【ECON201402】

宏观经济学研讨会

（总第153期）

【时间】2014年3月5日（周三）12：15－13：45

【地点】明商0202

【主讲】马啸  中国人民大学经济学院

【主题】Capital Controls with International Reserve Accumulation: Can this Be Optimal (written by Philippe Bacchetta, Kenza Benhima, and Yannick Kalantzis, American Economic Journal: Macroeconomics, 2013)

【摘要】Motivated by the Chinese experience, we analyze an economy where the central bank has access to international capital markets, but the private sector does not. The central bank is modeled as a Ramsey planner who can choose the domestic interest rate and the level of international reserves. Consumers are credit-constrained as in Woodford (1990). We find that a rapidly growing economy has a higher welfare without capital mobility. In the Chinese context, we argue that the domestic interest rate should be temporarily above the international rate and that there should be more foreign asset accumulation than in an open economy.

【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：陈小亮　　E_mail: chenxiaoliang2200@126.com

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经济学院

中国经济改革与发展研究院