• A
  • A
  • A
  • АБВ
  • АБВ
  • АБВ
  • А
  • А
  • А
  • А
  • А
Обычная версия сайта

Мероприятия

Научный семинар Международной лаборатории макроэкономического анализа

Мероприятие завершено

Уважаемые коллеги,
Приглашаем Вас принять участие в научном семинаре Международной лаборатории макроэкономического анализа, который состотся 15 ноября, в 16.40.
В рамках семинара с докладом выступят Сергей Пекарский  и Влад Семериков .
Тема доклада: "Financial Repression in a Model of Strategic Fiscal and Monetary Policy Interaction".
Рабочий язык- русский/английский.
Аннотация:
Modern financial repression refers to the non-market public debt placement with the below-market rate of return. It provides the government with extra revenue to finance government purchases and at the same time guarantees the sustainability of public debt. On the other hand, financial repression distorts competitive allocation with a potentially negative impact on output. We aim to explain financial repression as an outcome of strategic fiscal and monetary policy interaction. To do this, we modify the framework, introduced by Isakov, Pekarski (2018), by explicitly attributing two financial repression instruments to independent policymakers. The government has the regulatory power to enlarge the demand for public debt. If the interest on debt is below market, it benefits from higher budget revenues, but suffers from an output drop. The central bank controls the rate of return on debt. It is reluctant to set the interest rate below the neutral level, but benefits from closer-to-target public debt. The revenue from financial repression increases both in the level of publics debt and in the gap between the rate of return on debt and the neutral interest rate, which is the core consideration for the strategic interaction setup. Moreover, in different strategic regimes (Nash equilibrium, leadership and coordination) financial repression instruments can either substitute or complement each other in terms of providing the revenue.
Ждем Вас по адресу: Шаболовка, 26, стр. 1, ауд. 1302.