研讨論文
House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle (AER. Iacoviello. 2005)
主講人
孫甯（金融學院2023級博士生）
論文摘要
I develop and estimate a monetary business cycle model with nominal loans and collateral constraints tied to housing values. Demand shocks move housing and nominal prices in the same direction, and are amplified and propagated over time. The financial accelerator is not uniform: nominal debt dampens supply shocks, stabilizing the economy under interest rate control. Structural estimation supports two key model features: collateral effects dramatically improve the response of aggregate demand to housing price shocks; and nominal debt improves the sluggish response of output to inflation surprises. Finally, policy evaluation considers the role of house prices and debt indexation in affecting monetary policy trade-offs.
時間
4月28日18:30-21:30
地點
學術會堂712
點評老師
王忏 明洋
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
