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SUMMARY:Convenience Yields\, Inflation\, and Growth
DTSTART:20220913T120000
DTEND:20220913T130000
DTSTAMP:20260530T053502Z
UID:994b7a81c0a5463343bba33a1857b06b2f8ba72499eecfe0977c06a9
CATEGORIES:Conferences - Seminars
DESCRIPTION:Oliver Krek\, Doctoral Assistant\, SFI@EPFL\nThis paper invest
 igates the implications of convenience yields for inflation and long-term
  growth in a model of the fiscal theory of the price level. The governmen
 t’s debt valuation equation links convenience yields to inflation and t
 axation which affects the incentives to innovate. Convenience yields aff
 ect inflation through a standard seignor-age channel as well as through a
  novel pricing channel in the presence of long-term debt. The model is sol
 ved globally using novel machine-learning techniques to approx-imate the p
 olicy functions. The calibrated model shows that both channels worked to r
 educe the effectiveness of monetary policy in the last decade and that di
 scount rates are crucial to understand the implications of seignorage reve
 nue for the real economy. Convenience yields thus emerge as a crucial vari
 able to rationalize secular stagnation combined with high values of debt-t
 o-GDP.
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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