宏觀經濟學討論班

總第108期

中國人民大學宏觀經濟學討論班（Macroeconomics Seminar）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（尤其是Bewley模型）并使用計算機模擬研究中國經濟改革與發展的重大問題。

【時間】2012年3月13日（周二）12：15－13：45

【地點】明主0304教室

【主持】陳彥斌教授

【主講】姚一旻

【主題】Monetary policy with heterogeneous agents and borrowing constraints

【摘要】We show that the long-run neutrality of inflation on capital accumulation obtained in complete market models no longer holds when households face binding credit constraints. Borrowing-constrained households are not able to rebalance their financial portfolio when inflation varies, and thus adjust their money holdings differently compared to unconstrained households. This heterogeneity leads to a new precautionary savings motive, which implies that inflation increases capital accumulation. We quantify the importance of this new channel in an incomplete market model where the traditional redistributive effects of inflation are also introduced. We show that this model provides a quantitative rationale for the observed hump-shaped relationship between inflation and capital accumulation.

　　

聯系人：姚一旻

Yaoyimin123@sina.com

經濟學院

中國經濟改革與發展研究院