講座題目：Optimal Size and Composition of Government Spending in Small Open Economies（小型開放經(jīng)濟(jì)中最優(yōu)政府開支）
主講人 ：杜清源 莫納什大學(xué)經(jīng)濟(jì)學(xué)系
講座時(shí)間：2023年12月6日14:30
講座地點(diǎn)：學(xué)院210
講座內(nèi)容摘要：
In this paper we study how government spending should adjust when responding to productivity shocks. We do so in the context of a small open economy with tradable and non-tradable sectors, fixed exchange rate, downward nominal wage rigidities, and two government spending programs. In our model changes in government consumption (non-productive spending) and government investment (productive spending) influence aggregate demand and contribute to short-run economic stabilization. Moreover, through productive spending, it can also impact productivity, which in turn affects aggregate supply and long-run output. We consider three government spending policies: (i) a Ramsey policy where the size and composition of government spending are optimally adjusted; (ii) a constant share policy where the composition is kept unchanged; and (iii) an optimal government consumption policy where government consumption can be changed, but public investment is kept constant. Our simulation results show that changes in the size and composition of government spending can effectively reduce the impact of negative productivity shocks. In particular, it can decrease involuntary unemployment, and help smooth private consumption. However, these effects are asymmetric during the boom-bust episodes. The Ramsey and optimal government consumption policies appear to be more effective in smoothing the adverse productivity shocks and maintaining low unemployment. Meanwhile, aggressive responses in public investment to productivity shocks deliver higher welfare.
我們在本文中研究經(jīng)濟(jì)周期中政府如何選取最優(yōu)政府開支來應(yīng)對經(jīng)濟(jì)中存在的沖擊。我們通過建立一個(gè)兩部門模型（可貿(mào)易部門以及不可貿(mào)易部門），研究在固定匯率下當(dāng)經(jīng)濟(jì)體面臨名義工資剛性的情況下政府的最優(yōu)政策行為。在我們的模型中，政府通過調(diào)整政府消費(fèi)（非生產(chǎn)性支出）和政府投資（生產(chǎn)性支出）的來影響總體需求，促進(jìn)短期經(jīng)濟(jì)穩(wěn)定。此外，政府通過生產(chǎn)性支出影響經(jīng)濟(jì)的生產(chǎn)效率，進(jìn)而影響總體供應(yīng)和長期產(chǎn)出。我們考慮三種政府支出政策：(i) Ramsey最優(yōu)政策，即政府支出的規(guī)模和構(gòu)成都得到了最優(yōu)調(diào)整；(ii) 固定份額的政府開支政策，即政府投資和政府消費(fèi)在經(jīng)濟(jì)周期中比重保持不變；以及(iii) 最佳政府消費(fèi)政策，即政府消費(fèi)可以更改，但公共投資保持不變。我們的模擬結(jié)果顯示，政府支出的規(guī)模和構(gòu)成的變化可以有效減少負(fù)面生產(chǎn)力沖擊的影響。特別是，它可以減少非自愿失業(yè)，并幫助平滑私人消費(fèi)。然而，這些效果在繁榮-衰退時(shí)期是不對稱的。Ramsey政策和最優(yōu)政府消費(fèi)政策似乎在平滑不利的生產(chǎn)力沖擊和維持低失業(yè)方面更為有效。同時(shí)，對生產(chǎn)力沖擊的公共投資的積極響應(yīng)帶來了更高的福利。
主講人學(xué)術(shù)簡介：
Dr. Qingyuan Du is currently a Senior Lecturer in the Department of Economics at Monash University. He obtained his Ph.D. from Columbia University in 2011. His primary research areas are international economics and macroeconomic policies. Dr. Du has published his research in well-known international refereed journals, including the Journal of International Economics, Review of Economic Dynamics, European Economic Review, Journal of International Money and Finance, among others.
杜清源博士目前是莫納什大學(xué)經(jīng)濟(jì)學(xué)系的高級講師。他于2011年從哥倫比亞大學(xué)獲得經(jīng)濟(jì)學(xué)博士學(xué)位。他的主要研究領(lǐng)域是國際經(jīng)濟(jì)學(xué)和宏觀經(jīng)濟(jì)政策。杜博士已在著名的國際審稿期刊上發(fā)表了他的研究，包括《國際經(jīng)濟(jì)學(xué)雜志》、《經(jīng)濟(jì)動態(tài)評論》、《歐洲經(jīng)濟(jì)評論》、《國際貨幣與金融雜志》等。
