关键字：

【ECON20161219】

宏观经济学研讨会

（总第214期）

【时间】2016年11月16日（周三）12：15－13：45

【地点】明商0302教室

【主讲】陈小亮  中国社科院经济研究所

【主题】Distributional Effects of Monetary Policy (M. Doepke et al., Working Paper, 2015)

【点评】陈朴  中国人民大学经济学院副教授

【摘要】We assess the distributional consequences of monetary policy in the current economic environment in the United States. Through its effect on inflation, monetary policy affects the real value of nominal assets and liabilities, and therefore redistributes wealth between borrowers and lenders in the economy. In addition, unconventional policies such as `quantitative easing` affect real interest rates and the availability of credit, once again leading to redistributional effects. We also discuss the extent to which the recent financial crisis, which has lowered net worth of many households and tightened financial constraints, has changed the nature of distributional consequences of monetary policy.

【主持】陈彦斌 教授