研讨论文

Monetary Policy in the Age of Automation (Fornaro and Wolf. 2022)

主讲人

赵欢（中经管2023级硕士生）

上期回顾

In the previous session, we introduced the baseline model and solved the optimization problems for households, intermediate goods producers, and final goods producers, deriving the aggregate production function. We examined how labor demand varies with the steady-state interest rate, i.e., the labor demand curve. As a first step, we imposed certain parametric restrictions, which led to a negative relationship between labor demand and the interest rate. We also discussed the effects of automation, capital deepening, and aggregate demand.

本期预告

We will explore the conditions under which steady-state multiplicity arises and address the question: “What if monetary policy is committed to maintaining full employment at all times?” To answer this, we will solve for the dynamics under full employment, i.e., the natural allocation. The main result is that the economy may exhibit hysteresis, meaning that the long-run equilibrium may depend on initial conditions and the shocks hitting the economy. Therefore, even a commitment from the monetary authority to maintain full employment may not uniquely determine the long-run equilibrium of the economy.

时间

11月23日18:30-21:30

地点

学术会堂712

主持人/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

撰稿：赵欢

审稿：明洋

编辑：沈嘉怡

审核：王颖