研讨论文

Optimal Development Policies with Financial Frictions (Econometrica. Itskhoki and Moll. 2019)

主讲人

马展泽（北大光华管理学院23级博士生）

上期回顾

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.

本期预告

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.

点评老师

王忏 明洋

时间

4月20日14:00-17:00

地点

学术会堂712

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