【Macro Seminar】Monetary Policy and Aggregate Investment: The Role of Entrepreneurs
2025/03/18
研討會日期 : 2025-03-18
時間 : 14:30
主講人 : Dr. Alexander Matusche
地點 : Conference Room B110
主持人 : Professor Tsung-Hsien Li
演講者簡介 : Dr. Alexander Matusche received his Ph.D. in Economics from the University of Mannheim in 2022. He is currently a Postdoctoral Researcher at the Technische Universität Berlin. His research interest is Macroeconomics.
演講摘要 : We study the role of entrepreneurs for the transmission of monetary policy to aggregate investment. To this end, we develop a HANK model with entrepreneurs who invest in private firms with risky returns. The model matches the distribution of private business returns over owners' net worth observed in the Survey of Consumer Finances. This is important because a lower return premium over the risk-free rate leads to stronger portfolio rebalancing towards the private business in response to expansionary monetary policy. Entrepreneurs are quantitatively important for the transmission of monetary policy. If they do not react to the change in the interest rate, the output response is more than 30% smaller. A shift of wealth from workers to entrepreneurs as observed in the US since the 1980s, strengthens the real effects of monetary policy.
