题目：Production Network and International Fiscal Spillovers
报告人：余昌华，北京大学国家发展研究院 助理教授、研究员
时间：2017年11月3日(周五) 14：00 ～ 15：00
地点：经管院B226
报告摘要如下：
In a context of a liquidity trap, fiscal policy remains an efficient tool to deal with fluctuations of economic activity. In open economies, the multiplier effect of this fiscal policy may be associated with an international spillover effect. The literature highlights large multiplier and spillover effects of fiscal policy whereas these effects remain small in the theoretical literature. Considering international production networks, this papers develops a theoretical explanation consistent with the size of fiscal spillover effects suggested by the empirical literature. We proceed in two steps. First, we develop a two-country general equilibrium model with production network and financial frictions based on Saki Bigio and Jennifer La'O (2016 ) where labour is not mobile between countries. We show analytically that in a symmetric two-country world, the network does not influence the size of multiplier and spillover effects when the fiscal policy is symmetric. However, in this symmetric world, when public spending increases in only one of the two countries, international production network matters for multiplier and spillover effects. The more connected nodes are, the lower the multiplier effect. The spillover effect is _rst increasing with the connection of the network and then decreasing. Contrasting with Daron Acemoglu and Vasco M. Carvalho and Asuman Ozdaglar and Alireza Tahbaz Salehi (2012), we get both upstream and downstream effects following a fiscal shock. Because of labour immobility between countries, this fiscal shock leads to a terms of trade adjustment, driving contagion.
报告人简介：
余昌华，北京大学国家发展研究院助理教授、研究员，经济学博士，主要研究方向为国际金融、货币政策、金融市场与宏观经济。2012年毕业于英属哥伦比亚大学，在此之前，先后就读于中国人民大学（法学学士）和北京大学（经济学硕士）。2013年获得国家自然科学基金青年项目资助，2014年获得教育部留学归国人员科研启动基金资助。2015年博士论文的一章在国际一流的经济学学术期刊“Journal of International Economics”独立署名发表。2015年6-7月应邀在香港金融研究中心做客座研究员。
