关键字：

【ECON20171211】

宏观经济学研讨会

（总第226期）

【时间】2017年9月20日（周三）12：15－13：45

【地点】明商0202教室

【主讲】郭豫媚 中央财经大学金融学院讲师

【主题】 On the Optimal Inflation Rate （M.K. Brunnermeier & Y. Sannikov, American Economic Review, 2016）

【摘要】In our incomplete markets economy households choose portfolios consisting of risky (uninsurable) capital and money. Money is a bubble, it has positive value even though it yields no payoff. The market outcome is constrained Pareto inefficient due to a pecuniary externality. Each individual agent takes the real interest rate as given, while in the aggregate it is driven by the economic growth rate, which in turn depends on individual portfolio decisions. Higher inflation due to higher money growth lowers the real interest rate on money and tilts the portfolio choice towards physical capital investment. Modest inflation boosts growth rate and welfare.

【主持】陈彦斌 教授

  联系人：刘哲希    Email：Macro_Workshop@163.com

  资料下载：www.docin.com/mydoc-88265459-1.html

  更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。

 

 

中国人民大学经济学院

中国经济改革与发展研究院