上财高研院3篇论文被经济学领域国际顶尖和权威期刊接受发表

近日，我院朱梅副研究员、欧声亮助教授、张同斌助教授等3位老师分别在经济学领域顶尖期刊和国际二类期刊接受发表论文3篇，李倩助教授也于近期在国际二类期刊正式发文1篇，体现了研究院追求卓越的精神，助力“上财国际2.0”计划的推进和学校国际学术话语权的提升。

朱梅副研究员的合作论文“Statistical Sunspots”（合作者为加利福尼亚大学尔湾分校William Branch教授、俄勒冈大学Bruce McGough 教授）被Theoretical Economics接受发表。

Abstract

This paper shows that belief-driven economic fluctuations are a general feature of many determinate macroeconomic models. In environments with hidden state variables, forecast-model misspecification can break the link between indeterminacy and sunspots by establishing the existence of “statistical sunspots” in models that have a unique rational expectations equilibrium. To form expectations, agents regress on a set of observables that can include serially correlated non-fundamental factors (e.g. sunspots, judgment, expectations shocks, etc.). In equilibrium, agents attribute, in a self-fulfilling way, some of the serial correlation observed in data to extrinsic noise, i.e. statistical sunspots. This leads to sunspot equilibria in models with a unique rational expectations equilibrium. Unlike many rational sunspots, these equilibria are found to be generically stable under learning. Applications are developed in the context of a New Keynesian and an asset-pricing model.

朱梅

北京大学博士毕业，现任上海财经大学高等研究院副研究员，研究领域为宏观经济学、金融数学，研究成果发表于Journal of Economic Theory、Journal of Economic Dynamics and Control等权威期刊。

欧声亮助教授的合作论文“Information Frictions, Monetary Policy, and the Paradox of Price Flexibility”（合作者为德国波恩大学张冬海助教授、山东大学张仁斌助教授）被Journal of Monetary Economics接受发表。

Abstract

The introduction of digital price tags and e-commerce facilitates the implementation of price adjustments and thereby diminishes the degree of nominal rigidity in an economy. Is this phenomenon welfare-improving? We address this question using a multi-sector New Keynesian model with information frictions and dispersed beliefs. Increased price flexibility may decrease welfare through the dispersed belief channel and the amplified spillover effects. Dispersed beliefs create a novel channel through which the welfare cost of inflation in a sector increases with price flexibility, altering the optimal inflation index stabilization policy. A monetary policy that stabilizes the optimal inflation index mitigates this paradox.

欧声亮

西班牙庞培法布拉大学经济学博士毕业，现任上海财经大学高等研究院助教授，研究领域为宏观经济学、货币经济学。

张同斌助教授的独立作者论文“Stock Prices and the Risk-free Rate: An Internal Rationality Approach”被Journal of Economic Dynamics and Control接受发表。

Abstract

The co-movement of stock prices and the risk-free rate in the United States is weak in terms of the correlation and variance decomposition. It is essential for investors and policymakers to understand such co-movement, especially when several well-known asset pricing models imply a much stronger relationship than the one empirically observed. To explain this inconsistency, this paper presents a model with internally rational agents who optimally update their subjective beliefs about stock prices. Compared with the risk-free rate, agents' subjective beliefs are essential for generating stock market volatility. Quantitatively, our model can jointly produce basic asset market facts and the weak co-movement.

张同斌

西班牙巴塞罗那自治大学博士毕业，现任上海财经大学高等研究院助理教授，研究领域为宏观经济学、金融经济学，参与国家自然科学基金应急项目等。

李倩助教授的合作论文“A Quantitative Evaluation of Universal Basic Income”（合作者为纽约州立大学石溪分校Juan Carlos Conesa教授、北京大学李博助教授）被Journal of Economic Dynamics & Control正式发表。

Abstract

We provide a quantitative evaluation of the impact of Universal Basic Income (UBI) on macroeconomic aggregates, inequality and welfare, exploring different levels of UBI generosity, paired with different strategies to finance it. We find that different levels of UBI can generate welfare improvements in the long-run, and that more generous UBI requires financing through consumption taxes. While welfare improvements are possible for individuals entering the steady state, the analysis of the transitional dynamics suggest generalized welfare losses for existing individuals, casting doubt on the desirability of such reforms. These losses are increasing in the level of generosity of UBI.

李倩

纽约州立大学石溪分校博士毕业，现任上海财经大学高等研究院助教授，研究领域为宏观经济学，公共财政计算经济学，研究内容涵盖税收理论、卫生经济、人力资本、生育模型、房地产和经济周期等，研究成果发表于Journal of Economic Dynamics、Economic Letters、B.E. Journal of Macroeonomics等权威期刊。

高等研究院坚持政策研究与学术研究两手抓两手硬。2020年，研究员累计在《经济研究》、Journal of Comparative Economics、Journal of Economic Behavior & Organization等国内外权威期刊上发表26篇论文，整体发文情况较往年呈现稳健增长，展现了卓越的学术能力与追求，助力学校“双一流”建设和上海市高峰Ⅱ类学科理论经济学的发展，为建成具有鲜明财经特色世界一流大学作出积极贡献。

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上财高研院3篇论文被经济学领域国际顶尖和权威期刊接受发表