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珞珈经管青年论坛第四百四十八期——数理经济与数理金融论坛
时间:2024-06-06    点击数:

讲座题目:Optimal Taxation for Economy with Idiosyncratic Shocks and Aggregate Uncertainty(异质性冲击和总体不确定性经济中的最优税收)

主讲人:冯志钢 内布拉斯加大学奥马哈分校经济系

讲座时间:2024年6月7日14:30

讲座地点:学院222

讲座内容摘要:

This paper characterizes the Markov Perfect Equilibrium for optimal taxation in a heterogeneous agent model with aggregate uncertainty. We develop a novel machine learning-based approach that combines histogram-based distribution approximation, deep neural networks for equilibrium function approximation, a modified value and policy iteration algorithm with a penalty method, and an analytically derived distribution transition kernel. Our method addresses the curse of dimensionality and the challenges posed by strategic interactions between households and the government, allowing us to characterize the global dynamics of the economy starting from any initial distribution.

Our quantitative analysis reveals that optimal fiscal policy in the presence of heterogeneous agents and aggregate uncertainty differs significantly from that in representative agent models. The government's optimal taxation decisions are influenced by the distribution of assets and the evolution of inequality over time. We find that the government's ability to redistribute resources through capital and labor income taxes plays a crucial role in shaping the dynamics of inequality. The optimal tax rates respond to changes in the asset distribution and aggregate shocks, highlighting the importance of considering household heterogeneity in the design of fiscal policies.

本文描述了具有总体不确定性的异质代理模型中最优税收的马尔可夫完美均衡。我们开发了一种基于机器学习的新方法,该方法结合了基于直方图的分布近似、用于均衡函数近似的深度神经网络、带有惩罚性质的修正值和策略迭代算法,以及解析导出的分布转换核。我们的方法解决了家庭和政府之间战略互动带来的维度诅咒和挑战,使我们能够从任何初始分布出发,描述经济的全局动态。

我们的定量分析表明,在存在异质代理和总体不确定性的情况下,最优财政政策与代表性代理模型中的最优财政政策有显著差异。政府的最佳税收决策受到资产分配和不平等随时间演变的影响。我们发现,政府通过资本税和劳动所得税重新分配资源的能力在形成不平等动态方面发挥着至关重要的作用。最优税率对资产分配和总冲击的变化做出了反应,突出了在财政政策设计中考虑家庭异质性的重要性。

主讲人个人信息:

冯志钢,内布拉斯加大学奥马哈分校经济系副教授,于2009年获得迈阿密大学经济学博士学位。在加入内布拉斯加大学之前,冯博士曾在伊利诺伊大学厄巴纳-香槟分校、苏黎世大学和普渡大学任教。研究主要集中在宏观经济学、计算经济学、公共财政学和劳动经济学,研究成果发表在International Economic Review, Quantitative Economics, Economic Theory, Review of Economic Dynamics等国际著名经济学期刊。他曾多次受邀在著名大学、中央银行和国际会议上展示研究成果。