[ECON2014121]

宏观经济学研讨会 （总第170期）

【时间】2014年11月19日（周三）12：15－13：45
【地点】明商0302教室
【主讲】黄源、韦祎  中国人民大学经济学院
【点评】周璇  中国人民大学经济学院助理教授  美国印第安纳大学经济学博士
【主题】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】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：郭豫媚    Email：Macro_Workshop@163.com
资料下载：www.docin.com/mydoc-88265459-1.html
更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn






经济学院 中国经济改革与发展研究院