【主讲】韩晗 (University of Wisconsin-Madison)
【主题】Over-the-Counter Markets, Intermediation, and Monetary Policy
【时间】2015年11月12日 (周四) 15：30-17：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】During the Great Recession, the Federal Reserve implemented two monetarypolicies: cutting interest rates and quantitative easing (QE). I develop a modelto examine these two policies in a frictional financial environment. In this model,agents sell assets to acquire money when a consumption opportunity arises, whichcan only be done through over-the-counter (OTC) markets. In equilibrium, whenthe interest rate is low (not necessarily zero), households who trade in OTC marketsachieve their optimal consumption. When the interest rate is high, QE willraise asset prices and lower households’ consumption. The asset price increaseindicates a higher liquidity premium, which reflects inefficiency in money reallocation
