研讨論文

Optimal Development Policies with Financial Frictions (Econometrica. Itskhoki and Moll. 2019)

主講人

馬展澤（北大光華管理學院23級博士生）

内容簡介

Is there a role for governments in emerging countries to accelerate economic development by intervening in product and factor markets? To address this question, we study optimal dynamic Ramsey policies in a standard growth model with financial frictions. The optimal policy intervention involves pro-business policies like suppressed wages in early stages of the transition, resulting in higher entrepreneurial profits and faster wealth accumulation. This, in turn, relaxes borrowing constraints in the future, leading to higher labor productivity and wages. In the long run, optimal policy reverses sign and becomes pro-worker. In a multi-sector extension, optimal policy subsidizes sectors with a latent comparative advantage and, under certain circumstances, involves a depreciated real exchange rate. Our results provide an efficiency rationale, but also identify caveats, for many of the development policies actively pursued by dynamic emerging economies.

點評老師

王忏 明洋

時間

4月13日14:00-17:00

地點

學術會堂712

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