Séminaires LEMMA

Séminaire dématérialisé


To provide an alternative to the seminars cancelled due to travel restrictions brought on by the Covid-19, a virtual seminar is co-organised by Olivier Bos (Lemma - Paris II), Nicolas Fugger (Cologne), Vitali Gretschko (ZEW), Helene Mass (Bonn), Marion Ott (ZEW), Martin Pollrich (Bonn) and Nora Szech (KIT).

This virtual MD Seminar will start on Thursday April 9, at 2:pm (Paris time zone) and then, every two weeks, on Monday 4:00-5:00pm (Paris time zone).
For additional information : click here.
To participate, to stay up to date about upcoming presentations and join the mailing list : click here.

You will then receive the Zoom link for each talk.

Good seminar, and stay safe !


Guillaume Rocheteau (University of California, Irvine)

Vendredi 20 mars 2020, 12 heures, salle Maurice Desplas
- Séminaire annulé -

"Lending relationships and optimal monetary policy"

Abstract :

We study optimal monetary policy in a monetary model of internal and external finance with bank entry and endogenous formation of lending relationships through search and bargaining. Following an unanticipated destruction of relationships, optimal monetary policy under commitment lowers the interest rate in the aftermath of the shock and uses forward guidance to promote bank entry and rebuild relationships. Absent commitment, forward guidance fails to anchor inflation expectations and optimal policy is subject to a deflationary bias that delays recovery. If there is a temporary freeze in relationship creation, the interest rate is set at the zero lower bound for some period of time.

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