中國人民大學經濟學院國民經濟管理學術論壇 ——seminar分論壇（第10期）

    時間：2015年6月5日（周五）中午12:00—13:30
    地點：明德主樓728會議室
    主講：周璇 老師
    主題：Inflation`s Role in Optimal Monetary-Fiscal Policy
    摘要：We study how the maturity structure of nominal government debt affects optimal monetary and fiscal policy decisions and equilibrium outcomes in the presence of distortionary taxes and sticky prices. Key findings include: (1) there is always a role for current and future inflation innovations to revalue government debt, reducing reliance on distorting taxes; (2) the role of inflation in optimal fiscal financing increases with the average maturity of government debt; (3) as average maturity rises, it is optimal to tradeoff inflation for output stabilization; (4) inflation is relatively more important as a fiscal shock absorber in high-debt than in low-debt economies; (5) in some calibrations that are relevant to U.S. data, welfare under the fully optimal monetary and fiscal policies can be made equivalent to the welfare under the conventional optimal monetary policy with passively adjusting lump-sum taxes.
演講者介紹： 周璇，美國印第安納大學經濟學博士，2014年8月到我校經濟學院任教。主要研究領域：貨幣經濟學、宏觀經濟學。在美國國民經濟研究局、美國聯邦儲備委員會等重要學術平臺上發表或宣讀多篇學術論文。
    
中國人民大學經濟學院  2015年6月1日