BEGIN:VCALENDAR VERSION:2.0 PRODID:-//Talks.cam//talks.cam.ac.uk// X-WR-CALNAME:Talks.cam BEGIN:VEVENT SUMMARY:St Catharine's Political Economy Seminar Series - "\;Fiscal Co nsequences of Unconventional Monetary and Credit Policies"\; - Yaprak Tavman DTSTART:20190116T180000Z DTEND:20190116T193000Z UID:TALK117229@talks.cam.ac.uk CONTACT:Philippa Millerchip DESCRIPTION:*Date:* Wednesday 16 January 2019 \n*Time:* 18:00 -19:30\n*Spe aker:* Yaprak Tavman \n*Talk Title:*‘Fiscal Consequences of Unconventi onal Monetary and Credit Policies’\n*Location:* Ramsden Room\, St Cathar ine's College\n\n*Speaker*\nYaprak Tavman is a Lecturer in Economics at th e New College of the Humanities (NCH) London. Before joining NCH\, Yaprak Tavman worked as a Lecturer in Economics at Newcastle University for 2 yea rs. She has obtained her PhD in Economics from the University of York\, wh ere she has also worked as a Teaching Fellow. She has completed her MSc in Economics and Finance with distinction at the University of York and was a Jean Monnet Scholar during her postgraduate studies. Prior to her teachi ng career\, Yaprak Tavrman had worked as a specialist at HSBC Bank plc\, a nd following her graduation from Middle East Technical University\, Turkey . \nHer main area of research is macroeconomics\, with specialisations in financial markets and the macroeconomy\, macroprudential regulation and fi nancial stability\, central bank policies\, and political economy of finan ce. She has recently published her article titled ''A Comparative Analysis of Macroprudential Policies'' in Oxford Economic Papers.\n\n*Talk Overvie w:*\nThe severity of the 2008-09 global financial crisis forced policy-mak ers\, particularly in advanced economies\, to adopt a range of unconventio nal monetary and credit policies. Although the effectiveness of such polic ies in stabilizing the economy has been extensively studied\, there is as yet no systematic analysis of the real costs of enacting unconventional me asures. In this paper\, utilizing a New Keynesian general equilibrium mode l with financial frictions and distortionary taxation\, we provide a compa rative cost-benefit analysis of two such policies\; credit easing and bank capital injections. We note that the use of bank capital injections has a greater stabilizing effect on the economy\, at the expense of higher cost s. We also show that evaluation of unconventional policy based on lump-sum taxes overstates the benefits of policy interventions. However\, our resu lts reveal that both credit policies are welfare improving even with disto rtionary taxes. Bank capital injections generate higher welfare gains\, un der both lump-sum and variable tax rates.\n\nFor other Seminars see: www.p oliticaleconomy.group.cam.ac.uk\n\nPlease contact the seminar organisers P hilip Arestis (pa267@cam.ac.uk) and Michael Kitson (m.kitson@jbs.cam.ac.uk ) in the event of a query. LOCATION:The Ramsden Room\, St Catharine's College END:VEVENT END:VCALENDAR