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No.329 Dynamic Coordination and Intervention Policy
发布时间:2015-12-11 来源:本站原创  


时间:1218日,周五,1:30 - 3:00pm

 

地点:同德楼111

 

主讲人:Cong WillUniversity of Chicago

 

演讲题目: Dynamic Coordination and Intervention Policy

 

摘要: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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