宏观经济学研讨会

ECON201209（总第114期）

【时间】2012年5月8日（周二）12：15－13：45

【地点】明主0304教室

【主讲】郭豫媚

【主题】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】陈彦斌教授

人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型（尤其是Bewley模型）并使用计算机模拟研究中国经济改革与发展的重大问题。

联系人：姚一旻　　E_mail: yaoyimin123@sina.com

更多讲座信息欢迎访问se.ruc.edu.cn，www.yanjiuyuan.com.cn

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中国经济改革与发展研究院