题目：Balanced-budget taxation and aggregate instability: a research agenda

时间：2017年3月8日 星期三     12:00 – 13:30

地点：明德主楼714

报告人：薛涧坡

摘要：A prominent debate over macroeconomic policy centers on the question of whether a government should run a balanced budget. Critics argue that a balanced-budget fiscal policy rule with endogenous income tax rates can generate aggregate instability due to self-fulfilling expectations (e.g., Schmitt-Grohé and Uribe 1997). Advocates defend that persistent budget deficits may cause problems for both the economy and the government, and replacing income taxes by consumption taxes might be a right way to go. A clear understanding of the associated costs against its benefits is of critical importance in the consideration, design, or operation of a balanced-budget fiscal policy. This project aims to show, both analytically and numerically, whether beliefs-driven aggregate instability associated with a balanced-budget taxation is a problem in 1) a small open economy integrated in the world asset and goods

markets; 2) a closed economy with home production goods; 3) a closed economy with endogenous capacity utilization.

报告人简介：薛涧坡，中国人民大学财政金融学院副教授，主要研究领域为财政理论与政策、经济增长理论等。研究论文发表于Journal of International Economics, Journal of Economic Dynamics and Control, Macroeconomic Dynamics, Economics Letters, Journal of Mathematical Economics等专业期刊。