题   目：Public Policies in Quantitative Macroeconomic Model with Heterogeneous Households: a Literature Survey

时   间：2012年6月13日  星期三  12:00 – 14:00

地   点：明德主楼610

报告人：陈  言

Abstract：This lecture provides an overview of the work about the relationship between public policies and macroeconomic activities in an incomplete market models with heterogeneous households. The dynamic stochastic general equilibrium models (DSGE) with complete markets have received tremendous success to explain macroeconomic activities (e.g. long run growth and business cycle) and public economics and monetary economics (See the excellent textbook of Ljungqvist and Sargent 2004). Why should we care about incompleteness and heterogeneity? The assumption of complete market implies fully risk-sharing among economic agents, thus, heterogeneous-agents model is equivalent to the representative-agent model (See Guvenen 2012). But empirical studies on risk-sharing significantly reject the fully risk-sharing, which casts doubt on the assumption of complete market. On the other side, many important macroeconomic questions cannot simply be addressed in a model without heterogeneity, such as income/wealth inequality, design of fiscal and social security policy, and optimally dynamic income-tax design. To address above questions, all we need is to introduce incompleteness and heterogeneities into the quantitative macroeconomic model. In this lecture, I first introduce the Standard Incomplete Markets Model (SIM, see Heathcote, Storesletten, and Violante 2009). And then some standard technological methods are talked about. Finally, I discuss several important extensions of SIM. The main extension in this lecture focuses on the literatures which study the implications of public policies on macroeconomic activities, income inequality, and asset pricing. And I will show you one example of studying the relationship between progressive income taxes and income equality for US and EU countries in this framework.

报告人简介：陈言，美国亚利桑那州立大学商学院经济系博士，研究领域为公共政策、宏观经济理论、资产定价等，在Macroeconomic Dynamics等杂志上发表数篇论文。