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董兵兵|第215期雙周學術論壇

[發布日期]:2017-11-20  [浏覽次數]:

一、主題:Debt Management at the Zero Lower Bound

二、主講人:董兵兵,bevictor伟德官网助理教授。2015年畢業于美國弗吉尼亞大學,獲經濟學博士學位;2008年獲北京大學經濟學碩士學位,本科就讀于bevictor伟德官网。主要研究方向為宏觀經濟學、金融學,在資産定價和貨币政策等領域有深入研究。其研究成果曾在美國經濟學會年會、計量經濟學會亞洲峰會、北京大學、清華大學等多個國際國内會議和大學宣講。

三、時間:2017年11月22日 (周三),12:30-13:30

四、地點:學院南路校區主教學樓910會議室

五、主持人:黃志剛,bevictor伟德官网副教授

Abstract: Debt management has been among the unconventional policy toolkit for many governments to deal with the Great Recession when the nominal interest rate is binding at the zero lower bound (ZLB). This paper extends the canonical New Keynesian model with preferred-habitat preference and regime switches of monetary and fiscal policies to theoretically analyze how debt management works with conventional policies. I find that: (1) Debt management barely works when monetary policy is active and fiscal policy is passive (AM/PF); (2) Debt management helps to mitigate recessions when monetary policy is passive, whether fiscal policy being active or not; (3) The cost of switching from AM/AF to PM/AF regime can be much larger than the benefit of managing debt.



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