宏觀經(jīng)濟學研討會

ECON201209（總第114期）

【時間】2012年5月8日（周二）12：15－13：45

【地點】明主0304教室

【主講】郭豫媚

【主題】A model of unconventional monetary policy（written by Gertler and Karadi, JME, 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(jīng)濟學研討會（Macro Workshop）旨在追蹤宏觀經(jīng)濟學國際最新進展，倡導構建符合國情的動態(tài)優(yōu)化模型（尤其是Bewley模型）并使用計算機模擬研究中國經(jīng)濟改革與發(fā)展的重大問題。

聯(lián)系人：姚一旻　　E_mail: yaoyimin123@sina.com

更多講座信息歡迎訪問se.ruc.edu.cn，www.yanjiuyuan.com.cn

經(jīng)濟學院

中國經(jīng)濟改革與發(fā)展研究院