Topic:

Keeping up with the Joneses and fiscal puzzles

Lecturer: Jianpo Xue

Jianpo Xue, B.A., M.A., Peking University, Economics, The Chinese University of Hong Kong Doctor of Philosophy. Vice President, Zou Zhizhuang Institute of Economics, Xiamen University Grant, Doctoral Supervisor, China Economic Issues and Journal of Associate Editor, Journal of Macroeconomics. Main research area is macroeconomics Fiscal Theory and Policy, Monetary Economics. In the international and domestic first-class economy.He has published many papers in academic journals, and has undertaken many national projects as a project leader in Level research projects.

Abstract；

The Great Recession has revived great interests in the effects of expansionary fiscal measures and in social comparison relevant for private decision.We make two contributionis in this paper linking these two interests. First, we establish three empirical regularities concerning the impacts of an unanticipated government spending hike: (1) private consumption tends to rise, (2) price and inflation tend to fall, and (3) these quantity and price responses are unlikely driven by the shock's impact (if any) on total factor productivity (TFP). Second, we construct and estimate a structural model allowing social comparison in household decision-making l the notion of Keeping up with the Joneses (KUJ) that accounts for these empirical regularities.

Time: April 26,2024 9:00-10:30

Venue: B321,ZhixinBuilding,Central Campus