CAREER: Normative Macro-Finance

这个职业项目扩展和巩固了经济学的一个特定领域，规范的宏观金融。该领域研究的是风险、异质性、动态考虑、不完全承诺和金融摩擦具有一级相关性的经济体中政策的效率、分配影响和最优设计。为此，本项目i)开发了一个总体框架，以便在具有风险和不确定性的环境中进行福利评估，ii)探索向中央银行家分配不同任务的福利含义，iii)研究不完善工具和多个监管机构的纠正性监管设计，iv)检查代理人拥有不同信息时金融市场交易的福利属性。第五章探讨了允许不同政府之间达成联合借款协议的福利后果。这个项目的教育部分开发了关于如何对有关金融经济学和宏观经济学的问题进行规范分析的新的独立材料。这将降低进入规范宏观金融的门槛，特别是对决策机构的决策者和经济学家而言。更好地理解经济政策的福利后果将影响政府政策的最佳设计和实施。这个CAREER项目有五个组成部分。第一部分通过引入动态-随机权重（DS-weights）的概念，为在具有丰富个体异质性的动态随机经济中进行福利评估开发了一个总体框架。该框架允许对福利评估进行新颖、准确和广泛适用的分解。这种分解打开了为政策机构定义新任务的大门，这在以前是不可能的。第二部分探讨了在最优货币政策可能时间不一致的环境下，给央行行长分配不同任务对福利的影响，这可能是由于分配方面的考虑。第三部分研究了当政策是在不完善的工具下执行的，以及当有多个监管机构有可能不同的监管任务时，最优纠正性监管的设计。第四部分研究在个人投资者信息分散和市场不完全的情况下，金融市场交易的福利属性。第五部分研究了允许不同政府之间的联合借款协议的福利后果。每个组成部分都与经济政策制定直接相关，并将为金融和宏观经济学的规范性问题提供新的见解。该奖项反映了美国国家科学基金会的法定使命，并通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。

This CAREER project expands and consolidates a particular area of economics, normative macro-finance. This field studies the efficiency, distributional impact, and optimal design of policy in economies in which risk, heterogeneity, dynamic considerations, imperfect commitment, and financial frictions are of first-order relevance. To that end, this project i) develops a general framework to make welfare assessments in environments with risk and uncertainty, ii) explores the welfare implications of assigning different mandates to central bankers, iii) studies the design of corrective regulation with imperfect instruments and multiple regulators, iv) examines the welfare properties of trading in financial markets when agents have different information, and v) explores the welfare consequences of allowing for joint borrowing agreements among different governments. The educational component of this project develops new self-contained materials on how to conduct normative analysis on questions pertaining to financial economics and macroeconomics. This will lower the barriers to entry to normative macro-finance, in particular for policymakers and economists in policymaking institutions. Better understanding of the welfare consequences of economic policies will influence the optimal design and implementation of government policy.This CAREER project has five components. The first component develops a general framework for making welfare assessments in dynamic stochastic economies with rich individual heterogeneity by introducing the notion of Dynamic-Stochastic weight (DS-weights). This framework allows for a novel, exact, and widely applicable decomposition of welfare assessments. This decomposition opens the door to defining new mandates for policy institutions that were not possible before. The second component explores the welfare implications of assigning different mandates to central bankers in an environment in which optimal monetary policy may be time inconsistent, perhaps because of distributional considerations. The third component studies the design of optimal corrective regulation whenever policies are conducted with imperfect instruments and when there are multiple regulators with potentially different regulatory mandates. The fourth component studies the welfare properties of trading in financial markets when individual investors have dispersed information and markets are incomplete. The fifth component studies the welfare consequences of allowing for joint borrowing agreements among different governments. Each component is directly related to economic policymaking and will provide new insights into normative questions in finance and macroeconomics.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.