中国人民大学经济学院国民经济管理学术论坛 ——seminar分论坛（第10期）

    时间：2015年6月5日（周五）中午12:00—13:30
    地点：明德主楼728会议室
    主讲：周璇 老师
    主题：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.
演讲者介绍： 周璇，美国印第安纳大学经济学博士，2014年8月到我校经济学院任教。主要研究领域：货币经济学、宏观经济学。在美国国民经济研究局、美国联邦储备委员会等重要学术平台上发表或宣读多篇学术论文。
    
中国人民大学经济学院  2015年6月1日