【ECON201319】

宏觀經濟學研討會

（總第148期）

【時間】2013年11月13日（周三）12：15－13：45

【地點】明商0202教室

【主講】陳樸　中國人民大學經濟學院助理教授 明尼蘇達大學經濟學博士

【主題】A Model of Unconventional Monetary Policy

(written by Mark Gertler and Peter Karadi, Journal of Monetary Economics, 2011)

【摘要】We develop a quantitative monetary DSGE model with financial intermediaries that face endogenously determined balance sheet constraints. We then use the model to evaluate the effects of the central bank using unconventional monetary policy to combat a simulated financial crisis. We interpret unconventional monetary policy as expanding central bank credit intermediation to offset a disruption of private financial intermediation. Within our framework the central bank is less efficient than private intermediaries at making loans but it has the advantage of being able to elastically obtain funds by issuing riskless government debt. Unlike private intermediaries, it is not balance sheet constrained. During a crisis, the balance sheet constraints on private intermediaries tighten, raising the net benefits from central bank intermediation. These benefits may be substantial even if the zero lower bound constraint on the nominal interest rate is not binding. In the event this constraint is binding, though, these net benefits may be significantly enhanced.
　　　　【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

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