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孟祥财：Fiscal Policy Changes and Labor Market Dynamics in Japan’s Lost Decade
发布日期：2017-03-17 11:57 来源：北京大学国家发展研究院
Fiscal Policy Changes and Labor Market Dynamics in Japan’s Lost Decade (with Julen Esteban-Pretel and Ryuichi Tanaka)
Speaker: Xiangcai Meng (Assistant Professor, SolBridge International School of Business)
Moderator: Miaojie Yu(Deputy Dean, National School of Development, Peking University)
Language: English
Timing: Friday 17 March, 2017, 14:00-16:00
Address: Conference Room of YiYuan Building, Peking University
【Introduction of Speaker】
Xiangcai Meng is an Assistant Professor of Economics at SolBridge International School of Business. He obtained his Ph.D. in Economics from National Graduate Institute For Policy Studies (GRIPS) in Japan in 2015.
His research focuses on macroeconomics and labor economics. He employs calibrated dynamic stochastic or deterministic general equilibrium models with market imperfections to examine both positive and normative questions in economics.
His research papers are published in international peer reviewed journals such as Journal of the Japanese and International Economies (SSCI), Japan and the World Economy (SSCI), and Annals of Economics and Finance (SSCI).
【Abstract】
Japan’s so-called Lost Decade of the 1990s presents a unique case study of an economy with a recent severe and prolonged recession, with large changes in the labor market and fiscal policy as the main policy available to the government. Japanese unemployment rate surged from 2.1% in 1991 to 5.4% in 2002. Meanwhile, the Japanese economy experienced a rise in government expenditures, while taxes remained fairly stable. This paper quantitatively evaluates the impact of these changes in fiscal policies on labor market variables, in particular the unemployment rate, during the 1990s. We build, calibrate, and simulate a dynamic general equilibrium model with search frictions in the labor market, a productive government sector, heterogenous government spendings, and different categories of taxes. Our model is
able to reproduce the paths of the main labor market variables, and the counterfactual experiments show that the changes that took place in the different spending components affected the unemployment rate heterogeneously, although overall they kept unemployment lower than if could have been. We also find that had the government also implemented countercyclical tax policies, unemployment would not have risen as much as it did by 2002.
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孟祥财：Fiscal Policy Changes and Labor Market Dynamics in Japan’s Lost Decade
发布日期：2017-03-17 11:57 来源：北京大学国家发展研究院
Fiscal Policy Changes and Labor Market Dynamics in Japan’s Lost Decade (with Julen Esteban-Pretel and Ryuichi Tanaka)
Speaker: Xiangcai Meng (Assistant Professor, SolBridge International School of Business)
Moderator: Miaojie Yu(Deputy Dean, National School of Development, Peking University)
Language: English
Timing: Friday 17 March, 2017, 14:00-16:00
Address: Conference Room of YiYuan Building, Peking University
【Introduction of Speaker】Xiangcai Meng is an Assistant Professor of Economics at SolBridge International School of Business. He obtained his Ph.D. in Economics from National Graduate Institute For Policy Studies (GRIPS) in Japan in 2015.
His research focuses on macroeconomics and labor economics. He employs calibrated dynamic stochastic or deterministic general equilibrium models with market imperfections to examine both positive and normative questions in economics.
His research papers are published in international peer reviewed journals such as Journal of the Japanese and International Economies (SSCI), Japan and the World Economy (SSCI), and Annals of Economics and Finance (SSCI).
【Abstract】
Japan’s so-called Lost Decade of the 1990s presents a unique case study of an economy with a recent severe and prolonged recession, with large changes in the labor market and fiscal policy as the main policy available to the government. Japanese unemployment rate surged from 2.1% in 1991 to 5.4% in 2002. Meanwhile, the Japanese economy experienced a rise in government expenditures, while taxes remained fairly stable. This paper quantitatively evaluates the impact of these changes in fiscal policies on labor market variables, in particular the unemployment rate, during the 1990s. We build, calibrate, and simulate a dynamic general equilibrium model with search frictions in the labor market, a productive government sector, heterogenous government spendings, and different categories of taxes. Our model is
able to reproduce the paths of the main labor market variables, and the counterfactual experiments show that the changes that took place in the different spending components affected the unemployment rate heterogeneously, although overall they kept unemployment lower than if could have been. We also find that had the government also implemented countercyclical tax policies, unemployment would not have risen as much as it did by 2002.
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