研讨论文

Networks, Phillips Curves, and Monetary Policy(Econometrica. Rubbo.2023)

主讲人

周鹤罡（金融学院2022级博士生）

上期回顾

We showed that in the competitive equilibrium, household budget constraints simplify to the condition where total consumption expenditures are equal to wage income. Building on this, we applied the envelope theorem and the optimal input of firms to prove Lemma 1. Additionally, we employed an alternative method that integrates the optimal input of firms with the first-order conditions and the budget constraints of households, thereby also proving Lemma 1.

本期预告

We will perform linear logarithmic expansion on the steady-state equations. Furthermore, we will derive the IS curve and Phillips curve when there is a multi-industrysupply chain network. Analytical expressions for the Phillips curve and welfare, derived as a function of primitives, show that the slope of all sectoral and aggregate Phillips curves is decreasing in intermediate input shares, while productivity fluctuationsendogenously generate an inflation-output tradeoff, except when inflation is measured according to the novel divine coincidence index.

时间

5月31日19:00-21:00

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

END

撰稿：周鹤罡

审稿：明洋

编辑：沈嘉怡

审核：王颖