讲座题目：Fiscal and Monetary Policy Interactions in a Model with Low Interest Rates低利率模型中财政和货币政策的相互作用

主讲人：苗建军 美国波士顿大学经济系金融学 终身教授

讲座时间：2023年6月20日14:30—17:30

讲座地点：经管院B224

讲座内容摘要：

We provide a dynamic new Keynesian model in which entrepreneurs face uninsurable idiosyncratic investment risk and credit constraints. Government bonds provide liquidity service and raise net worth. Multiple steady states with positive values of public debt can be supported for a given permanent deficit-to-output ratio. The steady-state interest rates are less than economic growth and public debt contains a bubble component. We analyze the determinacy regions of policy parameter space and find that a large set of monetary and fiscal policy parameters can achieve debt and inflation stability given persistent fiscal deficits.

我们提供了一个动态的新凯恩斯主义模型，在这个模型中，企业家面临着不可保险的特异性投资风险和信贷约束。政府债券提供流动性服务并提高净资产。在给定的永久性赤字与产出比率下，可以支持多个公共债务为正值的稳定状态。稳态的利率低于经济增长，公共债务包含泡沫成分。我们分析了政策参数空间的决定性区域，发现在持续的财政赤字的情况下，一大套货币和财政政策参数可以实现债务和通货膨胀的稳定。

主讲人个人信息

苗建军，现任美国波士顿大学经济系金融学终身教授。主要研究领域为Financial Economics, Macroeconomics, Industrial Organization, Public Finance。担任国际经济金融期刊Quantitative Economics, Annals of Economics and Finance, Economic Theory, Macroeconomic Dynamics副主编。自2003年以来，苗建军教授已在American Economic Review, Econometrica, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Journal: Macroeconomics, International Economic Review, Journal of Economic Theory, Journal of Monetary Economics, Review of Economic Dynamics, Journal of Money, Credit and Banking等国际顶尖金融学和经济学期刊上发表论文50余篇。