【Micro/Finance Webinar】Optimal Long-Run Fiscal Policy with Heterogeneous Agents

  • 研討會日期 : 2023-11-10
  • 時間 : 09:00
  • 主講人 : Professor Ludwig Straub
  • 地點 : Online
  • 演講者簡介 : Professor Ludwig Straub received his PhD from Massachusetts Institute of Technology in 2018. He is currrently an Assistant Professor of Finance at Harvard University. His research interests are macroeconomics and international economics.
  • 演講摘要 : This project introduces a new sequence-space approach to characterizing the steady state of dynamic Ramsey taxation problems. Applying our approach to standard heterogeneous-agent models a la Aiyagari (1995) we find that such Ramsey steady states typically do not exist. Instead, our results point to the optimality of long-run immiseration in these models, driven by unreasonably strong anticipatory effects of future tax changes. Deviating from perfect foresight to dampen anticipation generates well- behaved Ramsey steady states.