分享論文
Optimal Monetary Policy and Liquidity with Heterogeneous Households (Florin O. Bilbiie , Xavier Ragot,2021 RED)
主講人
李佳鑫(金融學院2021級碩士生)
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.
時間
2024年4月18日(周四),晚上19:00-22:00
地點
學術會堂712
主持老師
王忏(金融學院),趙軍柱(韦德体育bevictor中國經濟與管理研究院)
活動對象
韦德体育bevictor、金融學院學生
人數規模
30人
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