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朗润格政讲座：Financial Cycles with Heterogeneous Intermediaries
发布日期：2017-09-18 01:28 来源：大陆成人直播-成人直播中文
第93次【朗润●格政】讲座
The 93rd NSD Policy Talk异质性中介下的金融周期
Financial Cycles with Heterogeneous Intermediaries
主讲：Professor Hélène Rey
伦敦商学院Bagri勋爵经济学讲席教授Presenter: Professor Hélène Rey
The Lord Bagri Professor of Economics, London Business School
Language: English
2017年9月18日 14:00-15:00
14:00-15:00, 18 September 2017
大陆成人直播-成人直播中文 致福轩大教室
Zhifuxuan Classroom, Nation School of Development, Peking University
【Abstract】
This paper develops a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. It features time-varying endogenous macroeconomic risk that arises from the risk-shifting behaviour of financial intermediaries combined with entry and exit. We show that when interest rates are high, a decrease in interest rates stimulates investment and increases financial stability. In contrast, when interest rates are low, further stimulus can increase systemic risk and induce a fall in the risk premium through increased risk-shifting. In this case, the monetary authority faces a trade-off between stimulating the economy and financial stability.
【Introduction of Presenter】
Hélène Rey, O.B.E., is the Lord Bagri Professor of Economics at London Business School. Until 2007, she was at Princeton University, as Professor of Economics and International Affairs. Her research focuses on external imbalances, financial crises, the links between monetary policy and the financial sector and the organization of the international monetary system. In 2006, she received the Bernácer Prize, in 2012, the inaugural Birgit Grodal Award, in 2013 the Yrjö Jahnsson Award jointly with Thomas Piketty, in 2014 the inaugural Carl Menger Preis and in 2016 the Prix Edouard Bonnefous of the Académie des Sciences Morales et Politiques and the Maurice Allais Prize in 2017. She is a Fellow of the Econometric Society, of the British Academy, of the European Economic Association and a Foreign Member of the American Academy of Arts and Sciences.
Online Registration: //nsd.huodongshu.com/event/10047775/?is_easy=2
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-
大陆成人直播
-
朗润格政讲座：Financial Cycles with Heterogeneous Intermediaries
发布日期：2017-09-18 01:28 来源：大陆成人直播-成人直播中文
第93次【朗润●格政】讲座
The 93rd NSD Policy Talk异质性中介下的金融周期
Financial Cycles with Heterogeneous Intermediaries
主讲：Professor Hélène Rey
伦敦商学院Bagri勋爵经济学讲席教授Presenter: Professor Hélène Rey
The Lord Bagri Professor of Economics, London Business School
Language: English
2017年9月18日 14:00-15:00
14:00-15:00, 18 September 2017
大陆成人直播-成人直播中文 致福轩大教室
Zhifuxuan Classroom, Nation School of Development, Peking University
【Abstract】
This paper develops a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. It features time-varying endogenous macroeconomic risk that arises from the risk-shifting behaviour of financial intermediaries combined with entry and exit. We show that when interest rates are high, a decrease in interest rates stimulates investment and increases financial stability. In contrast, when interest rates are low, further stimulus can increase systemic risk and induce a fall in the risk premium through increased risk-shifting. In this case, the monetary authority faces a trade-off between stimulating the economy and financial stability.
【Introduction of Presenter】
Hélène Rey, O.B.E., is the Lord Bagri Professor of Economics at London Business School. Until 2007, she was at Princeton University, as Professor of Economics and International Affairs. Her research focuses on external imbalances, financial crises, the links between monetary policy and the financial sector and the organization of the international monetary system. In 2006, she received the Bernácer Prize, in 2012, the inaugural Birgit Grodal Award, in 2013 the Yrjö Jahnsson Award jointly with Thomas Piketty, in 2014 the inaugural Carl Menger Preis and in 2016 the Prix Edouard Bonnefous of the Académie des Sciences Morales et Politiques and the Maurice Allais Prize in 2017. She is a Fellow of the Econometric Society, of the British Academy, of the European Economic Association and a Foreign Member of the American Academy of Arts and Sciences.
Online Registration: //nsd.huodongshu.com/event/10047775/?is_easy=2
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