一、报告题目：

Progressive Taxation, Nominal Wage Rigidity, and Business Cycle Destabilization

二、报告人：

Prof. Jang-Ting Guo, University of California Riverside

郭建廷教授，美国加州大学河滨分校经济系

三、报告时间：

 2019年9月23日 （周一） 下午15:30-17:00

四、报告地点：知新楼B321

五、报告人简介：

Jang-Ting Guo（郭建廷），美国加州大学河滨分校经济系教授，主要研究方向为宏观经济周期、非确定均衡与经济稳定、财政与税收政策、国际经济周期理论、经济增长理论等，是著名的Benhabib-Farmer-Guo动态非确定均衡（dynamic indeterminacy）与自我实现预期（self-fulfilling beliefs）经济周期理论的创始人之一。在Journal of Economic Theory，Journal of Monetary Economics，International Economic Review，Review of Economic Dynamics，European Economic Review等国际顶级期刊发表论文50余篇。

六、 报告摘要：

In the context of a prototypical New Keynesian model, this paper examines the theoretical interrelations between two tractable formulations of progressive taxation on labor income versus (i) the equilibrium degree of nominal wage rigidity as well as (ii) the resulting volatilities of hours worked and output in response to a monetary shock. In sharp contrast to the traditional stabilization view, we analytically show that linearly progressive taxation always operates like an automatic destabilizer which leads to higher cyclical fluctuations within the macroeconomy. We also obtain the same business cycle destabilization result under continuously progressive taxation if the initial degree of tax progressivity is sufficient low.

七、主办单位：

香港12生肖49号码表图