研讨论文
House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle (AER. Iacoviello. 2005)
主讲人
孙宁（金融学院2023级博士生）
论文摘要
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.
时间
4月28日18:30-21:30
地点
学术会堂712
点评老师
王忏 明洋
活动对象
创新发展学院、金融学院学生
人数规模
30人
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
