一、主讲人：朱岭，美国马里兰大学经济学博士，美国科尔比学院(Colby College)学士。主要研究领域为国际金融、宏观经济学、货币经济学。

二、主题：Employment and Financial Stability: Dual Goals of Capital Flow Management

I study optimal capital flow management in a small open-economy DSGE model with two frictions: downward nominal wage rigidity and a price-dependent collateral constraint. Wage rigidity introduces an aggregate demand externality under fixed exchange rates and the collateral constraint introduces a pecuniary externality. I provide an analytical characterization of the optimal capital flow management measures and show how they mitigate the externalities. Specifically, I find that the optimal policy is a prudential tax that discourages capital inflows when the risk of financial crisis is high or when wage is increasing, and it is a stimulative subsidy that encourages capital inflows when unemployment is high and the risk of financial crisis is low.

Using quantitative methods and standard calibration, I show that the optimal state-contingent capital inflow tax and even a non-state-contingent flat tax can significantly reduce unemployment and prevent financial crises, hence ultimately improving welfare. These results are of particular relevance for members of a currency union or emerging economies with an exchange rate peg.

三、时间：2015年1月28日，星期三上午，10:00-11:00

四、地点：中央财经大学学院南路校区主教学楼913会议室

五、主持人：张礼卿教授，必赢565net官网院长