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IAER Seminar 90: 冯志钢

报告题目:Optimal Taxation for Economy with Idiosyncratic Shocks and Aggregate Uncertainty

报 告 人:冯志钢

报告时间: 2024年06月12日(周三)15:40-17:00

报告地点:博学楼2楼东侧I-206(高等经济研究院会议室)

主办单位:高等经济研究院

【报告人简介】

冯志钢,内布拉斯加大学奥马哈分校经济系副教授,2009年获迈阿密大学经济学博士学位。他的研究主要集中在宏观经济学、计算经济学、公共财政和劳动经济学。目前,他的研究工作主要围绕开发创新的数值方法,利用人工智能解决大规模动态均衡模型。这些模型有助于理解最佳财政政策和债务可持续性。其论文发表在International Economic Review、Review of Economic Dynamics、Quantitative Economics、Economic Theory 等期刊。

【内容摘要】

This paper characterizes the Markov Perfect Equilibrium for optimal taxation in a heterogeneous agent model with aggregate uncertainty. We develop a novel machine learning-based approach that combines histogram-based distribution approximation, deep neural networks for equilibrium function approximation, a modified value and policy iteration algorithm with a penalty method, and an analytically derived distribution transition kernel. Our method addresses the curse of dimensionality and the challenges posed by strategic interactions between households and the government, allowing us to characterize the global dynamics of the economy starting from any initial distribution. 

Our quantitative analysis reveals that optimal fiscal policy in the presence of heterogeneous agents and aggregate uncertainty differs significantly from that in representative agent models. The government’s optimal taxation decisions are influenced by the distribution of assets and the evolution of inequality over time. We find that the government’s ability to redistribute resources through capital and labor income taxes plays a crucial role in shaping the dynamics of inequality. The optimal tax rates respond to changes in the asset distribution and aggregate shocks, highlighting the importance of considering household heterogeneity in the design of fiscal policies.

【更多信息】

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撰稿:王杰 审核:胡蓉 单位:高等经济研究院

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