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UID:calendar.132505.field_date.0@www.tse-fr.eu
DTSTAMP:20260417T040501Z
CREATED:20230907T101001Z
DESCRIPTION:Walker Ray (LSE)\, “Optimal Macro-Financial Stabilization in a 
 New Keynesian Preferred Habitat Model”\, Finance Seminar\, Toulouse: TSE\,
  October 6\, 2023\, 14:00–15:15\, room Auditorium 4.\n\nWe develop a gener
 al equilibrium model featuring heterogeneous households\, nominal rigiditi
 es\, and limits to arbitrage due to segmentation in long-term bond markets
 . While conventional policy alone can stabilize aggregate fluctuations\, t
 he presence of market segmentation implies that such a policy leads to exc
 essively volatile term premia in long-term yields\, imperfect risk sharing
 \, consumption dispersion\, and welfare losses. When the central bank has 
 access to balance sheet tools\, we derive a separation principle for optim
 al policy: conventional policy stabilizes the output gap while balance she
 et policy stabilizes term premia. Only when the short rate is constrained 
 should balance sheet policy be used for macroeconomic stabilization\, but 
 this comes at the cost of imperfect financial stabilization. Thus\, optima
 l policy may appear\, at times\, to be working against itself\; our model 
 implies that in the current period of high inflation\, some central banks 
 may wish to hike policy rates more aggressively while simultaneously expan
 ding the balance sheet.
DTSTART;TZID=Europe/Paris:20231006T150000
DTEND;TZID=Europe/Paris:20231006T161500
LAST-MODIFIED:20260113T095129Z
LOCATION:Toulouse: TSE\, October 6\, 2023\, 14:00–15:15\, room Auditorium 4
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2023-optimal-macro-financial-st
 abilization-new-keynesian-preferred-habitat-model
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