【ECON20171211】  
      宏观经济学研讨会          （总第226期）      
【时间】2017年9月20日（周三）12：15－13：45  
【地点】明商0202教室  
【主讲】郭豫媚 中央财经大学金融学院讲师  
【主题】 On the Optimal Inflation Rate （M.K. Brunnermeier & Y. Sannikov, American Economic Review, 2016）  
【摘要】In our incomplete markets economy households choose portfolios consisting of risky (uninsurable) capital and money. Money is a bubble, it has positive value even though it yields no payoff. The market outcome is constrained Pareto inefficient due to a pecuniary externality. Each individual agent takes the real interest rate as given, while in the aggregate it is driven by the economic growth rate, which in turn depends on individual portfolio decisions. Higher inflation due to higher money growth lowers the real interest rate on money and tilts the portfolio choice towards physical capital investment. Modest inflation boosts growth rate and welfare.  
【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  
更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。  
   
   
      中国人民大学经济学院          中国经济改革与发展研究院