关键字：

【ECON20181215】

宏观经济学研讨会

（总第250期）

【时间】2018年10月31日（周三）12：15－13：45

【地点】明商0202教室

【主讲】陈小亮 中国社科院经济研究所

【主题】The Fiscal Mutiplier（Marcus Hagedorn et al.,Meeting Papers from Society for Economic Dynamics, 2017）

【点评】薛涧坡 中国人民大学财政金融学院副教授

【摘要】We measure the size of the fiscal multiplier using a model with incomplete markets and rigid prices and wages. Allowing for incomplete markets instead of complete markets-the prevalent assumption in the literature-comes with two advantages. First, the incomplete markets model delivers a realistic distribution of the marginal propensity to consume across the population, whereas all households counterfactually behave according to the permanent income hypothesis if markets are complete. Second, in our model the equilibrium response of prices, output, consumption and employment to fiscal stimulus is uniquely determined for any monetary policy including the zero-lower bound. We find that market incompleteness plays the key role in determining the size of the fiscal multiplier, which is slightly above or below 1 depending on whether spending is tax or deficit financed. The size of fiscal multiplier remains similar in a liquidity trap.

【主持】陈彦斌 教授

人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。

联系人：王兆瑞  Email：Macro_Workshop@163.com

资料下载：www.docin.com/mydoc-88265459-1.html

更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。

中国人民大学经济学院

中国经济改革与发展研究院