【ECON20171214】  
      宏观做爱片 研讨会          （总第229期）      
      【时间】2017年10月18日（周三）12：15－13：45          【地点】明商0202教室          【主讲】陈朴 做爱片-做爱三级片 副教授          【主题】 Monetary Policy, Bounded Rationality, and Incomplete Markets（E. Farhi & I. Werning, NBER Working Paper, 2017）          【摘要】This paper extends the benchmark New-Keynesian model with a representative agent and rational expectations by introducing two key frictions: (1) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally-binding borrowing constraints; and (2) bounded rationality in the form of level-k thinking. Compared to the benchmark model, we show that the interaction of these two frictions leads to a powerful mitigation of the effects of monetary policy, which is much more pronounced at long horizons, and offers a potential rationalization of the “forward guidance puzzle”. Each of these frictions, in isolation, would lead to no or much smaller departures from the benchmark model. We conclude that the interaction of bounded rationality and market frictions improves the ability of the model to account for the effects of monetary policy.          【主持】陈彦斌 教授          
         
         人大宏观做爱片 研讨会（Macro Workshop）旨在追踪宏观做爱片 国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。          联系人：刘哲希    Email：[email protected]          资料下载：www.docin.com/mydoc-88265459-1.html          更多讲座信息请访问：sexpian.net，www.yanjiuyuan.com.cn。                                做爱片-做爱三级片          中国经济改革与发展研究院