主题｜Topic：The Welfare and Distributional Effects of Fiscal Volatility: a Quantitative Evaluation
时间｜Time：3月23日(周五)｜March 23th (Friday), 2:00 - 5:00PM
地点｜Venue: 文波207教室｜Room 207，Wenbo Building
主讲｜Speaker
白金辉教授本科毕业于中国人民大学经济学院，硕士研究生毕业于北京大学国家发展研究院，博士毕业于耶鲁大学经济学院。现为清华大学客座教授、华盛顿州立大学经济科学学院副教授。上已在Quantitative Economics，Review of Economic Dynamics，International Economic Review，Review of Economic Studies，Journal of Mathematical Economics 等国内外知名期刊发表多篇学术论文。
研究领域｜Research Interests
宏观经济学、政治经济学、经济理论
Macroeconomics, Political Economy, Economic Theory
摘要｜Abstract
This study explores the welfare and distributional effects of fiscal volatility using a neoclassical stochastic growth 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 fiscal volatility and find that, in our baseline case, welfare gains increase with private wealth holdings.
