理悦CEMA·知与行系列研讨会：Interest rate and public debt?

主题：When Interest Rates Go Low, Should Public Debt Go High? 报告人：冯翔宇，厦门大学助理教授 摘要：Is deficit finance free when real borrowing rates are routinely lower than growth rates? Specifically, can the government make all generations better off by perpetually taking from the young and giving to the old? We study this question in stochastic closed- and open economy OLG models. Unfortunately, Pareto gains are predicted only for implausible calibrations. Even then, the gains reflect improved inter-generational risk-sharing, improved international risk sharing, and beggaring thy neighbor – not inter-generational redistribution per se. As we show, theoretically and quantitatively, low government borrowing rates suggest state-contingent, bilateral transfers between generations, not unconditional, unilateral redistribution from future to current generations. 报告人简介：冯翔宇，厦门大学助理教授。博士毕业于波士顿大学，研究方向是宏观经济学，经济增长和公共财政。曾在Economic Journal, Journal of Public Economics等国际顶级期刊发表文章。 时间：2024年4月25日（周四）中午12:00-1:30 地点：中央财经大学学院南路校区学术会堂712会议室 主办单位：创新发展学院中国经济与管理研究院