【10月18日】 【CEMA研讨会2018秋季第六讲】 Are Supply-side Reforms Contractionary at the Zero Lower Bound-发布日期：2019-09-12 21:13:05
论文题目：Are Supply-side Reforms Contractionary at the Zero Lower Bound?
论文摘要：Research suggests that if supply-side reforms take place as the nominal interest rate hits the so-called “zero lower bound,” the benefits of reforms are outweighed by the negatives, and the net effect is contractionary (Eggertsson et al., 2014; Fernandez-Villaverde, 2014). In this paper, we show that the effectiveness of temporary reforms that reduce price markups is determined by the interaction between two offsetting effects on the real interest rate: one deflationary and one inflationary. If the latter outweighs the former, the reforms can become epansionary. The effectiveness of permanent reforms is determined by monetary policy outside the zero lower bound: a wealth effect. If the effect is large enough, the reforms can also become expansionary.
报告人简介：纪阳阳，中央财经大学中国经济与管理研究院助理教授。2017年毕业于美国纽约州立大学宾汉姆顿大学，获经济学博士学位。研究领域为宏观经济学、货币理论与政策，论文发表于Macroeconomic Dynamics, Journal of Macroeconomics, Journal of Reviews on Global Economics等国内外期刊。