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SUMMARY:06.05.2026 - Sebastian Fanelli (CEMFI)
DTSTART;TZID=Europe/Berlin:20260506T120000
DTEND;TZID=Europe/Berlin:20260506T131500
DTSTAMP:20260511T235547Z
UID:ed22f1bdde954f218263b377468c8a02@www.econ.uni-bonn.de
CREATED:20260316T114937Z
DESCRIPTION:I study optimal monetary policy and capital controls in an ope
 n economy New Keynesian model with endogenous portfolio choice. I develop 
 an approximation method to characterize the solution sharply. The optimal 
 policy balances two goals: (i) stabilizing output and inflation and (ii) e
 nhancing the insurance properties of home-currency assets. The relative im
 portance of these goals depends on the international portfolio. When the p
 ortfolio is optimally chosen\, its exposure to home-currency fluctuations 
 increases as the need for insurance grows\, further amplifying the weight 
 on insurance. This effect is significant. In a calibrated model for Canada
 \, if the portfolio were held at its calibrated value rather than optimall
 y chosen\, the weight on insurance would be about five times smaller.  Des
 pite aggregate-demand externalities and incomplete markets\, implementing 
 the optimal portfolio does not require differential capital controls acros
 s asset classes.
LAST-MODIFIED:20260415T081514Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-26/s
 ebastian-fanelli-cemfi
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