[宏观经济学研讨会]Necessity as the Mother of Invention--Monetary Policy after Crisis
【主讲】韦祎 中国人民大学经济学院
【主题】Necessity as the Mother of Invention--Monetary Policy after Crisis (A. Blinder et al., NBER Working Paper, 2016)
【摘要】We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys—one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to new policies, to have had discussions about mandates, and to have communicated more. But the thinking has changed more broadly—for instance, central banks in non-crisis countries also report having implemented macro-prudential measures. Overall, we expect central banks in the future to have broader mandates, use macro-prudential tools more widely, and communicate more actively than before the crisis. While there is no consensus yet about the usefulness of unconventional monetary policies, we expect most of them will remain in central banks’ toolkits, as governors who gain experience with a particular tool are more likely to assess that tool positively. Finally, the relationship between central banks and their governments might well have changed, with central banks “crossing the line” more often than in the past.
【点评】郭豫媚 中央财经大学金融学院讲师
【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,并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。
联系人:刘哲希    Email:Macro_Workshop@163.com
人大经济论坛 rdjjlt.org 人大经济论坛 bbs.econ.ruc.edu.cn