【ECON20191207】 ??

宏觀經(jīng)濟(jì)學(xué)研討會(huì) ? ? ? ? ?

（總第262期）? ? ??? ??

【時(shí)間】2019年4月24日（周三）12：15－13：45 ? ? ? ? ?

【地點(diǎn)】明商0202教室 ? ? ? ? ?

【主講】隨曉芹 中國(guó)人民大學(xué)經(jīng)濟(jì)學(xué)院 ? ? ? ? ?

【主題】The Real Effects of the Financial Crisis（Ben Bernanke, Working Paper, 2018） ? ? ? ? ?

【點(diǎn)評(píng)】郭豫媚 中央財(cái)經(jīng)大學(xué)金融學(xué)院講師 ? ? ? ? ?

【摘要】Economists both failed to predict the global financial crisis and underestimated its consequences for the broader economy. Focusing on the second of these failures, this paper makes two contributions. First, I review research since the crisis on the role of credit factors in the decisions of households, firms, and financial intermediaries and in macroeconomic modeling. This research provides broad support for the view that credit-market developments deserve greater attention from macroeconomists, not only for analyzing the economic effects of financial crises but in the study of ordinary business cycles as well. Second, I provide new evidence on the channels by which the recent financial crisis depressed economic activity in the United States. Although the deterioration of household balance sheets and the associated deleveraging likely contributed to the initial economic downturn and the slowness of the recovery, I find that the unusual severity of the Great Recession was due primarily to the panic in funding and securitization markets, which disrupted the supply of credit. This finding helps to justify the government’s extraordinary efforts to stem the panic in order to avoid greater damage to the real economy. ? ________________________________________ ? 人大宏觀經(jīng)濟(jì)學(xué)研討會(huì)（Macro Workshop）旨在追蹤宏觀經(jīng)濟(jì)學(xué)國(guó)際最新進(jìn)展，倡導(dǎo)構(gòu)建符合國(guó)情的動(dòng)態(tài)優(yōu)化模型，并使用計(jì)算機(jī)模擬研究經(jīng)濟(jì)增長(zhǎng)、收入分配和宏觀政策等中國(guó)宏觀經(jīng)濟(jì)重大問(wèn)題。 ? ????????聯(lián)系人：王兆瑞? ? Email：Macro_Workshop@163.com? ?

資料下載：www.docin.com/mydoc-88265459-1.html? ?

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中國(guó)人民大學(xué)經(jīng)濟(jì)學(xué)院

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