【ECON20151219】
宏观经济学研讨会 （总第192期）

【时间】2015年11月18日（周三）12：15－13：45
【地点】明商0502教室
【主讲】毕扬 中国人民大学汉青经济与金融高级研究院
        夏三鹏 中国人民大学经济学院
【主题】The New-Keynesian Liquidity Trap ( John H. Cochrane. CEPR Discussion Paper, 2013)
【摘要】In standard solutions, the new-Keynesian model produces a deep recession with deflation in a liquidity trap. The model also makes unusual policy predictions: Useless government spending, technical regress, and capital destruction have large multipliers. These predictions become larger as prices become less sticky. I show that both data and policy predictions are strongly affected by equilibrium selection. For the same interest-rate path, different choices of equilibria an overturn all these results. A set of “local-to-frictionless” equilibria predicts mild inflation, no output reduction and negative multipliers during the liquidity trap, and its predictions approach the frictionless model smoothly, all for the same interest rate path.
【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
资料下载：www.docin.com/mydoc-88265459-1.html



经济学院 中国经济改革与发展研究院