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学术沙龙‖DSGE讨论班(第55期):新凯恩斯主义模型:异质性个体与最优货币政策

发布时间:2024-03-19    点击数:

时间 主讲人
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1. 分享论文: Optimal Monetary Policy and Liquidity with Heterogeneous Households Florin O. Bilbiie , Xavier Ragot2021 RED

2. 分享人: 李佳鑫(金融学院2021级硕士生)

3. 时间:2024321日(周四),晚上19:00-2200

4. 地点: 学术会堂712

5. 主持人: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)

6. 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.

7. 活动对象:创新发展学院、金融学院学生

8. 人数规模:30

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


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