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【时间】2014年3月12日（周三）12：15－13：45
【地点】明商0202
【主讲】刘哲希 中国人民大学经济学院
【点评】薛涧坡 中国人民大学财政金融学院副教授
【主题】Monetary Policy and Rational Asset Price Bubbles (written by Jordi Gali, American Economic Review, 2014)
【摘要】I examine the impact of alternative monetary policy rules on a rational
asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper’s main findings call into question the theoretical foundations of the case for "leaning against the wind" monetary policies.
【主持】陈彦斌 教授

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人大宏观经济学研讨会（Macro Workshop）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，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。

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                                                                经济学院
                                                         中国经济改革与发展研究院