时间：2025年12月11日 下午14:00 – 15:30

地点：承泽园229 

题目: House Prices, Land Finance, and the Coordination of Monetary and Fiscal Policies in China 

主讲人：Shengliang Ou (Shanghai Jiao Tong University) 

摘要：China’s fiscal framework is characterized by land finance where local governments heavily depend on land sales revenue. Using a quantitative New Keynesian model that incorporates this salient institutional feature, we examine the impact of housing market shocks on the Chinese economy and assess the effectiveness of coordinated monetary and fiscal policies in mitigating these effects. Our findings reveal that policies aimed at inflating away debt can substantially dampen the effects of these shocks on GDP, house prices, and the debt-to-GDP ratio. These findings hinge on the interaction between China’s land-based fiscal framework and its monetary and fiscal policies. 

主讲人简介：欧声亮，上海交通大学安泰经济与管理学院副教授，博士毕业于庞培法布拉大学，主要研究领域为宏观经济学与货币经济学，研究成果发表在Journal of Monetary Economics, Journal of the European Economic Association, 《经济学》（季刊）等学术期刊，主持国家自然科学基金、上海市晨光计划等研究项目。