研讨论文

Optimal Fiscal and Monetary Policy inan Economy Without Capital (JME. Lucasand Stokey.1983)

主讲人

乐根平（金融学院2024级博士生）

论文简介

We derived the explicit form of the bondthattimematuritystructureensuredof the optimalconsistencypolicy in amulti-goodwitheconomyconsumptiontaxation.Subsequently,in a monetaryeconomy, money was introduced through a(CIA)cash-in-advanceconstraint.distinguishing between cash goods thatrequired current payment and credit goods thatcould be paid for in the following period. Wethen described the timing of transactionswithin each period. Our analysis emphasizedthe economic implications of the household'slifetime budget constraint under theseassumptions, from which we further derivedthe household's optimality conditions and, inturn, the implementability constraint.

本期预告

We will focus on explaining the necessaryconditions for time consistency of the optimalpolicy in a monetary economy. We will showthat when nominal debt is present, timeconsistency of the optimal policy cannot beachieved, since the government will alwayshave an incentive to generate high inflation inorder to erode the real value of outstandingnominal debt. Accordingly, in the discussion ofpolicy consistency within a monetary economywe will emphasize that a necessary conditionfor time consistency of the optimal policy isthe absence of nominal debt-that is, thegovernment must credibly commit to a bindingprice path and households must not holdnominal assets at the beginning of thegovernment's tenure.

时间

9月28日19:00-21:00

地点

学术会堂712

主持人/点评老师

王忏 明洋

活动对象

创新发展学院、金融学院学生

人数规模

30人

主办单位

创新发展学院中国经济与管理研究院、金融学院联合主办

撰稿：乐根平

审稿：明洋

编辑：沈嘉怡

审核：王颖