题目：Spending Reversals and Fiscal Multipliers under an Interest Rate Peg

时间：2014年11月26日  星期三   12:00 – 14:00

地点：明德主楼714

报告人：李戎

摘要：This paper revisits the sizes of fiscal multipliers under a pegged nominal interest rate. Empirical evidence shows that a positive government spending shock triggers a buildup of public debt and is followed by a spending reversal, during the period that U.S. nominal interest rate was near zero or the monetary policy was passive. Theoretical analysis illustrates that the short-run impact of government spending shocks depend on expectations about future policy adjustment. If the monetary-fiscal expansion is associated with an anticipated spending reversal, private consumption response can be negative and the output multiplier is not necessarily greater than unity

报告人简介：李戎，2014年于美国Ohio State University获得博士学位，现为中国人民大学财政金融学院讲师，主要研究领域为货币与财政政策、宏观经济学、财政学和应用计量等，在European Economic Review等杂志发表论文，并有多篇工作论文。