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国际经济学workshop:Financial Stability, Growth and Macroprudential Policy
发布日期：2018-11-27 02:47 来源：大陆成人直播-成人直播中文
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.
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大陆成人直播
-
国际经济学workshop:Financial Stability, Growth and Macroprudential Policy
发布日期：2018-11-27 02:47 来源：大陆成人直播-成人直播中文
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.
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