【ECON20171216】  
      宏觀經濟學研討會          （總第231期）      
      【時間】2017年11月1日（周三）12：15－13：45          【地點】明商0202教室          【主講】黃源 中國人民大學經濟學院          【主題】 Financial Frictions and Fluctuations in Volatility（C. Arellano, NBER Working Paper, 2016）          【摘要】During the recent U.S. financial crisis, the large decline in economic activity and credit was accompanied by a large increase in the dispersion of growth rates across firms. However, even though aggregate labor and output fell sharply during this period, labor productivity did not. These features motivate us to build a model in which increased volatility at the firm level generates a downturn but has little effect on labor productivity. In the model, hiring inputs is risky because financial frictions limit firms` ability to insure against shocks that occur between the time of production and the receipt of revenues. Hence, an increase in idiosyncratic volatility induces firms to reduce their inputs to reduce such risk. We find that our model can generate about 67% of the decline in output of the Great Recession of 2007–2009.          【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優化模型，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。          聯系人：劉哲希    Email：Macro_Workshop@163.com          資料下載：www.docin.com/mydoc-88265459-1.html          更多講座信息請訪問：www.dehf4y.cn，www.yanjiuyuan.com.cn。      
   
      中國人民大學經濟學院          中國經濟改革與發展研究院