Personal website:
Contact:
ivan.shchapov@telecom-paris.fr
References:
- Pr. Guido Ascari – Bank of Netherlands, University of Pavia
- Pr. Francesco Bianchi – Johns Hopkins University
- Pr. Andrea Ferrero – University of Oxford
- Pr. Jean-Baptiste Michau – CREST, Ecole polytechnique, Institut Polytechnique de Paris
Research fields:
Primary fields: Monetary Macroeconomics, Macro-Finance
Secondary fields: Monetary-Fiscal Interactions
Presentation:
I am a PhD candidate in Economics at Institut Polytechnique de Paris (CREST) and a Stipendiary Lecturer at Ecole polytechnique.
My research focuses on monetary economics, fiscal policy, financial stability, and international macroeconomics.
Job Market Paper:
Monetary, Thightening, Quantitative Easing, and Financial Stability
Abstract: This paper analyses the effects of central bank balance sheet policies on financial and price stability in a framework with endogenous disruptions in financial intermediation. Central bank balance sheet expansions increase the frequency of financial stress episodes and their duration by inducing financial intermediaries to take on more risk in normal times and slowing their recapitalisation during a stress episode. Rapid monetary policy tightening induces financial stress which can be mitigated by central bank balance sheet expansions at significant cost to price stability. The optimal monetary policy mix balances welfare costs of inflation and financial stess, and efficiency costs of balance sheet expansions. Optimal policy leans towards prevention of financial stress via accommodative conventional policy and limited balance sheet interventions.