【Promotion Talk】Coordinating Monetary and Macroprudential Policies around Low Nominal Rates
2026/09/01
研討會日期 : 2026-09-01
時間 : 14:30
主講人 : Professor Chun-Che Chi (紀鈞哲)
地點 : Conference Room B110
主持人 : Professor Han Yang
演講者簡介 : Dr. Chun-Che Chi received his Ph.D. in Economics from Columbia University in 2020. He is currently an Assistant Research Fellow at the Institute of Economics, Academia Sinica. His research interests are International Macroeconomics, Monetary Economics, Macroeconomics, and Finance.
演講摘要 : This paper studies the relationship between macroprudential and monetary policies, which is nonmonotonic around the lower bound of the deposit rate (DLB). We develop a model with borrowers subject to an occasionally binding collateral constraint and banks that lend and hold reserves remunerated at the reserve rate. Away from the DLB, looser monetary policy expands loan supply, calling for a tighter macroprudential policy. At the DLB, however, a looser monetary policy squeezes a bank's profit and reduces loan supply, leading to less borrowing and a looser macroprudential policy. The DLB acts as a macroprudential threshold that constrains borrowing.
