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暨南经院学术系列活动-经济学系列Seminar第251期

发布者:余璐尧发布时间:2021-06-23浏览次数:10

暨南经院学术系列活动之

经济学系列Seminar251


主题:Fiscal and Monetary Policy Interactions in a Model with Low Interest Rates

主讲人:苏东灵(波士顿大学)

主持人:王彬

会议时间:2021 6 25 日(周五)下午13:30-15:00

会议工具:腾讯会议(ID: 379 512 423;会议密码:123456


摘要

We provide a dynamic new Keynesian model in which entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity service and raise net worth. Multiple steady states with positive values of public debt can be supported for a given permanent deficit-to-output ratio. The steady-state interest rates are less than economic growth and public debt contains a bubble component. We analyze the determinacy regions of policy parameter space and find that a large set of monetary and fiscal policy parameters can achieve debt and inflation stability given persistent fiscal deficits.


主讲人简介★

苏东灵,波士顿大学经济系博士候选人,研究方向为货币政策和宏观金融,研究成果收录于计量经济学会会议、中国宏观经济学年会等学术会议。