1.分享論文
Optimal Monetary Policy and Liquidity with Heterogeneous Households （Florin O. Bilbiie , Xavier Ragot，2021 RED）
2.分享人
李佳鑫（金融學院2021級碩士生）
3.論文摘要
A liquidity-insurance motive for monetary policy operates when heterogeneous households use government-provided liquidity (“money”) to insure idiosyncratic risk. In our tractable sticky-price model this changes the central bank’s trade-off by adding a linear benefit of insurance in the second-order approximation to aggregate welfare. Inflation volatility hinders the consumption volatility of constrained households as a side-effect of liquidity-insuring them; but price stability has quantitatively significant welfare costs only when monopolistic rents are also large, which indicates a complementarity between imperfect insurance and New-Keynesian distortions. Helicopter drops are welfare-superior to open-market operations to achieve insurance, but quantitatively their benefit is surprisingly small.
4.時間
2024年3月14日（周四），晚上19:00-22:00
5.地點
學術會堂712
6.點評老師
王忏（金融學院），趙軍柱（韦德体育bevictor中國經濟與管理研究院）
7.活動對象
韦德体育bevictor、金融學院學生
8.人數規模
30人
9.主辦單位
韦德体育bevictor中國經濟與管理研究院、金融學院聯合主辦
