演講者簡介 : Professor Gianluca Benigno received his Ph.D. in International Macroeconomics from the University of California, Berkeley in 2000. He is currently an Associate Professor of Economics at the London School of Economics. His research interests are international macroeconomics, international finance, and monetary economics.
演講摘要 : We introduce the concept of financial stability real interest rate using a macroeconomic banking model with an occasionally binding financing constraint as in Gertler and Kiyotaki (2010). The financial stability interest rate, r**, is the threshold interest rate that triggers the constraint being binding. We discuss r** and its dynamics, and show that persistently low real rates induce an increase in financial vulnerabilities and a consequent decline in the level of r**. We also provide a measure of r** for the US economy and discuss its evolution over the past 50 years, highlighting that during periods of financial stress that are associated with a decline in r** , the real rate tracks r** —a feature of monetary policy known as "Greenspan's put".
