【ECON20181220】  
      宏觀經(jīng)濟學研討會          （總第255期）      
   
 
      【時間】2018年12月5日（周三）12：15－13：45          【地點】明商0202教室          【主講】王兆瑞 中國人民大學經(jīng)濟學院          【主題】Real Effects of Financial Distress: The Role of Heterogeneity（Francisco Buera & Sudipto Karmakar, Social Science Electronic Publishing, 2018）          【摘要】What are the heterogeneous effects of financial shocks on firms’ behavior? This paper evaluates and answers this question from both an empirical and a theoretical perspective. Using micro data from Portugal during the sovereign debt crisis, starting in 2010, we document that highly leveraged firms and firms that had a larger share of short-term debt on their balance sheets contracted more in the aftermath of a financial shock. We use a standard model to analyze the conditions under which leverage and debt maturity determine the sensitivity of firms’ investment decisions to financial shocks. We show that the presence of long-term investment projects and frictions to the issuance of long-term debt are needed for the model to rationalize the empirical findings. We conclude that the differential responses of firms to a financial shock do not provide unambiguous information to identify these shocks. Rather, we argue that this information should be use to test for the relevance of important model assumptions.          
         【主持】陳彥斌 教授              人大宏觀經(jīng)濟學研討會（Macro Workshop）旨在追蹤宏觀經(jīng)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(jīng)濟增長、收入分配和宏觀政策等中國宏觀經(jīng)濟重大問題。          
         聯(lián)系人：王兆瑞    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(jīng)濟學院          中國經(jīng)濟改革與發(fā)展研究院