Seminario: "Credit Spreads and Credit Policies"

Miércoles 6 de Noviembre, 17.00h.

 Credit Spreads and Credit Policies

Abstract: How should monetary and fIscal policy react to adverse financial shocks? If monetary policy is constrained by the zero lower bound on the nominal interest rate, subsidising the interest rate on loans is the optimal   The subsidies can mimic movements in the interest rate and can therefore overcome the zero bound restriction. Credit subsidies are optimal irrespective of how they are financed. If debt is not state contingent, they result in a permanent increase in the level of public debt, in a permanent increase in future taxes and in a permanent reduction in output.


Pedro Teles
Ph.D. en Economía, University of Chicago. 
Profesor Catedrático, Católica-Lisbon School of Business and Economics, Universidad Católica Portuguesa. 
Senior Economist, Banco de Portugal. Research fellow, CEPR.

Lugar: Campus Alcorta: Av. Figueroa Alcorta 7350, Ciudad de Buenos Aires.
Contacto: Departamento de Economía

Organiza: Departamento de Economia