时间：2015/01/06，15：30～17：00

地点：经济学院一楼院史馆

主讲人：Young Sik Kim

题目：Money, Unit ofAccount, and Nominal Rigidity

摘要：In order tocharacterize the properties required to fulfill the roles of

money as a unit ofaccount (UoA) as well as a medium of exchange (MoE), we cons-ider the choice ofa UoA in the context of a micro-founded model where inflation un-certaintyexists and some conversion cost is incurred in using a UoA that is differ-ent froman MoE. We show that it is not the level of inflation but its volatility that mattersfor the choice of a UoA. In the presence of inflation uncertainty, money canstill become both an MoE and a UoA as long as the conversion cost is higher thanits max-imum buyers are willing to bear for ensuring stable consumption againstinflation un-certainty. Also, the choice of a UoA in the presence of fiat moneyas an MoE determines endogenously the nominal price rigidity or flexibility. Aneconomy adopting money as a UoA yields the short-run nominal rigidity and thePhillips-curve relationship.

主讲人介绍：Young Sik Kim: Departmentof Economics,Seoul National

University

Kim and Lee (2014).pdf

Prof. Kim_Slides.pdf