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[宏观经济学研讨会]What Explains the 2007-2009 Drop in Employment
发布日期:2017-10-24
【ECON20171215】
宏观经济学研讨会
(总第230期)
 
【时间】2017年10月25日(周三)12:15-13:45
【地点】明商0202教室
【主讲】韩少华 中国人民大学汉青经济与金融高级研究院
【主题】 What Explains the 2007-2009 Drop in Employment(A. Mian & A. Sufi, Econometrica, 2014)
【点评】陈小亮  中国社会科学研究院经济研究所
【摘要】We show that deterioration in household balance sheets, or the housing net worth channel, played a significant role in the sharp decline in U.S. employment between 2007 and 2009. Counties with a larger decline in housing net worth experience a larger decline in non‐tradable employment. This result is not driven by industry‐specific supply‐side shocks, exposure to the construction sector, policy‐induced business uncertainty, or contemporaneous credit supply tightening. We find little evidence of labor market adjustment in response to the housing net worth shock. There is no significant expansion of the tradable sector in counties with the largest decline in housing net worth. Further, there is little evidence of wage adjustment within or emigration out of the hardest hit counties.【主持】陈彦斌 教授


    人大宏观经济学研讨会(Macro Workshop)旨在追踪宏观经济学国际最新进展,倡导构建符合国情的动态优化模型,并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。
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