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乔玮(合作者:Guanliang Hu, Guoxuan Ma, Neil Wallace), “Conventional Monetary Policy in OLG Models: Revisiting the Asset-substitution Channel”, International Economic Review (2023)

2024-04-02
摘要Conventional Monetary Policy in OLG Models: Revisiting the Asset-substitution Channel

近日,我院助理教授乔玮的合作论文“ 'Conventional' Monetary Policy in OLG Models: Revisiting the Asset-substitution Channel”(合作者:Guanliang Hu, Guoxuan Ma and Neil Wallace)被国际权威经济学期刊 International Economic Review 接受发表。

Abstract:

Conventional monetary policy involves actions by the monetary and fiscal authorities: the former sets a nominal interest rate and the latter sets lump-sum taxes to finance the implied flow of interest payments on government debt. We model such policy within an overlapping generations framework and show that absent any other frictions the magnitude of the nominal interest rate gives rise to asset substitution between government debt and either private debt or capital—substitution that has both real and nominal effects. Such substitution is not in standard New Keynesian models because their dynastic specification implies that government debt is not net wealth.


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