A Continuous-Time Model of Monetary Policy and Its Distributional Effects
2012/09/04
研討會日期 : 2012-09-04
時間 : 21:00
主講人 : Professor Guillaume Rocheteau
地點 : Conference Room B110
演講者簡介 : Guillaume Rocheteau received his Ph.D. in Economics from University of Pantheon-Assas (Paris 2) in 1998. He is currently serving as Professor of Economics at University of California at Irvine and Economic Advisor of the Federal Reserve Bank of Cleveland. His research field is in macroeconomics, monetary economics, and labor economics.
演講摘要 : We construct a continuous-time model of incomplete markets where households value both deterministic consumption flows and infrequent and random opportunities of lumpy consumption. Because of lack of commitment and lack of record keeping, households cannot borrow to finance these random consumption opportunities, thereby generating a role for liquid assets (fiat money). We characterize the equilibria of such an economy and we show that in a variety of cases they are analytically tractable and admit closed form solutions. Equilibria are characterized by ex-post heterogeneity and a non-degenerate distribution of real balances. We provide examples where a one-time money injection has no effect on aggregate real quantities despite generating a redistribution of wealth across households and, for some preferences, an increase in social welfare. We show that inflation induces households to spend their real balances on consumption opportunities of lower value, and a deviation from price stability can be socially optimal thanks to a positive redistributional effect.
