【ECON20161220】
宏观经济学研讨会 （总第215期）  
【时间】2016年11月23日（周三）12：15－13：45 【地点】明商0302教室 【主讲】黄源 中国人民大学经济学院 【主题】Are Low Interest Rates De?ationary? (M. García-Schmidt & M. Woodford, Working Paper, 2015) 【摘要】We illustrate a pitfall that can result from the common practice of assessing alternative monetary policies purely by considering the perfect foresight equilibria (PFE) consistent with the proposed rule. In a standard New Keynesian model, such analysis may seem to support the “Neo-Fisherian” proposition according to which low nominal interest rates can cause inflation to be lower. We propose instead an explicit cognitive process by which agents may form their expectations of future endogenous variables. Under some circumstances, a PFE can arise as a limiting case of our more general concept of reflective equilibrium, when the process of reflection is pursued sufficiently far. But we show that an announced intention to fix the nominal interest rate for a long enough period of time creates a situation in which reflective equilibrium need not resemble any PFE. 【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，通过微信搜索公众号“大宏观”或扫描以下二维码关注“大宏观”

经济学院 中国经济改革与发展研究院