Treatise on Monetary Stewardship (Volume II): Policy Transmission and the Central Banking Apparatus/货币论（第二&# [Chinese]

By 新华书店北美网

"Deconstructing the Central Banking Imperative: Towards a Theoretical Architecture of Monetary Hydrodynamics

解剖中央银行的现实意义，构建流体力学货币政策理论体系

Based on the history and reality of the development and transformation of central banks and monetary policy operations, and continuing the theoretical understanding of the monetary cycle, this volume constructs a fluid dynamics monetary policy theoretical system, proposing three new perspectives for understanding monetary policy and the functions of central banks: the time value of money is the entire focus of central banks; Secondly, the monetary policy based on decentralized decision-making in the economic and social order is a special policy system based on ""micro decision-making macro response"", with much lower degrees of freedom than almost all other policies; Thirdly, monetary policy is essentially a fluid dynamics system that is subject to both internal friction and external pressure, and the expected effects are often more uncertain compared to other policy effects. Based on the analytical framework of this book, it proposes and proves theorems such as internal friction in the transmission of monetary policy, mutual SPV between money and finance, embedded macroprudential management in monetary policy, and super neutrality of money, and asset prices are only a layer of monetary veil.

基于中央银行的发展变革与货币政策操作的历史和现实，延续卷货币循环的理论认识，本卷构建了一个流体力学货币政策理论体系，提出三个认识货币政策和中央银行职能的全新视角：，货币的时间价值是中央银行关注的全部内容；第二，基于分散化决策的经济社会秩序的货币政策，其作为政策完全是一种基于"微观决策-宏观响应"的特殊政策系统，其自由度远远低于其他几乎一切政策；第三，货币政策实际上类似一个受内部摩擦和外部压力共同作用的流体动力学系统，人们所期望的效果往往与其他政策效果相比具有更强的不确定性。基于本书的分析框架，本书提出并证明了货币政策传导的内摩擦、货币与财政互为SPV、宏观审慎管理内嵌于货币政策、货币超级中性等定理，并且资产价格也只是一层货币面纱。

• Format: Paperback
• Language: Chinese
• ISBN: 7500171463
• ISBN13: 9787500171461
• Release Date: January 2022
• Publisher: China National Publications Import & Export C
• Length: 422 Pages
• Weight: 1.98 lbs.
• Dimensions: 1.1" x 6.7" x 9.6"