宏觀經(jīng)濟學(xué)研討會
（總第159期）

　　　【時間】2014年4月16日（周三）12：15－13：45
　　　【地點】明商0202
　　　【主講】郭豫媚  中國人民大學(xué)經(jīng)濟學(xué)院
　　　【主題】Intermediary Asset Pricing (written by Zhiguo He and Arvind Krishnamurthy, American Economic Review, 2013)
　　　【摘要】We model the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face an equity capital constraint. Risk premia rise when the constraint binds, reflecting the capital scarcity. The calibrated model matches the nonlinearity of risk premia during crises and the speed of reversion in risk premia from a crisis back to precrisis levels. We evaluate the effect of three government policies: reducing intermediaries borrowing costs, injecting equity capital, and purchasing distressed assets. Injecting equity capital is particularly effective because it alleviates the equity capital constraint that drives the model’s crisis.
　　　
　　　【主持】陳彥斌 教授

　　
　　人大宏觀經(jīng)濟學(xué)研討會（Macro Workshop）旨在追蹤宏觀經(jīng)濟學(xué)國際最新進展，倡導(dǎo)構(gòu)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。

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