【ECON201220】

宏观经济学研讨会
（总第125期）

　　【时间】2012年11月27日（周二）12：15－13：45
　　【地点】明主0409教室
　　【主讲】周璇 美国印第安纳大学经济学系博士生
　　【主题】Equilibria under Active and Passive Monetary and Fiscal Polices (written by Eric M. Leeper, Journal of Monetary Economics, 1991)
　　【摘要】Monetary and fiscal policy interactions are studied in a stochastic maximizing model. Policy is ‘active’ or ‘passive’ depending on its responsiveness to government debt shocks. Schemes for financing deficits and, therefore, the existence and uniqueness of equilibria depend on two policy parameters. The model is used to: (i) characterize the equilibria implied by various financing schemes, (ii) derive policies where fiscal behavior determines how monetary shocks affect prices, and (iii) reinterpret Friedman’s 1948 policy framework. The paper reconsiders the result that prices are indeterminate when the no- minal interest rate is pegged. The setup can be used to interpret reduced-form studies on fiscal financing.　
　　【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（尤其是Bewley模型）并使用计算机模拟研究中国经济改革与发展的重大问题。

联系人：陈伟泽　　E_mail: sysu2006vc@126.com
更多讲座信息欢迎访问se.ruc.edu.cn，www.yanjiuyuan.com.cn

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中国经济改革与发展研究院