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讲座主标题 :
国际经济学workshop:Financial Markets and the Effects of Fiscal Policy in Open Economy
讲座人 :
钱宗鑫
讲座地点 :
北大国发院/中国经济研究中心小教室
讲座开始时间 :
2018-03-28 13:15:00
讲座人介绍 :

 钱宗鑫老师是中国人民大学财政金融学院副教授,是荷兰蒂尔堡大学经济学博士。主要研究领域包括宏观经济政策与金融部门的互动、主权债务风险与财政政策信誉、金融机构与金融市场、通货膨胀等宏观经济问题。在Journal of Macroeconomics, Macroeconomic Dynamics, Journal of Financial Stability, Emerging Market Finance and Trade, 经济研究等期刊上发表过论文。

讲座内容介绍 :

 We study the effects of fiscal policy in open economy. More specifically, we focus on the effect of a Robin-Hood policy which taxes the savers and subsidize the borrowers. Such a Robin-Hood policy breaks the Ricardian equivalence because the borrowers are liquidity constraint. Previous literature shows that such a mechanism can generate a positive fiscal multiplier and help stop deflation in a closed economy. In an economy which is both open in commodity trade and financial account, fiscal policy can further affect the economy through the exchange rate and financial asset pricing. In this paper, we show that the impact of the fiscal policy in an open economy depends on the financial market structure.