1.分享论文
Optimal Monetary Policy and Liquidity with Heterogeneous Households (Florin O. Bilbiie , Xavier Ragot,2021 RED)
2.分享人
李佳鑫(金融学院2021级硕士生)
3.论文摘要
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.
4.时间
2024年3月14日(周四),晚上19:00-22:00
5.地点
学术会堂712
6.点评老师
王忏(金融学院),赵军柱(创新发展学院中国经济与管理研究院)
7.活动对象
创新发展学院、金融学院学生
8.人数规模
30人
9.主办单位
创新发展学院中国经济与管理研究院、金融学院联合主办