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

二、主講人：朱濤，香港科技大學經濟系副教授。曾任教于美國康奈爾大學，畢業于美國賓夕法尼亞州立大學，獲經濟學博士學位。主要研究領域為貨币經濟學和宏觀經濟學。其研究成果曾在Econometrica、Journal of Economic Theory、Journal of Monetary Economics等期刊發表。

三、時間：2016年10月24日（周一），13:30-15:00

四、地點：主教樓913會議室

五、主持人：金谷，bevictor伟德官网助理教授

論文摘要：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.