一、主题：An Endogenous Money Creation Framework to Analyse Default and Maturity Mismatch

二、主讲人：王轩，英国牛津大学赛德商学院金融经济学博士研究生。他本科毕业于对外经济贸易大学，获得牛津大学的经济学硕士学位。研究领域是货币经济学，主要研究现代银行体系货币的内生创造机制和货币区的可持续性。他目前在牛津大学讲授金融经济学和高级资产定价的博士生课程。他曾担任英格兰银行的研究员。

三、时间：2017年9月6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，太阳集团tyc539副教授

Abstract: This paper aims to complement the recent advances in endogenous money creation and uses dynamic stochastic general equilibrium (DSGE) to model the banking sector in three ways. Firstly, we introduce endogenous maturity mismatch in the heterogeneous banking sector, where the retail bank uses short-term borrowings to provide the firms with long-term corporate loans. Secondly, hitherto neglected components such as endogenous default and money via cash-in-advance (CIA) constraints via bank's money creation are incorporated so that liquidity and default are the reasons for the influence of money injections on real economic variables. Lastly, the model analyses the macro-prudential instrument Net Stable Funding Ratio (NSFR), which is designed to reduce the overall maturity mismatch. With a calibrated DSGE model, we micro-found default and maturity mismatch and analyse how they feed into real economic variables, particularly the term structure of various interest rates, and we have found that a fall in maturity mismatch typically reduces the default rates of the firms and the retail bank. Moreover, we simulate the quantitative impact of the macro-prudential policy tool NSFR on the economy and search for optimal policy reaction functions that induce the most welfare gains.