讲座题目：Saving Constraints, Debt, and the Credit Market Response to Fiscal Stimulus: Theory and Cross-Country Evidence

　　主讲人：Eric R Young

　　讲座地点：A208教室

　　讲座时间：2019年6月6日(周四)上午10:00-11:30

　　主办单位：999策略白菜手机论坛数理经济与数理金融系

　　主持人：魏立佳

　　讲座摘要：We document that the interest rate response to fiscal stimulus is lower in countries with high inequality or high household debt. To interpret this evidence we develop a model in which households take on debt to maintain a minimum consumption threshold. Now debt-burdened, these households use additional income to deleverage. In economies with more debt-burdened households, increases in government spending tighten credit conditions less (relax credit conditions more), leading to smaller increases (larger declines) in the interest rate. To validate our mechanism we confirm that the pre-Global Financial Crisis consumption response to fiscal stimulus is lower in countries with high inequality or household debt and in U.S. counties with high household debt. An implication of our theoretical and empirical results is that the sign of the debt-dependence of the effects of fiscal stimulus varies with credit conditions.

　　主讲人简介：Eric R Young, 美国卡耐基梅隆大学经济学博士，现任美国弗吉尼亚大学经济学教授，主要研究宏观经济学，资产定价，货币与财政政策，以及计算经济学理论。Eric Young 教授在Journal of Monetary Economics, Journal of Economic Theory, Journal of International Economics, Review of Economic Dynamics, American Economic Journal: Macroeconomics, European Economic Review，Journal of Economic Dynamics and Control 等国际顶尖期刊发表论文30篇。同时，Eric Young 教授还担任国际著名期刊Journal of Economic Dynamics and Control 以及Economic Letters 副主编，并曾担任美国联邦储备委员会，香港金融管理局，以及国际货币基金组织等机构的高级访问学者与研究员。