講座題目：Fiscal Stimulus and the Structure of Central Bank's Balance Sheet

講座時(shí)間：2023年11月15日  13:30-14:30

講座方式：線(xiàn)下，博學(xué)樓910

主講人：

田涵暉是中國(guó)人民大學(xué)財(cái)政金融學(xué)院博士研究生，主要研究領(lǐng)域?yàn)楹暧^經(jīng)濟(jì)學(xué)、貨幣金融學(xué)。他的研究興趣包括通貨膨脹動(dòng)態(tài)機(jī)制、財(cái)政貨幣政策協(xié)調(diào)配合、地方政府債務(wù)治理等。他的研究成果發(fā)表于《經(jīng)濟(jì)研究》《世界經(jīng)濟(jì)》《經(jīng)濟(jì)理論與經(jīng)濟(jì)管理》等期刊。

講座簡(jiǎn)介：

Existing theoretical studies on monetary-fiscal interactions often build on the assumption that Treasury securities are the exclusive type of asset held by the central bank, which is inconsistent with recent balance sheets of world major central banks. This paper analyzes the effects of fiscal stimuli when claims on private sector in addition to Treasury securities comprise central bank’s asset. Fiscal stimuli are classified based on their financing schemes as debt-financed fiscal stimulus (DFFS) and money-financed fiscal stimuli (MFFS) realized through either size expansion or structure change of central bank’s balance sheet. We analytically and quantitatively study local equilibrium properties and economic outcomes of each type of fiscal stimuli. We find that the standard conditions for determinacy and stability under DFFS do not apply to MFFS. DFFS and structure-based MFFS yield identical effects that are weaker than those produced by size-based MFFS. The effectiveness of size-based MFFS is maximized when lump-sum tax follows positive and moderate feedback to the consolidated debt level of government and central bank, and adjustment in money supply relies more on Treasury securities (claims on private sector) in high (low) debt environment.