[ceis_seminars_phd] Riccardo Faini CEIS Seminar - Luis Araujo 5 December 2014


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  • From: "Barbara Piazzi" < >
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  • Subject: [ceis_seminars_phd] Riccardo Faini CEIS Seminar - Luis Araujo 5 December 2014
  • Date: Mon, 1 Dec 2014 18:55:29 +0100

CEIS-Tor Vergata is pleased to inform you that, on Friday December 5th, 2014 at 12.00 pm, Luis Araujo (São Paulo School of Economics - FGV and Michigan State University) will present a paper on “Optimal Monetary Interventions in Credit Marketâ€

 

ABSTRACT

In an environment based on Lagos and Wright (2005) but with two rounds of pairwise meetings, we introduce imperfect monitoring that resembles operations of unsecured loans. We characterize the set of implementable allocations satisfying individual rationality and pairwise core in bilateral meetings. We introduce a class of expansionary monetary policies that use the seignorage revenue to purchase privately issued debts. We show that under the optimal trading mechanism, both money and debt circulate in the economy and the optimal inflation rate is positive, except for very high discount factors under which money alone achieves the first-best. Our model captures the view that unconventional monetary policy encourages lending while it may create inflation.

 

The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B                    

 

Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS.

 

How to reach us: http://web.uniroma2.it/mobilita/index.html  http://www.economia.uniroma2.it/area.asp?a=867  

 

 

Barbara Piazzi
CEIS-Tor Vergata
Facoltà di Economia
Università di Roma Tor Vergata
via Columbia, 2
00133 Roma
tel +39.06.7259.5652
fax +39.06.2020687



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