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宏觀(guān)經(jīng)濟學(xué)workshop:Debt rollover policy under low interest rates

發(fā)布日期：2024-05-31 08:52    來(lái)源：

時(shí)間：2024年5月31日 上午10:00 – 11:30
地點(diǎn)：承澤園131教室
題目：Debt rollover policy under low interest rates
簡(jiǎn)介：We study the impacts of temporary/permanent fiscal transfer shocks, financed by a debt rollover policy, in a perpetual youth model with nominal rigidity and r < g. We show that the debt rollover policy is feasible but leads to extremely slow convergence of public debt. Even though financial frictions are quite mild, the debt rollover policy generates a strong wealth effect on aggregate consumption, leading to persistent inflation dynamics both in the short run and in the longer run. A temporary fiscal deficit helps to stimulate the economy in the short run but does so at the cost of long-run stagflation with capital being continuously crowded out. In contrast, a permanent fiscal deficit will create a short-run recession, with persistent disinflation in the longer run. A carefully designed fiscal-monetary policy mix can facilitate transitions in response to permanent shocks, with welfare gains shared equally by all generations.
 
演講人：蘇東靈，上海財經(jīng)大學(xué)經(jīng)濟學(xué)院助理教授，主要研究方向為宏觀(guān)經(jīng)濟學(xué)與貨幣經(jīng)濟學(xué)。他在波士頓大學(xué)獲得經(jīng)濟學(xué)博士學(xué)位，他的研究發(fā)表在A(yíng)merican Economic Journal: Macroeconomics，Journal of Public Economics和Economic Theory。

 


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