Title：Monetary Policy Stance, Redistribution and Asset Pricing

　　Schedule: June 1, Wed 1:30-3:00 PM

　　Location: 腾讯会议 952 499 908

　　Abstract:We explore the redistributive role of monetary policy and its role in affecting the equity and term premia using a segmented financial market model. The optimal monetary policy rule in our model is risk-sharing and countercyclical after shocks in the financial markets. Under that policy, equity is not risky, and its return is low. The optimal policy, however, implies inflation risk and thus high return for nominal bonds. On the other hand, under inflation targeting there is no insurance against financial income risk and the equity return is high. At the same time, inflation targeting insures against inflation, resulting in nominal bonds becoming attractive assets. Our model suggests that monetary policy objectives play a key role in affecting risk sharing and asset returns.

　　Introduction:彭玉磊, 对外经济贸易大学国际经济贸易学院讲师，美国德州农工大学（Texas A&M University）经济学博士，研究方向为宏观经济学、货币经济学、应用计量经济学。已在 Journal of Econometrics, 经济研究  等国内外顶级学术期刊发表多篇文章。