h视频

时间：2026年10月30日14:00-15:30(周五)

地点：中关村校区明德主楼729会议室

主讲人：赵开 康涅狄格大学经济系教授

主持人：乔雪教授

题目：Financial Frictions and the Optimal Quantity of Government Debt

讲座简介：

We study the optimal level of government debt in an incomplete-markets model featuring financially constrained firms and dynastic households subject to idiosyncratic earnings risk. In contrast to the existing literature, government debt in our framework does not significantly crowd out private capital because firms’ investment decisions are primarily governed by financial frictions. As a result, the model predicts a higher optimal level of government debt relative to standard models that abstract from such frictions. We calibrate the model to the Chinese economy, where the production sector is characterized by substantial financial constraints. Our results indicate that the optimal level of government debt is considerably higher than China’s current debt level. This finding suggests that concerns regarding China’s government debt may be overstated. However, counterfactual experiments show that increasing China’s current debt level to its optimal level would yield only modest welfare gains, as the welfare profile is relatively flat in that region. In contrast, eliminating government debt altogether would result in a significant welfare loss.

个人简介：

赵开，经济学博士，现任美国康涅狄格大学 (University of Connecticut) 经济系教授及研究生部主任，中国留美经济学会(CES)理事，国际经济学期刊International Studies of Economics主编。他曾任美联储访问经济学家，南加大商学院访问教授。赵开博士的主要研究领域为宏观经济学和公共财政，长期关注消费与储蓄问题，收入与财富分配问题，及养老保险和医疗保险等社会保障制度对实体经济的影响。他的研究发表在包括Review of Economic Studies, Journal of Monetary Economics，International Economic Review，Review of Economic Dynamics，European Economic Review，Journal of Economic Dynamics & Control 在内的国际一流经济学期刊。