【主讲】Michele Boldrin (教授，华盛顿大学圣路易斯分校经济系)
【主题】Modeling Pitfalls in Contemporary Monetary Theory. History Could Help
【时间】2018年11月1日 (周四) 15：30-17：00
【地点】上海财经大学经济学院楼402室
【语言】英文
【摘要】I build a dynamic general equilibrium model aimed at making sense of the so-called "Austrian Theory of Money and Credit". Results are mixed but, I hope, informative at least from a historical perspective. Next, I ask the model if it is true that "low" interest rates always cause booms and busts, as it is often claimed. Also in this case, the verdict is interestingly ambiguous. It is volatile, more than low, interest rates that may, under certain circumstances, give rise to sequences of booms and busts. This finding has both theoretical and practical implications supporting the old view that rules, in central banking, are in general preferable to discretion.
