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国际经济学workshop: Monetary Policy and Endogenous Financial Crises
发布日期：2023-12-12 12:00 来源：
主讲人：Frédéric Boissay（Bank for International Settlements）
主持人：余昌华（北京大学国家发展研究院）
时间：2023年12月12日（周二）上午10:30-12:00（北京时间）
地点：承泽园249教室
摘要：
Should a central bank deviate from price stability to promote financial stability? We study this question through the lens of a textbook New Keynesian model augmented with capital accumulation and search–for–yield behaviors that give rise to endogenous financial crises. Our main findings are fourfold. First, monetary policy affects the probability of a crisis both in the short run (through aggregate demand) and in the medium run (through savings and capital accumulation). Second, the central bank can lower the probability of a crisis and increase welfare compared to strict inflation targeting by responding to output and an index of financial fragility (the “yield gap”) in addition to inflation. Third, “backstop” policy rules that prevent credit market collapses can further increase welfare. Fourth, financial crises may occur after a long period of unexpectedly loose monetary policy as the central bank abruptly reverses course.
主讲人介绍：
Frédéric Boissay is a principal economist at the Bank for International Settlements (BIS). He is interested in macro-financial matters, ranging from trade credit to the role of big tech firms in finance. His main research agenda consists in modelling and quantifying the adverse effects of financial crises on the macro-economy and studying how financial regulation and monetary policy may help avert crises. He joined the Bank for International Settlements in 2016, and previously worked as senior economist for the European Central Bank. He hold a PhD and Master degree in economics from the Paris School of Economics, an advanced degree in statistics and economics from the École Nationale de la Statistique et de l’Administration Économique (ENSAE), and a bachelor degree in economics from the university of Orléans. His research has been published in the American Economic Journal: Macro, Journal of Political Economy, Review of Finance and other Journals.
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首页
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国际经济学workshop: Monetary Policy and Endogenous Financial Crises
发布日期：2023-12-12 12:00 来源：
主讲人：Frédéric Boissay（Bank for International Settlements）
主持人：余昌华（北京大学国家发展研究院）
时间：2023年12月12日（周二）上午10:30-12:00（北京时间）
地点：承泽园249教室
摘要：
Should a central bank deviate from price stability to promote financial stability? We study this question through the lens of a textbook New Keynesian model augmented with capital accumulation and search–for–yield behaviors that give rise to endogenous financial crises. Our main findings are fourfold. First, monetary policy affects the probability of a crisis both in the short run (through aggregate demand) and in the medium run (through savings and capital accumulation). Second, the central bank can lower the probability of a crisis and increase welfare compared to strict inflation targeting by responding to output and an index of financial fragility (the “yield gap”) in addition to inflation. Third, “backstop” policy rules that prevent credit market collapses can further increase welfare. Fourth, financial crises may occur after a long period of unexpectedly loose monetary policy as the central bank abruptly reverses course.
主讲人介绍：
Frédéric Boissay is a principal economist at the Bank for International Settlements (BIS). He is interested in macro-financial matters, ranging from trade credit to the role of big tech firms in finance. His main research agenda consists in modelling and quantifying the adverse effects of financial crises on the macro-economy and studying how financial regulation and monetary policy may help avert crises. He joined the Bank for International Settlements in 2016, and previously worked as senior economist for the European Central Bank. He hold a PhD and Master degree in economics from the Paris School of Economics, an advanced degree in statistics and economics from the École Nationale de la Statistique et de l’Administration Économique (ENSAE), and a bachelor degree in economics from the university of Orléans. His research has been published in the American Economic Journal: Macro, Journal of Political Economy, Review of Finance and other Journals.
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