[ECON20141222]
宏观色情电影学研讨会 （总第173期）

【时间】2014年12月10日（周三）12：15－13：45
【地点】明商0302教室
【主讲】林炜  色情电影-4k色情网站
【点评】刘凯  色情电影-4k色情网站 助理教授、英国剑桥大学色情电影学博士
【主题】 Optimal Time-Consistent Macroprudential Policy (written by Javier Bianchi and Enrique G. Mendoza, NBER Working Paper,2013)
【摘要】Collateral constraints widely used in models of financial crises feature a pecuniary externality, because agents do not internalize how collateral prices respond to collective borrowing decisions, particularly when binding collateral constraints trigger a crisis. We show that agents in a competitive equilibrium borrow "too much" during credit expansions compared with a financial regulator who internalizes this externality. Under commitment, however, this regulator faces a time inconsistency problem: It promises low future consumption to prop up current asset prices when collateral constraints bind, but this is not optimal ex post. Instead, we study the optimal, time-consistent policy of a regulator who cannot commit to future policies. Quantitative analysis shows that this policy reduces the incidence and magnitude of crises, removes fat tails from the distribution of returns and reduces risk premia.
【主持】陈彦斌 教授


人大宏观色情电影学研讨会（Macro Workshop）旨在追踪宏观色情电影学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究色情电影增长、收入分配和宏观政策等中国宏观色情电影重大问题。


联系人：郭豫媚    Email：[email protected]
资料下载：www.docin.com/mydoc-88265459-1.html
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色情电影 中国色情电影改革与发展研究院