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Of the new monetary economics

Summary of the 20th century, 80 years, the West financial the new development along the two ideas to start the main: one idea is to add money in the macroeconomic factor model; Another idea is from the monetary and the substitution effect of various financial assets paper proposes This paper explores the implications of the new monetary economics and the main branch, and reveals the emergence and development of the new monetary economics of modern monetary and financial theory in China. New branch of monetary economics Keywords Inspiration 1 Introduction 1900, the Walras in its . Subsequently, the Walrasian general equilibrium analysis first became the most influential economics research methods. However, the almost all-encompassing, general equilibrium system can not accommodate monetary theory. Money has been used as a balanced system external to the disturbance factor, the decision relative prices and monetary price (nominal) the decision was seen as unrelated are two different things, economics has therefore been divided into two price theory and monetary theory independent theoretical system, which is famous in the history of economics Equilibrium existence in order to reflect the general, unified theory of value and monetary theory, to break the traditional Nearly a century,[link widoczny dla zalogowanych], most economists are trying to establish a currency of However,[link widoczny dla zalogowanych], as has been widely questioned, to date, monetary theory and monetary theory of value the unity of economics is still a difficult problem to be overcome. While mainstream economists traditional research path along the difficult journey the occasion to Youjinfama, 列兰德伊格尔 other well-known monetary theorist, led by the introduction of a different approach and called the (Neo-Monetary Economics, referred to as the NME) theory. They also sought to permit Mingwaerla system is reasonable, very different from other schools, they not only do not want to put money In this way, the In other words, the Walrasian system can not Different view of the new monetary economics, it is called New Monetary Economics and the two branches, namely 2 in all envisaged under the conditions of perfect competition, a mode of operation of the financial system, it is completely different from the reality of surname first letter of their name Black (1970) is the first person to propose this idea. His use of , payment will be five ways: direct barter; to common stock as a medium of exchange; to corporate bonds as a medium of exchange; to by the Black Thought of the most striking is that he first proposed the separation of monetary functions of the argument. Fama (1980) envisaged a competitive without the use of currency payment system, calling it In this system, the bank's role is to operate a can Accounting subjects to achieve a transfer of wealth between the books of the transfer system,[link widoczny dla zalogowanych], cash transactions can completely avoid the media, or purchasing power of the concept of temporary habitats are disappeared. The. This economic non-monetary economy, of course, it has the advantage that only a decision of the relative price of the price level of the decision avoided the issue, then, Walras's general equilibrium analysis as such an economic analysis of the most appropriate tools. Although the Black Horse agree with the law of laissez-faire payments system, but they are mainly a understanding of the essential character of the existing system. Hall is really to build a competitive payment system as its mission to (Hall, 1982). He believes that the financial matters, the Government's sole responsibility is to specify the unit of account used for the valuation of goods, and force to ensure the implementation of various contracts, in addition, the payment system to operate fully to do with Government. He even recommended called . But he also stressed that the above four product itself (alone or jointly) can not be used as a medium of circulation, otherwise, ANCAP has become the modern sense of the currency,[link widoczny dla zalogowanych], the common ills of currency (money too much or too little) will damage it as a bookkeeping The value of unit stability. Specifically, ; laissez-faire led to competition between financial institutions so that financial innovation to truly become a means of improving social welfare. Most of the current financial innovations in order to avoid government regulation, control and anti-control in the game a waste of social resources; the difference between the actual supply. Thus,