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）

上期回顧

We developed a model featuring entrepreneurs with heterogeneous abilities, confronting financial frictions. This model allowed us to explore individual optimization behaviors, aggregate variables, and the inefficiencies inherent in competitive equilibrium. We employed a primal approach to determine the optimal Ramsey policy through the use of a wage tax. Specifically, we advocated implementing a pro-business policy during the initial stages of the transitional path, switching to a pro-worker policy later. Additionally, we examined the outline of proof of existence, uniqueness, and saddle-point stability of the model. We also discussed various other fiscal instruments within the model, such as transfers to entrepreneurs, credit subsidy, and more.

本期預告

We will explore additional extensions of the benchmark model, including a Blanchard-Yarri overlapping generations model, and a quantitative exploration that relaxes some key assumptions of the benchmark. We will solve this exploration using the mean field games method and undertake its calibration. Additionally, we will analyze a multi-sector model and discuss various development policies, such as comparative advantage within this framework.

點評老師

王忏 明洋

時間

4月20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