【ECON201303】

宏观经济学研讨会

（总第132期）

【时间】2013年3月27日（周三）12：15－13：45

【地点】明主0304教室

【主讲】张略钊　中国人民大学经济学院

【主题】The Central Bank Balance-Sheet as an Instrument of Monetary Policy (written by Vasco Curdia, and Michael Woodford, Journal of Monetary Economics, 2011)

【摘要】We extend a standard New Keynesian model to allow an analysis of unconventional” dimensions of policy alongside traditional interest-rate policy. We find that quantitative easing in the strict sense is likely to be ineffective, but that targeted asset purchases by a central bank can instead be effective when financial markets are sufficiently disrupted, and we discuss the conditions under which such interventions increase welfare. We also discuss optimal policy with regard to the payment of interest on reserves.

【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：陈伟泽　　E_mail: sysu2006vc@126.com

更多讲座信息欢迎访问se.ruc.edu.cn，www.yanjiuyuan.com.cn

经济学院

中国经济改革与发展研究院