一、主题：Debt Management at the Zero Lower Bound

二、主讲人：董兵兵，中央财经大学金融学院助理教授。2015年毕业于美国弗吉尼亚大学，获经济学博士学位；2008年获北京大学经济学硕士学位，本科就读于中央财经大学。主要研究方向为宏观经济学、金融学，在资产定价和货币政策等领域有深入研究。其研究成果曾在美国经济学会年会、计量经济学会亚洲峰会、北京大学、清华大学等多个国际国内会议和大学宣讲。

三、时间：2017年11月22日 （周三），12:30-13:30

四、地点：学院南路校区主教学楼910会议室

五、主持人：黄志刚，中央财经大学金融学院副教授

Abstract: Debt management has been among the unconventional policy toolkit for many governments to deal with the Great Recession when the nominal interest rate is binding at the zero lower bound (ZLB). This paper extends the canonical New Keynesian model with preferred-habitat preference and regime switches of monetary and fiscal policies to theoretically analyze how debt management works with conventional policies. I find that: (1) Debt management barely works when monetary policy is active and fiscal policy is passive (AM/PF); (2) Debt management helps to mitigate recessions when monetary policy is passive, whether fiscal policy being active or not; (3) The cost of switching from AM/AF to PM/AF regime can be much larger than the benefit of managing debt.