Toggle topbar
北京大学国家发展研究院

国际经济学workshop:Financial Stability, Growth and Macroprudential Policy

发布日期：2018-11-27 02:47    来源：北京大学国家发展研究院

国际经济学workshop

时间：2018年11月27日（周二）10：30 a.m.－12：00 p.m.

地点：北大国发院/中国经济研究中心 致福轩会议室

主持人：余淼杰 余昌华

主讲人：马畅 (复旦大学)

题目：Financial Stability, Growth and Macroprudential Policy

Abstract:

This paper studies the effect of optimal macroprudential policy in a small open economy model where growth is endogenous. By introducing endogenous growth, this model is able to capture the persistent effect of financial crises on output, which is different from previous literature but consistent with the data. Furthermore, there is a new policy trade-off between the cyclical and trend consumption growth. By constraining external borrowing to reduce systemic risk, the macroprudential policy hurts trend growth in good times but reduces the permanent output loss from a crisis. In a calibrated version of my model, I find that the optimal macroprudential policy significantly enhances financial stability (reducingthe probability of crisis by two-thirds) at the cost of lowering average growth by a small amount. The welfare gains from policy intervention do not increase with endogenous growth because crises are rare events.

Short Bio:

Chang Ma is an Assistant Professor of Fanhai International School of Finance (FISF), Fudan University. He received his PhD from Johns Hopkins University in 2018. His research interests are Finance, Macroeconomics, Macroprudential Policy.

 


分享到：
朗润

国家发展研究院官方微信

国家发展研究院官方微信
点击关注点击关注

相关链接

Copyright© 1994-2012 北京大学 国家发展研究院 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用