一、会议时间：2026年11月7日上午9时整
二、会议地点：中国西部科技创新港涵英楼8楼8121会议室
三、会议议程：
1.介绍参会嘉宾及教师代表
主持人：程茂勇 西安交通大学
时间：9:00-9:10
2.学术研讨
研讨会主题I：Debt Maturity and Fiscal Stability under Primary Market Frictions
主讲人：薛涧坡 厦门大学
主持人：程茂勇 西安交通大学
讲座时间：9:10-10:00
讨论时间：10:00-10:10
研讨会主题II：Flight-to-Safety and Term Spread Targeted Bond Operations in China
主讲人：梅冬州 中央财经大学
主持人：马文涛 西安交通大学
讲座时间：10:10-11:00
讨论时间：11:00-11:10
研讨会主题III：Optimal Taxation when Adverse Selection Meets Moral Hazard
主讲人：崔小勇 北京大学
主持人：马文涛 西安交通大学
讲座时间：11:10-12:00
讨论时间：12:00-12:10
3.会议总结
总结人：马文涛 西安交通大学
总结时间：12:10-12:20
研讨会主题介绍
主题I.Debt Maturity and Fiscal Stability under Primary Market Frictions
讲座人：薛涧坡 厦门大学
内容简介：We study how debt maturity shapes fiscal stability and local equilibrium determinacy in a New Keynesian model with long-term nominal debt and primary-market frictions. We show that 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.
主讲人简介：薛涧坡，现为厦门大学邹至庄经济研究院副院长，王亚南经济研究院和经济学院教授。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，获国家本科教学成果一等奖。现担任Journal of Macroeconomics副主编（Associate Editor)。
主题II.Flight-to-Safety and Term Spread Targeted Bond Operations in China
讲座人：梅冬州 中央财经大学
内容简介：In financially segmented economies, declining risk-free rates may fail to stimulate corporate credit. Documenting a severed transmission mechanism in China, this analysis shows that flight-to-safety shocks paradoxically tighten corporate credit. A multi-sector DSGE model with safe-asset scarcity and institutional segmentation demonstrates that safe-asset demand induces deposit outflows, forcing constrained intermediaries to contract corporate lending. This financial crowding-out channel explains the coexistence of record-low Treasury yields and elevated corporate spreads. Targeted“buy-short, sell-long”operations effectively accommodate safety demand and stabilize credit, whereas conventional long-bond purchases during scarcity traps exacerbate intermediary stress, thereby inducing a suspension of such operations.
主讲人简介：梅冬州，中央财经大学国际经济与贸易学院教授，博士生导师，国家级高层次人才，国家社科基金重大项目首席专家。专业研究领域为开放宏观、国际金融与动态随机一般均衡模型，目前已在国内外知名期刊前已在国内外知名期刊《经济研究》《管理世界》《中国工业经济》、International Economic Review、Journal ofInternational Money and Finance等期刊上发表论文八十余篇，主持国家社科基金重大项目、国家自然科学面上项目、应急管理项目、青年基金项目、教育部课题、北京市社科基金共计十余项，相关成果获得“洪银兴经济学奖”、“刘诗白经济学奖”。出版教材《国际金融学：全球货币体系变迁视角》《国际金融研究手册》。
主题III. Optimal Taxation when Adverse Selection Meets Moral Hazard
讲座人：崔小勇 北京大学
内容简介：This paper studies optimal taxation when earnings reflect both innate ability and idiosyncratic luck. Workers privately observe their ability and choose unobservable effort before uncertainty is resolved, giving rise to both adverse selection and moral hazard. We thus propose a tax menu indexed by reported ability and realized income, allowing us to decompose the joint problem into a within-type insurance problem and an across-type screening problem. This yields two linked tax margins: a luck margin balancing insurance and effort incentives, and an ability margin balancing redistribution and information rents. The luck margin can rise with income and be negative at low incomes, while earnings risk modifies the Mirrleesian ABC formula for the ability margin through risk adjustment and effort compensation, potentially overturning no distortion at the top. Calibrated to U.S. earnings-risk moments, the model yields lower luck margins for higher-ability workers at the same income, an inverse-U-shaped ability margin, and a 0.473% consumption-equivalent welfare gain over optimal income-only taxation.
主讲人简介：崔小勇，北京大学经济学院财政学系长聘副教授，博士生导师，中国财政学会第十一届理事会理事，北京大学数量经济与数理金融教育部重点实验室副主任，北京大学中国财税研究中心副主任。研究领域包括宏观经济学与公共经济学，研究方向包括宏观经济理论、公共经济理论、收入与财富不平等、财税政策、金融与货币政策等。在Journal of Public Economics、Economics Letters、Journal of Macroeconomics，《经济研究》《管理世界》《金融研究》《世界经济》等经济学权威期刊发表学术论文五十余篇，合作著作《政府政策改变的福利分析方法与应用》入选国家哲学社会科学文库，主持和参与多项国家自然科学基金、国家社会科学基金和省部级课题。先后获得第十届教育部科学研究优秀成果奖（人文社会科学）三等奖、北京大学优秀博士学位论文指导教师奖、北京大学优秀德育奖、民进中央参政议政成果一、二、三等奖、北京大学兴证全球基金师德优秀奖、北京大学经济学院优秀教学奖等荣誉。
