时间：2015/03/17，15：30～17：00

地点：威廉希尔一楼院史馆

主讲人：Liting Su

题目： "The Joint Services of Money and Credit" (William A. Barnett and Liting Su)

and "The Use of Divisia Monetary Aggregate to target Nominal GDP" (Liting Su)

摘要:The Joint Services of Money and Credit

abstract： While credit cards provide transaction services, as do currency and demand deposits, credit cards have never been included in measures of the money supply. The reason is accounting conventions, which do not permit adding liabilities, such as credit card balances, to assets, such as money. But economic aggregation theory and index number theory are based on microeconomic theory, not accounting, and measure service flows. We derive theory needed to measure the joint services of credit cards and money. The underlying assumption is that credit card services are not weakly separable from the services of monetary assets. Carried forward rotating balances are not included, since they were used for transactions services in prior periods. The theory is developed for the representative consumer, who pays interest for the services of credit cards during the period used for transactions. In the transmission mechanism of central bank policy, our results raise potentially fundamental questions about the traditional dichotomy between money and some forms of short term credit, such as checkable lines of credit. We do not explore those deeper issues in this paper, which focuses on measurement.

The Use of Divisia Monetary Aggregate to target Nominal GDP
abstract：In this paper we discuss the relationship between Divisia M2 money supply and nominal GDP. The bidirectional Granger Causality relationship between the two reveals the endogeneity property of money in the US. Since the Fed can control the supply of money by increasing or decreasing the monetary base, Divisia M2 can be considered as an exogenous and controllable variable. Thus, theoretically, it is feasible and effective to use Divisia M2 as an intermediate monetary policy target. By following the relationship between money supply and nominal GDP, the Fed can keep nominal GDP growing at a steady and predictable rate. Thereby, with public confidence of such commitment to target total output growth, the effectiveness of such monetary policy will be further enhanced and the expectation of inflation rate will be better managed as well.

主讲人介绍：Liting Su is a PhD student at the University of Kansas, US