论文题目：Financial Frictions, Liquidity Traps, and the Implementation of Monetary Policy

报告人：戴田甜

论文摘要：This paper studies how financial frictions affect three different implementation instruments of monetary policy: open market operations (OMO), standing facilities (SF), and lump-sum transfers (LST). We show that without financial frictions, the three instruments are equivalent, provided that they can achieve the same money growth rate. SF and OMO can be used either conservatively (central bank intervention size is a constant fraction of the money supply) or aggressively. With financial frictions, which instrument and how we use it matters. For example, to escape the liquidity trap, the central bank should inject more money if LST is available but reduce lending or purchase of bonds under OMO or SF. SF and OMO, used aggressively, can lead the economy into the liquidity trap endogenously over time. Lending via SF is preferable to a similar OMO intervention. The relationship between the money growth rate and welfare is not simple and depends on the instrument and even the intervention size.

时间：9月12日中午11:30-13:00

地点：学院南路校区学术会堂712

报告人简介：戴田甜，中国经济与管理研究院（CEMA）助理教授，2012年获得加拿大皇后大学经济学博士学位。她的主要研究领域包括货币经济学、经济周期和劳动经济学等，研究成果发表于Journal of Comparative Economics，Annals of Economics and Finance等经济学学术期刊。

主办：中国经济与管理研究院

[编辑]：孙颖