[ECON2014121]

宏觀經濟學研討會 （總第170期）

【時間】2014年11月19日（周三）12：15－13：45
【地點】明商0302教室
【主講】黃源、韋祎  中國人民大學經濟學院
【點評】周璇  中國人民大學經濟學院助理教授  美國印第安納大學經濟學博士
【主題】Inflation’s Role in Optimal Monetary-Fiscal Policy (written by Eric M. Leeper and Xuan Zhou, NBER Working Paper, 2013)
【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 are: (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 by extending the average maturity of bond.
【主持】陳彥斌 教授


人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態優化模型，并使用計算機模擬研究經濟增長、收入分配和宏觀政策等中國宏觀經濟重大問題。


聯系人：郭豫媚    Email：Macro_Workshop@163.com
資料下載：www.docin.com/mydoc-88265459-1.html
更多講座信息請訪問：www.dehf4y.cn，www.yanjiuyuan.com.cn






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