bwin必赢唯一官方网站
学校主页 | 中文 | English
 
 
 
 
当前位置: 首页>>科研动态>>双周学术论坛>>正文
 
 

bwin必赢唯一官方网站第141期双周学术论坛

[发布日期]:2015-01-23  [浏览次数]:

Employment and Financial Stability: Dual Goals of Capital Flow Management

一、主讲人:朱岭,美国马里兰大学经济学博士,美国科尔比学院(Colby College)学士。主要研究领域为国际金融、宏观经济学、货币经济学。

二、主题:Employment and Financial Stability: Dual Goals of Capital Flow Management

I study optimal capital flow management in a small open-economy DSGE model with two frictions: downward nominal wage rigidity and a price-dependent collateral constraint. Wage rigidity introduces an aggregate demand externality under fixed exchange rates and the collateral constraint introduces a pecuniary externality. I provide an analytical characterization of the optimal capital flow management measures and show how they mitigate the externalities. Specifically, I find that the optimal policy is a prudential tax that discourages capital inflows when the risk of financial crisis is high or when wage is increasing, and it is a stimulative subsidy that encourages capital inflows when unemployment is high and the risk of financial crisis is low.

Using quantitative methods and standard calibration, I show that the optimal state-contingent capital inflow tax and even a non-state-contingent flat tax can significantly reduce unemployment and prevent financial crises, hence ultimately improving welfare. These results are of particular relevance for members of a currency union or emerging economies with an exchange rate peg.

三、时间:2015年1月28日,星期三上午,10:00-11:00

四、地点:bwin必赢唯一官方网站学院南路校区主教学楼913会议室

五、主持人:张礼卿教授,bwin必赢唯一官方网站院长



上一条:142期双周学术论坛 下一条:bwin必赢唯一官方网站第140期双周学术论坛

关闭