【ECON201402】

宏觀經濟學研討會

（總第153期）

【時間】2014年3月5日（周三）12：15－13：45

【地點】明商0202

【主講】馬嘯  中國人民大學經濟學院

【主題】Capital Controls with International Reserve Accumulation: Can this Be Optimal (written by Philippe Bacchetta, Kenza Benhima, and Yannick Kalantzis, American Economic Journal: Macroeconomics, 2013)

【摘要】Motivated by the Chinese experience, we analyze an economy where the central bank has access to international capital markets, but the private sector does not. The central bank is modeled as a Ramsey planner who can choose the domestic interest rate and the level of international reserves. Consumers are credit-constrained as in Woodford (1990). We find that a rapidly growing economy has a higher welfare without capital mobility. In the Chinese context, we argue that the domestic interest rate should be temporarily above the international rate and that there should be more foreign asset accumulation than in an open economy.

【主持】陳彥斌 教授

人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態優化模型，并使用計算機模擬研究經濟增長、收入分配和宏觀政策等中國宏觀經濟重大問題。

聯系人：陳小亮　　E_mail: chenxiaoliang2200@126.com

相關文獻及主講人PPT下載，請訪問http://www.docin.com/mydoc-88265459-1.html

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經濟學院

中國經濟改革與發展研究院