【ECON20171214】  
      宏觀經濟學研討會          （總第229期）      
      【時間】2017年10月18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副教授          【主題】 Monetary Policy, Bounded Rationality, and Incomplete Markets（E. Farhi & I. Werning, NBER Working Paper, 2017）          【摘要】This paper extends the benchmark New-Keynesian model with a representative agent and rational expectations by introducing two key frictions: (1) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally-binding borrowing constraints; and (2) bounded rationality in the form of level-k thinking. Compared to the benchmark model, we show that the interaction of these two frictions leads to a powerful mitigation of the effects of monetary policy, which is much more pronounced at long horizons, and offers a potential rationalization of the “forward guidance puzzle”. Each of these frictions, in isolation, would lead to no or much smaller departures from the benchmark model. We conclude that the interaction of bounded rationality and market frictions improves the ability of the model to account for the effects of monetary policy.          【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          中國經濟改革與發展研究院