【ECON20161201】
宏观经济学研讨会 （总第196期）  
【时间】2016年3月9日（周三）12：15－13：45
【地点】明法0102教室
【主讲】刘哲希 中国人民大学经济学院
【主题】The Safety Trap ( J. Caballero and E. Farhi, NBER Working Paper, 2014)
【摘要】In this paper we provide a model of the macroeconomic consequences of a shortage of safe assets. In particular, we discuss the emergence of a deflationary safety trap equilibrium which is an acute form of a liquidity trap. In this context, issuing public debt, swapping private risky assets for public debt, or increasing the inflation target, stimulate aggregate demand and output, while forward guidance is ineffective. The safety trap can be arbitrarily persistent, as in the secular stagnation hypothesis, despite the existence of infinitely lived assets. When we endogenize the private securitization capacity, we show that in a safety trap there is a securitization externality that leads to underprovision of safe assets.
【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
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经济学院 中国经济改革与发展研究院