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主讲人 |
Jinhui Bai |
简介 |
<p>This study explores the welfare and distributional effects of ?scal volatility using a neoclassical stochasticgrowth model with incomplete markets. In our model, households face uninsurable idiosyncratic risks in their labor income and discount factor processes, and we allow aggregate uncertainty to arise from both productivity and government purchases shocks. We calibrate our model to key features of the U.S. economy, before eliminating government purchases shocks. We then evaluate the distributional consequences of the elimination of ?scal volatility and find that, in our baseline case, welfare gains increase with private wealth holdings.</p>
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主讲人简介 |
<p>Associate Professor, School of Economic Sciences, Washington State University.</p>
<p><a href="/Upload/File/2018/5/20180522043443966.pdf"><span style="color: rgb(255, 102, 0);">Prof. Bai's CV</span></a></p> |
期数 |
高级经济学系列讲座2018春季学期第十讲（总第404讲） |
