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宏观经济学workshop:Debt rollover policy under low interest rates

发布日期：2024-05-31 08:52    来源：

时间：2024年5月31日 上午10:00 – 11:30
地点：承泽园131教室
题目：Debt rollover policy under low interest rates
简介：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.
 
演讲人：苏东灵，上海财经大学经济学院助理教授，主要研究方向为宏观经济学与货币经济学。他在波士顿大学获得经济学博士学位，他的研究发表在American Economic Journal: Macroeconomics，Journal of Public Economics和Economic Theory。

 


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