[ECON20141210]

宏觀經濟學研討會 （總第161期）

【時間】2014年5月7日（周三）12：15－13：45
【地點】明商0202
【主講】王燦  吉林大學經濟學院
【點評】陳樸  中國人民大學經濟學院助理教授 明尼蘇達大學經濟學博士
【主題】Overborrowing and Systemic Externalities in the Business Cycle (written by Javier Bianchi, American Economic Review, 2011)
【摘要】Credit constraints linking debt to market-determined prices embody a systemic credit externality that drives a wedge between competitive and constrained socially optimal equilibria, inducing private agents to overborrow. This externality arises because private agents fail to internalize the financial amplification effects of carrying a large amount of debt when credit constraints bind. We conduct a quantitative analysis of this externality in a two-sector dynamic stochastic general equilibrium (DSGE) model of a small open economy calibrated to emerging markets. Raising the cost of borrowing during tranquil times restores constrained efficiency and significantly reduces the incidence and severity of financial crises.


【主持】陳彥斌 教授




     人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態(tài)優(yōu)化模型，并使用計算機模擬研究經濟增長、收入分配和宏觀政策等中國宏觀經濟重大問題。
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