时间：2011年10月28日下午4：00-5：30
地点：8797威尼斯老品牌305会议室
讲座题目：Balanced-Budget Rule, Elasticity of Substitution and Macroeconomic (In)Stability
讲座人：薛涧坡博士
薛涧坡，8797威尼斯老品牌经济学学士、硕士，香港中文大学经济学博士，现为中国人民大学财政金融学院财政系讲师。其主要研究领域为宏观经济理论与政策，主要侧重于财政理论与经济增长理论的研究，在Journal of Economic Dynamics & Control，Macroeconomic Dynamics 等杂志发表过学术论文。
内容摘要：
This paper examines the analytical relationship between the elasticity of capital-labor substitution in production and the necessary and sufficient conditions for equilibrium indeterminacy (and hence belief-driven fluctuations) in a one-sector model with perfect competition, constant returns-to-scale technology and a balanced-budget fiscal policy. We find a possible stabilization channel of elasticity of substitution through which the endogenous labor income tax could generate saddle-path stability and equilibrium uniqueness. The intuition behind this mechanism is that the elasticity of substitution could impose an additional restriction on the labor demand curve, which would be always downward-sloping and thus eliminate the possibility for indeterminacy. Moreover, four other different types of balanced-budget fiscal policies are also examined on their impacts on indeterminacy.
点击下载：Taxation presentation.pdf
