题目：Inflation's Role in Optimal Monetary-Fiscal Policy

主讲人：Dr. Xuan Zhou, (助理教授，Renmin University of China)

时间：2016年5月18日（周三） 13:30

地点：国际经管学院会议室（诚明楼三层）

主办方：国际经济管理学院

Abstract:We study how the maturity structure of nominal government debt affects optimal monetary and scal policy decisions and equilibrium outcomes in the presence of distortionary taxes and sticky prices. Key findings include: (1) there is always a role for current and future inflation innovations to revalue government debt, reducing reliance on distorting taxes; (2) the role of inflation in optimal fiscal financing increases with the average maturity of government debt; (3) as average maturity rises, it is optimal to tradeoff inflation for output stabilization; (4) inflation is relatively more important as a fiscal shock absorber in high-debt than in low-debt economies; (5) in some calibrations that are relevant to U.S. data, welfare under the fully optimal monetary and fiscal policies can be made equivalent to the welfare under the conventional optimal monetary policy with passively adjusting lump-sum taxes.

主讲人简介: Dr. Xuan Zhou is an Assistant Professor in the Department of Economics · Renmin University of China. She holds a Ph.D. in Economics from Indiana University Bloomington. Her main research interest is in Monetary Economics and Macroeconomics.