【ECON20151214】

宏观经济学研讨会 （总第187期）

【时间】2015年10月14日（周三）12：15－13：45
【地点】明商0502教室
【主讲】韦祎 中国人民大学经济学院
【点评】薛涧波 中国人民大学财政金融学院副教授
【主题】Fiscal Policy Stabilization: Purchases or Transfers？( R. Mehrotra, Working Paper , 2014)
【摘要】Both government purchases and transfers figure prominently as tools for counteracting recessions. However, representative agent models rule out transfers by construction. This paper builds a borrower-lender model with credit spreads and examines both the purchases and transfers multiplier. Under flexible prices, transfers affect output through wealth effects on labor supply and carry small multipliers. Under sticky prices, both multipliers depend on the degree of monetary accommodation. When the zero lower bound is binding, both purchases and transfers carry multipliers above unity, but the transfer multiplier relative to the purchases multiplier is increasing in the debt-elasticity of the credit spread.
【主持】陈彦斌 教授


人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。
联系人：刘哲希    Email：Macro_Workshop@163.com
资料下载：www.docin.com/mydoc-88265459-1.html




经济学院 中国经济改革与发展研究院