分享论文

Stabilization vs. Redistribution: The optimal monetary-fiscal mix (Journal of Monetary Economics, Florin O. Bilbiie, Tommaso Monacelli , Roberto Perotti,2024)

分享人

李佳鑫（中国经济与管理研究院，博士生）

论文摘要

Stabilization and redistribution are intertwined in a model with heterogeneity, imperfect insurance, and nominal rigidity-making fiscal and monetary policy inextricably linked for aggregate-demand management. Movements in inequality induced by fiscal transfers make the flexible-price equilibrium suboptimal, thus triggering astabilizationvs redistribution tradeoff. Likewise, changes in government spending that are associated with changes in the distribution of taxes (progressive vs. regressive) induce a tradeoff for monetary policy: the central bank cannot stabilize real activity at its efficient level (including insurance) and simultaneously avoid inflation. Fiscal policy can be used in conjunction to monetary policy to strike the optimal balance between stabilization and insurance(redistribution) motives.

时间

2025年3月27日（周四），下午19:00-21：00

地点

学术会堂712

主持人/点评老师

王忏（金融学院）

赵军柱（304am永利集团官网中国经济与管理研究院）

活动对象

304am永利集团官网、金融学院员工

人数规模

30人

主办单位

304am永利集团官网中国经济与管理研究院、金融学院联合主办

撰稿：李佳鑫

审稿：赵军柱

编辑：沈嘉怡

审核：王颖