报告题目：Balanced-Budget Rule, Elasticity of Substitution and Macroeconomic (In)Stability

时间：2011年9月21日  星期三12:00 – 14:00

地点：明德主楼714

报告人：薛涧坡

摘要：This paper examines the analytical relationship between the elasticity of capital-labor substitution in production and the necessary and sufficient conditions for equilibrium indeterminacy (and hence belief-driven fluctuations) in a one-sector model with perfect competition, constant returns-to-scale technology and a balanced-budget fiscal policy. We find a possible stabilization channel of elasticity of substitution through which the endogenous labor income tax could generate saddle-path stability and equilibrium uniqueness. The intuition behind this mechanism is that the elasticity of substitution could impose an additional restriction on the labor demand curve, which would be always downward-sloping and thus eliminate the possibility for indeterminacy. Moreover, four other different types of balanced-budget fiscal policies are also examined on their impacts on indeterminacy.

报告人简介：薛涧坡，香港中文大学经济学博士，人民大学财政金融学院讲师，研究领域为经济增长、财政理论与政策，论文发表在《Journal of Economic Dynamics & Control》等期刊上。