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

时间：2015年4月15日  星期三     12:00 – 14:00

地点：明德主楼714

报告人：周璇

摘要：We study how the maturity structure of nominal government debt affects optimal monetary and fiscal 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.

报告人简介：周璇，中国人民大学经济学院讲师，美国印第安纳大学经济学博士，主要研究领域是宏观经济学、货币政策、财政政策。