【ECON201215】

宏觀經濟學研討會

（總第120期）

【時間】2012年10月23日（周二）12：15－13：45

【地點】明主0409教室

【主講】陳偉澤 中國人民大學經濟學院

【主題】Sudden Stops, Financial Crises, and Leverage（written by Enrique G. Mendoza, 2010, American Economic Review）

【摘要】Financial crashes were followed by deep recessions in the Sudden Stops of emerging economies. An equilibrium business cycle model with a collateral cons- traint explains this phenomenon as a result of the amplification and asymmetry that the constraint induces in the responses of macro-aggregates to shocks. Leverage rises during expansions, and when it rises enough it triggers the constraint, causing a Fisherian deflation that reduces credit and the prices and quantity of collateral assets. Output and factor allocations fall because access to working capital financing is also reduced. Precautionary saving makes Sudden Stops low probability events nested within normal cycles, as observed in the data.

【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（尤其是Bewley模型）并使用計算機模擬研究中國經濟改革與發展的重大問題。

聯系人：陳偉澤　　E_mail: sysu2006vc@126.com

更多講座信息歡迎訪問se.ruc.edu.cn，www.yanjiuyuan.com.cn

經濟學院

中國經濟改革與發展研究院