Woodford (2003) describes a popular class of neo-Wickscllian models in which monetary policy is characterized by an interest-rate rule, and the money market and financial institutions arc typically not even modeled. Critics contend that these models arc incomplete and unsuitable for monetary-policy evaluation. Our Banks and Bonds model starts with a standard neo-Wicksellian model and then adds banks and a role for bonds in the liquidity management of households and banks. The Banks and Bonds model gives a more complete description of the economy, but the neo-Wickscllian model has the virtue of simplicity. Our purpose here is to see if the neo-Wickscllian model gives a reasonably accurate account of macroeconomie behavior in the more complete Banks and Bonds model. We do this by comparing the models' second moments, variance decompositions and impulse response functions. We also study the role of monetary aggregates and velocity in predicting inflation in the two models.
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机译：Woodford（2003）描述了新的Wickscllian模型的流行类型，其中货币政策以利率规则为特征，而货币市场和金融机构通常甚至没有被建模。批评者认为，这些模型不完整，不适合进行货币政策评估。我们的“银行和债券”模型从标准的新维克塞尔利安模型开始，然后添加了银行，并在家庭和银行的流动性管理中为债券发挥了作用。银行和债券模型更完整地描述了经济，但是新维克斯克利安模型具有简单性。我们的目的是查看新Wickscllian模型是否在更完整的Banks and Bonds模型中对宏观经济行为做出了合理准确的解释。我们通过比较模型的第二矩，方差分解和冲激响应函数来做到这一点。我们还研究了两种模型中货币总量和速度在预测通胀中的作用。
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