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學術沙龍|DSGE讨論班(第57期):新凱恩斯主義模型:異質性個體與最優貨币政策

發布時間:2024-04-17    點擊數:

時間 主講人
地點

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


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