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NO.329 Dynamic Coordination and Intervention Policy
2015-12-23 来源:  分享:

 

12月18日,来自University of ChicagoCong Will应邀到我院作题为“Dynamic Coordination and Intervention Policy”的学术演讲。学院师生到场交流讨论。

主要内容:This article models a dynamic economy with contemporaneous complementarity and a government - modeled as a large player in global games - that intervenes to mitigate coordination failures. We establish general results on the existence and uniqueness of equilibrium, and show that government intervention affects coordination both contemporaneously and dynamically. In our setting optimal policy always features early intervention. However, excessive intervention in the early period may harm investors as it adversely alters public information structure. Our paper thus has potential implications on many intervention programs, such as the bailout of money market mutual funds during the financial crisis.

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