. Secondly, they have tried to explain how specialized banks and other financial inter-mediary organs can exist, how regulation and intervention by the government in the money market will be harmful for the national welfare; Thirdly, Theoreticians have used game theory to analyze the credibility of government policy. |
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