宏观经济学讨论班

总第108期

中国人民大学宏观经济学讨论班（Macroeconomics Seminar）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（尤其是Bewley模型）并使用计算机模拟研究中国经济改革与发展的重大问题。

【时间】2012年3月13日（周二）12：15－13：45

【地点】明主0304教室

【主持】陈彦斌教授

【主讲】姚一旻

【主题】Monetary policy with heterogeneous agents and borrowing constraints

【摘要】We show that the long-run neutrality of inflation on capital accumulation obtained in complete market models no longer holds when households face binding credit constraints. Borrowing-constrained households are not able to rebalance their financial portfolio when inflation varies, and thus adjust their money holdings differently compared to unconstrained households. This heterogeneity leads to a new precautionary savings motive, which implies that inflation increases capital accumulation. We quantify the importance of this new channel in an incomplete market model where the traditional redistributive effects of inflation are also introduced. We show that this model provides a quantitative rationale for the observed hump-shaped relationship between inflation and capital accumulation.

　　

联系人：姚一旻

Yaoyimin123@sina.com

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中国经济改革与发展研究院