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宏观经济学workshop:不完全市场中的最优税收和资产定价
发布日期：2021-06-04 12:00 来源：
题目：Optimal Taxation and Asset Pricing with Incomplete Markets（不完全市场中的最优税收和资产定价）
演讲者：朱胜豪（对外经济贸易大学）
时间：2021年6月4日（周五上午）10:00-11:30
线下地点: 经济学院305
简介：We study the optimal taxation and government asset price volatility in economy with incomplete markets. With quasi-linear preference, any finite asset limit is sustainable and the Ramsey government would play a Ponzi game if there is no asset limits. When taxes or assets are confined by additional limits, the asset accumulation process becomes ergodic even when the government expenditure follows a Markov process. Furthermore, we show that the celebrated Martingale convergence result in the literature is due to the weak precautionary savings motive by the government. Once the government has sufficiently strong precautionary savings motive, the ergodic property of asset accumulation process will return. When utility functions present income effects, the bond prices become endogenous. With sufficiently large initial asset position, the government may command near zero, and even negative interest rate to offload household’s debt obligation. This justifies the sustainability of initial asset/debt in the first place. Subsequently, the asset price may present volatility with an order of magnitude larger than what the primitive of the economy would imply. Our findings indicate that the optimal taxation and government asset management has complicated relationships with significant implications on asset pricing.
演讲者介绍：朱胜豪教授于2010年在纽约大学获得经济学博士学位，从2010年到2017年在新加坡国立大学经济系工作。2017年12月加入对外经贸大学。朱胜豪教授在Econometrica, Journal of Economic Theory, International Economic Review等国际一流经济学期刊上发表数篇论文。学术成果在Google Scholar上已经被国际同行引用600多次。朱胜豪教授的主要研究领域是宏观经济和收入分配。他的研究结合动态宏观经济学异质性计算模型和家庭微观大数据，利用计算技术解决微观主体决策的激励相容问题，通过数值模拟来设计最优宏观政策。正在主持一项财税政策对收入分配和财富不平等影响的国家自然科学基金面上项目。
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宏观经济学workshop:不完全市场中的最优税收和资产定价
发布日期：2021-06-04 12:00 来源：
题目：Optimal Taxation and Asset Pricing with Incomplete Markets（不完全市场中的最优税收和资产定价）
演讲者：朱胜豪（对外经济贸易大学）
时间：2021年6月4日（周五上午）10:00-11:30
线下地点: 经济学院305
简介：We study the optimal taxation and government asset price volatility in economy with incomplete markets. With quasi-linear preference, any finite asset limit is sustainable and the Ramsey government would play a Ponzi game if there is no asset limits. When taxes or assets are confined by additional limits, the asset accumulation process becomes ergodic even when the government expenditure follows a Markov process. Furthermore, we show that the celebrated Martingale convergence result in the literature is due to the weak precautionary savings motive by the government. Once the government has sufficiently strong precautionary savings motive, the ergodic property of asset accumulation process will return. When utility functions present income effects, the bond prices become endogenous. With sufficiently large initial asset position, the government may command near zero, and even negative interest rate to offload household’s debt obligation. This justifies the sustainability of initial asset/debt in the first place. Subsequently, the asset price may present volatility with an order of magnitude larger than what the primitive of the economy would imply. Our findings indicate that the optimal taxation and government asset management has complicated relationships with significant implications on asset pricing.
演讲者介绍：朱胜豪教授于2010年在纽约大学获得经济学博士学位，从2010年到2017年在新加坡国立大学经济系工作。2017年12月加入对外经贸大学。朱胜豪教授在Econometrica, Journal of Economic Theory, International Economic Review等国际一流经济学期刊上发表数篇论文。学术成果在Google Scholar上已经被国际同行引用600多次。朱胜豪教授的主要研究领域是宏观经济和收入分配。他的研究结合动态宏观经济学异质性计算模型和家庭微观大数据，利用计算技术解决微观主体决策的激励相容问题，通过数值模拟来设计最优宏观政策。正在主持一项财税政策对收入分配和财富不平等影响的国家自然科学基金面上项目。
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