题   目：Optimal Taxation and Asset Pricing with Incomplete  Markets

嘉   宾：朱胜豪，教授，对外经济贸易大学

主持人：文一，特聘教授，上海交通大学

时   间：2023年3月17日（周五）12:40-14:10 

地   点：上海交通大学（徐汇校区）安泰经济与管理学院B207

内容简介：

In this  paper we study the optimal taxation and government debt/asset management and  price volatility in economy with incomplete markets. With quasi-linear  preference, any finite government asset is sustainable and the Ramsey  government would play a Ponzi game in absence of restriction on taxation. When  taxes or assets are bounded, the asset accumulation process becomes ergodic  even when the government expenditure follows a Markov process. Furthermore, we  show that the celebrated Martingale convergence result in the literature is  due to the weak precautionary savings motive by the government. Once the  government has sufficiently strong precautionary savings motive, the ergodic  property of assetaccumulation process will return. Our findings indicate that  the optimal taxation and government debt/asset management are intrinsically  correlated, with significant implications on asset pricing.

演讲人简介：

朱胜豪，现任对外经济贸易大学教授。纽约大学经济学博士。在Econometrica, Journal  of Economic Theory, International Economic Review等国际一流经济学期刊上发表数篇论文。学术成果在Google Scholar上被国际同行引用800多次。朱胜豪教授的主要研究领域是宏观经济和收入分配。他的研究结合动态宏观经济学异质性模型和家庭微观大数据，利用计算技术解决微观主体决策的激励相容问题，通过数值模拟来设计最优经济政策。主持过一项财税政策对收入分配和财富不平等影响的国家自然科学基金面上项目。

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