【题  目】A fiscal theory of monetary policy with debt maturity and primary market frictions

【时  间】2026年4月22日（星期三），14:00-15:30

【地  点】后主楼1722会议室

【主讲人】薛涧坡 教授（厦门大学王亚南经济研究院、经济学院）

【主持人】王  言 讲师（北京师范大学经济与工商管理学院）

摘要：This paper investigates the interactions between monetary and fiscal policies considering debt maturity and primary market frictions. We show that these factors fundamentally alter the standard local determinacy conditions from Leeper (1991): extending debt maturities within the active fiscal/passive monetary regime (AF/PM) can generate endogenous fluctuations. This occurs through two channels: (i) the amortization channel, which spreads fixed issuance costs over time; and (ii) the intermediation channel, which relaxes financial constraints on intermediaries. Together, these channels create a wedge between primary auction prices and secondary market valuations. Extending maturity narrows this wedge, reducing effective financing costs and loosening the intertemporal budget constraint. In this environment, expectation-driven shocks (sunspots) trigger endogenous friction adjustments that reinforce initial beliefs. We identify a policy trilemma: with primary market frictions, policymakers cannot simultaneously dilute real debt via inflation, strengthen fiscal adjustment, and extend debt maturity; at most two objectives can be achieved concurrently.

报告人简介：

薛涧坡，现为厦门大学王亚南经济研究院、经济学院教授。主要研究领域为宏观经济学、财政理论与政策、货币经济学。在国内国际一流经济学学术期刊发表多篇论文，包括《管理世界》《经济学（季刊）》《管理科学学报》《财贸经济》，以及Journal of International Economics, Review of Economic Dynamics, Journal of Money, Credit and Banking, Journal of Economic Dynamics and Control, Economic Theory, Journal of Mathematical Economics等，承担多项国家级研究项目。现担任Journal of Macroeconomics 的副主编（Associate Editor)。