講座題目：Inflation and Growth: The Role of Central Bank Independence
主講人：何其春 bevictor伟德官网中國經濟與管理研究院副教授
講座時間：2016年9月28日 10：00-11：30
講座地點：學術會堂606會議室  

主講人簡介：
何其春，bevictor伟德官网中國經濟與管理研究院副教授。何其春副教授在北京大學獲得城市規劃專業學士後，因對經濟學的嚴謹和中國經濟發展的興趣，轉攻經濟學，并于加拿大英屬哥倫比亞大學獲得經濟學博士學位。回國後一直從事經濟增長和中國經濟的研究（兼顧理論與實證），喜歡教學，并喜歡思考中國近代落後的根源與将來中國成功之道。作為存身之本，發表了十幾篇SSCI論文和幾篇中文頂尖期刊論文。目前仍然努力思考和創作中，希望能夠取得更好的發表，并為中華崛起和真正的繁榮貢獻自己的綿薄之力。  

講座内容介紹：
This paper reexamines the relationship between inflation and growth. We find strong evidence of a positive interaction effect between inflation and central bank independence in promoting economic growth, using data on OECD countries. We develop a model where the share of the seigniorage revenue from inflation used in non-productive government consumption (the grabbing hand) is decreased by a higher degree of central bank independence. A larger amount of seigniorage revenue grabbed by the government would hire away more labor from entrepreneurs, decreasing growth. The higher the degree of central bank independence is, the lower the share of the seigniorage revenue that would be kept by the government. As a result, more labor would be employed in R&D, which would increase growth. Therefore, the marginal effect of inflation on growth depends positively on the degree of central bank independence.