讲座题目：Fiscal Stimulus and the Structure of Central Bank's Balance Sheet

讲座时间：2023年11月15日  13:30-14:30

讲座方式：线下，博学楼910

主讲人：

田涵晖是中国人民大学财政金融学院博士研究生，主要研究领域为宏观经济学、货币金融学。他的研究兴趣包括通货膨胀动态机制、财政货币政策协调配合、地方政府债务治理等。他的研究成果发表于《经济研究》《世界经济》《经济理论与经济管理》等期刊。

讲座简介：

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.