تحلیل آگزیوماتیک نرخ بهره بهینه در الگو‌های بیولی

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار گروه اقتصاد دانشکده علوم انسانی دانشگاه یاسوج

2 دانشیار گروه اقتصاد دانشکده علوم اداری و اقتصاد دانشگاه اصفهان

3 دانشیار گروه آمار دانشکده علوم دانشگاه اصفهان

چکیده

این مطالعه به این مسئله می‌پردازد که در فضایی که بر «تقاضای احتیاطی» برای نگهداری پول و دارایی تمرکز شود، چه نرخ بهره‌ای «وجود» و همچنین «بهینگی» تعادل پولی را تضمین خواهد نمود. فضای مورد تحلیل در این مقاله دارای دو ویژگی اساسی است: «عوامل ناهمگن» که با ریسک‌های منحصر به فرد مواجه هستند؛ و «بازارهای ناقص» که در آنها امکان بیمه کامل در برابر این ریسک‌ها از طریق وام‌گیری وجود ندارد. در چنین فضایی افراد برای «بیمه شخصی» خویش در برابر نوسانات درآمدی «مختص به شخص» اقدام به پس‌انداز احتیاطی از طریق انباشت یک دارایی منحصربفرد از قبیل پول دستوری، اعتبار و یا سرمایه می‌نمایند که اصطلاحاً «الگو‌های بیولی» نامیده می‌شوند. در این مقاله با روش آگزیوماتیک اثبات شده است که در حالت وجود همزمان دو دارایی یعنی پول دستوری و اوراق قرضه نیز همچنان نتایج اصلی الگو‌های بیولی صادق است؛ یعنی ضرورت دارد نرخ بهره به کمتر از نرخ رجحان زمانی کاهش یابد تا مصرف و دارایی همگرا شوند و تعادل پولی محقق شود.

کلیدواژه‌ها


عنوان مقاله [English]

An Axiomatic Analysis of the Optimal Rate of Interest in the Bewley Models

نویسندگان [English]

  • Seyyed Aqil Hoseiny 1
  • Mohammad Vaez Barzani 2
  • Rasoul Bakhshi Dastjerdi 2
  • Afshin Parvardeh 3
1 Assistant Professor of Economics, Faculty of Humanities, Yasouj University
2 Associate Professor of Economics, Faculty of Administrative Sciences and Economics, University of Isfahan
3 Associate Professor of Statistics, Faculty of Statistics, University of Isfahan
چکیده [English]

The main question of this study is that in an environment that we have only precautionary demand for money and assets, which rate of interest assures existence and optimality of equilibrium. This economic environment has two essential properties: heterogeneous agents that face to idiosyncratic risk, and incomplete markets without possibility of complete insurance by means of lending for hedging this risks. In this environment, agents hold precautionary savings in the form of a single asset such as fiat currency, credit, and capital for self-insurancing themselves against idiosyncratic income fluctuations. Bewley models are formed in this environment. In this paper, by using the axiomatic method, we will prove that when agents have access to the two forms of assets for self insurancing, i.e. fiat currency and credit, the necessity of decreasing the interest rate (more than time preference rate) for convergence of consumption and asset and the existence of monetary equilibrium are still true.

کلیدواژه‌ها [English]

  • Interest Rate
  • Monetary Equilibrium
  • Optimality
  • Precautionary Savings
  • Bewley Models
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