汉青论坛第286期:6月12日董兵兵助理教授
(汉青经济与金融高级研究院发布于:2019-06-06 16:30:50)

汉青论坛第286期:6月12日董兵兵助理教授

本期主题:Forward Guidance and Credible Monetary Policy

摘要:

The effectiveness of forward guidance depends on the credibility of the central bank. This paper sheds light on the credible forward guidance that a central bank can offer by solving for the whole set of sustainable sequential equilibrium (SSE) in a canonical New Keynesian model with occasionally binding zero lower bound (ZLB). The best credible forward guidance provides a better account of the Fed’s policy practice than those under Ramsey equilibrium and Markov perfect equilibrium, including less aggressiveness in entering the ZLB, much longer duration at low or zero rate, and finally smooth and gradual exit. Quantitative results show that the Ramsey equilibrium is not generally implementable. However, central banks with credibility can boost consumption in recessions close to the degree of that provided by a commitment central bank.


报告人:董兵兵助理教授, 中央财经大学

时间:6月12日(周三) 12:15

地点:明德主楼515教师交流室

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报告人简介:

         董兵兵,中央财经大学金融学院助理教授。弗吉尼亚大学经济学博士,弗吉尼亚大学经济学硕士,北京大学中国经济研究中心(CCER)经济学硕士,中央财经大学金融学学士。他的研究兴趣为宏观经济学,货币经济学,金融学,计算经济学,时间序列。

 



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