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学术沙龙|货币经济学讨论班(第88期):货币联盟的财政和货币规则

发布时间:2025-07-15    点击数:

时间 主讲人
地点

题目

Fiscal and monetary rules for a currency union

(Journal of International Economics,Andrea Ferrero,2009)

主讲人

李昊(金融公司,硕士研究生)

主持人

王忏(金融公司)

赵军柱(永利集团官网中国经济与管理研究院)

摘要

This paper addresses the optimal joint conduct of fiscal and monetary policy in a two-country model of a currency union with staggered price setting and distortionary taxes. A tractable linear-quadratic approximation permits a representation of the optimal policy plan in terms of targeting rules. In the optimal equilibrium, monetary policy should achieve aggregate price stability following a flexible inflation targeting rule. Fiscal policy should stabilize idiosyncratic shocks allowing for permanentvariations of government debt but should abstain from creating inflationary expectations at the union level. Simple policy rules can approximate the optimal commitment benchmark through a mix of strict inflation targeting and flexible budget rules. Conversely, the welfare costs of balanced budget rules are at least one order of magnitude higher than conventional estimates of the costs of business cycle fluctuactions.

时间

2025年7月18日(周五)

下午14:00-18:00

地点

学术会堂712

活动对象

永利集团官网、金融公司员工

人数规模

30人

主办单位

永利集团官网中国经济与管理研究院

金融公司联合主办

撰稿:李昊

审稿:赵军柱

编辑:沈嘉怡

审核:王颖

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