经济学院周璇助理教授合作论文在Journal of Monetary Economics上正式发表
发文时间:2021-12-30
近日,经济学院周璇助理教授合作论文《Inflation’s role in optimal monetary-fiscal policy》在Journal of Monetary Economics上正式发表。

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内容摘要

We address the optimal marginal source of financing shocks that raise fiscal needs in the presence of a maturity structure for nominal government debt, distortionary taxes, and sticky prices. We find: (1) the importance of innovations in current and expected inflation that revalue debt increases with both the average maturity and the level of debt; (2) an analytical trade off between inflation and output-gap stabilization as a function of debt maturity; (3) at current debt levels and maturity lengths in advanced economies, inflation would account for as much as 50 percent of marginal optimal financing; (4) maturity attenuates welfare losses from nominal rigidities.

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作者简介

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周璇,中国人民大学经济学院助理教授,主要研究领域为货币经济学、最优货币-财政政策以及机器学习在宏观政策研究中的应用。其研究成果发表在《Journal of Monetary Economics》、《Journal of Empirical Finance》、《World Economy》、《经济研究》、《经济理论与经济管理》等核心期刊,并有多篇论文在国际核心期刊修改和审稿,参与主持多项国家级和校级科研项目。