【ECON20181201】  
      宏觀經濟學研討會          （總第236期）      
   
 
【時間】2018年3月14日（周三）12：15－13：45  
【地點】明商0202教室  
【主講】劉哲希 中國人民大學經濟學院  
【主題】On Interest Rate Policy and Asset Bubbles（Franklin Allen et al., FRB of Chicago Working Paper, 2017）  
【摘要】In a provocative paper, Galí (2014) showed that a policymaker who raises interest rates to rein in a potential bubble will only make a bubble bigger if one exists. This poses a challenge to advocates of lean-against-the-wind policies that call for raising interest rates to mitigate potential bubbles. In this paper, we argue there are situations in which the lean-against-the wind view is justified. First, we argue Galí’s framework abstracts from the possibility that a policymaker who raises rates will crowd out resources that would have otherwise been spent on the bubble. Once we modify Galí’s model to allow for this possibility, policymakers can intervene in ways that raise interest rates and dampen bubbles. However, there is no reason policymakers should intervene to dampen the bubble in this case, since the bubble that arises in Galí’s setup is not one that society would be better o¤ without. We then further modify Galí’s model to generate the type of credit-driven bubbles that alarm policymakers, and argue there may be justification for intervention in that case.  
【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：劉哲希    Email：Macro_Workshop@163.com  
資料下載：www.docin.com/mydoc-88265459-1.html  
更多講座信息請訪問：www.dehf4y.cn，www.yanjiuyuan.com.cn。  
 
 
      中國人民大學經濟學院