演講者簡介 : Professor Jang-Ting Guo received his PhD from the University of California, Los Angeles in 1993. He is currently a Professor at the University of California, Riverside. His main research areas are Sunspots and Self-Fulfilling Beliefs in Real Business Cycle Models, Indeterminacy and Stabilization Policy, Fiscal Policy and Macroeconomic (In)stability, International Business Cycles, and Dynamic Optimal Nonlinear Income Taxation.
演講摘要 : In the context of a stylized two-period overlapping generations model, this paper examines the macroeconomic (in)stability effects of a balanced-budget rule whereby constant government spending is financed by endogenous taxation on agents’ labor income or consumption expenditures. In sharp contrast to previous studies for a representative-agent framework, our baseline economy always exhibits local equilibrium uniqueness, hence both labor and consumption taxes are stabilizing instruments that will not lead to business cycle fluctuations driven by animal spirits. Moreover, this no-indeterminacy result and associated dynamic equivalence between endogenous labor versus consumption taxation remain qualitatively robust to various modifications in the household-preference or firm-production formulations.
