题目: Implementing Optimal Fiscal Policy with Short Term Debt (With Wei Jiang and Thomas J. Sargent)

主讲人： Neng Wang (Cheung Kong Graduate School of Business)

时间：2025年4月30日 上午10:30 – 12:00

地点：承泽园344

摘要：Debortoli, Nunes, and Yared (2021) showed that Lucas and Stokey’s (1983) debt management policy for implementing a Ramsey plan fails when initial government debt is too high. We propose a modified timing protocol that prevents continuation Ramsey planners from resetting current-period tax rates. Combined with a “short route” debt management strategy that leaves longer-term debts unchanged while using short-term debt to finance accumulated liabilities, we implement all Ramsey plans, even those with the high debt levels that trouble Lucas and Stokey’s implementation. We demonstrate that our implementation equalizes Lagrange multipliers of the Ramsey planner and continuation planners, a key signature of successful implementation.

主讲人简介：

Neng Wang is Dean’s Distinguished Chair Professor of Finance and Senior Associate Dean at CKGSB. Prior to joining CKGSB, he was Chong Khoon Lin Professor of Real Estate and Finance at Columbia Business School since 2007. He is also a Research Associate (Senior Research Fellow) at the National Bureau of Economic Research (NBER), a Senior Research Fellow at the Asian Bureau of Financial and Economics Research (ABFER), and a Visiting Professor at the International Monetary Fund (IMF). He has widely published in leading economics, finance, and business journals. Among other awards and honors, he won a Smith-Breeden Distinguished Paper Prize awarded by the Journal of Finance, and the Bettis Distinguished Scholar Award from Carey School of Business, Arizona State University.