【ECON20161201】
宏觀經(jīng)濟學研討會 （總第196期）  
【時間】2016年3月9日（周三）12：15－13：45
【地點】明法0102教室
【主講】劉哲希 中國人民大學經(jīng)濟學院
【主題】The Safety Trap ( J. Caballero and E. Farhi, NBER Working Paper, 2014)
【摘要】In this paper we provide a model of the macroeconomic consequences of a shortage of safe assets. In particular, we discuss the emergence of a deflationary safety trap equilibrium which is an acute form of a liquidity trap. In this context, issuing public debt, swapping private risky assets for public debt, or increasing the inflation target, stimulate aggregate demand and output, while forward guidance is ineffective. The safety trap can be arbitrarily persistent, as in the secular stagnation hypothesis, despite the existence of infinitely lived assets. When we endogenize the private securitization capacity, we show that in a safety trap there is a securitization externality that leads to underprovision of safe assets.
【主持】陳彥斌 教授


    人大宏觀經(jīng)濟學研討會（Macro Workshop）旨在追蹤宏觀經(jīng)濟學國際最新進展，倡導(dǎo)構(gòu)建符合國情的動態(tài)優(yōu)化模型，并使用計算機模擬研究經(jīng)濟增長、收入分配和宏觀政策等中國宏觀經(jīng)濟重大問題。
聯(lián)系人：劉哲希    Email：Macro_Workshop@163.com
資料下載：www.docin.com/mydoc-88265459-1.html
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