报告题目：Energy Tax and Equilibrium Indeterminacy

时间：2011年10月12日，星期三：11：45-14：00

地点：明德主楼610

报告人：张严

Abstract:We study the effect of energy taxes (or tariffs) in a standard neoclassical growth model withimported energy in production. Wefind that (1) the model may exhibit local indeterminacyand sunspots when energy tax rates are endogenously determined by a balanced-budget rulewith a constant level of government expenditures (or lump-sum transfer), and (2) indeterminacydisappears if thegovernmentfinances endogenous public spending and transfers withfixed taxrates. Under thefirst type of balanced budget formulation, we provide numerical (calibration)examples to illustrate that the government should not distort the energy price paid byfirmswith energy taxes in order to avoid aggregate instability. Under the second type of balancedbudget formulation, we prove that the economy exhibits equilibrium uniqueness regardless of theexistence of lump-sum transfers.

报告人简介：张严，纽约大学经济学博士，现为上海交通大学安泰经济与管理学院助理教授，主要研究领域为Sunspots and Multiple Equilibria in Macroeconomics, International Economics，有多篇学术论文发表在世界著名经济学杂志，如Macroeconomic Dynamics等。