{"id":15039,"date":"2024-08-23T11:18:22","date_gmt":"2024-08-23T09:18:22","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=events&#038;p=15039"},"modified":"2024-11-06T14:08:01","modified_gmt":"2024-11-06T13:08:01","slug":"dem-lunch-seminar-with-johannes-brumm-karlsruhe-institute-of-technology-de","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-lunch-seminar-with-johannes-brumm-karlsruhe-institute-of-technology-de\/","title":{"rendered":"DEM Lunch Seminar with Johannes Brumm, Karlsruhe Institute of Technology, DE"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<p><\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.eventbrite.fr\/e\/dem-lunch-seminar-with-johannes-brumm-karlsruhe-institute-of-technology-registration-1001121650807?aff=oddtdtcreator\"\n                target=\"_self\"\n        class=\"btn btn--primary\"\n            >Register<\/a>\n<\/li>\n\n\n<li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/calendar?post_type=events&#038;p=15039&#038;calendar\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Add to calendar<\/a>\n<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Public Debt in Calibrated OLG Models: &nbsp;Fiscal Arithmetic versus Welfare Analysis<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>We analyze the fiscal and welfare implications of the size of public debt in stochastic OLG models with distortionary taxation. The government borrowing rate is realistically sensitive to debt issuance and lower than the growth rate. The risky rate is much higher due to convenience benefits of public debt, idiosyncratic return risk, and aggregate risk. Although free-lunch deficits can reduce tax distortions, we find that welfare-maximizing debt (WMD) is substantially lower than deficit-maximizing debt (DMD). Accounting for market power further reduces WMD yet barely changes DMD. When wealth inequality is included, the rich favor higher debt than the middle class.<\/p>\n\n\n\n<p><strong>About Johannes Brumm:<\/strong><\/p>\n\n\n\n<p>Johannes Brumm<strong> <\/strong>is a Professor of Macroeconomics at the Karlsruhe Institute of Technology (KIT). He has previously held (visiting) positions at the University of Zurich, Boston University, and Harvard University. In 2022, Johannes was awarded an ERC Starting Grant. His research covers various topics in macroeconomics, financial economics, and public finance. To address these questions, Johannes frequently employs and advances computational methods for global solutions of dynamic stochastic models. His work has been published in leading macroeconomic and general interest journals, including the Journal of Monetary Economics, AEJ: Macroeconomics, and Econometrica.<br><br><\/p>\n\n\n\n<p><strong>Language:<\/strong> English<\/p>\n\n\n\n<p>This i a free seminar. Registration is mandatory.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>We analyze the fiscal and welfare implications of the size of public debt in stochastic OLG models with distortionary taxation. The government borrowing rate is realistically sensitive to debt issuance and lower than the growth rate.<\/p>\n","protected":false},"author":99,"featured_media":10247,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2024-11-20 13:00:00","event_end_date":"2024-11-20 14:00:00","event_speaker_name":"Johannes Brumm","event_speaker_link":"https:\/\/johannesbrumm.com\/","event_is_online":false,"event_location":"Campus Kirchberg","event_street":"6, rue Richard Coudenhove-Kalergi","event_location_link":"https:\/\/www.uni.lu\/en\/about\/campuses\/kirchberg-campus\/","event_zip_code":"1359","event_city":"Luxembourg","event_country":"Luxembourg"},"events-topic":[298],"events-type":[323,322,315],"organisation":[138,101],"authorship":[99],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Public Debt in Calibrated OLG Models - FDEF I Uni.lu<\/title>\n<meta name=\"description\" content=\"We analyze the fiscal and welfare implications of the size of public debt in stochastic OLG models with distortionary taxation. 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