[ECON20141210]

宏观经济学研讨会 （总第161期）

【时间】2014年5月7日（周三）12：15－13：45
【地点】明商0202
【主讲】王灿  吉林大学经济学院
【点评】陈朴  中国人民大学经济学院助理教授 明尼苏达大学经济学博士
【主题】Overborrowing and Systemic Externalities in the Business Cycle (written by Javier Bianchi, American Economic Review, 2011)
【摘要】Credit constraints linking debt to market-determined prices embody a systemic credit externality that drives a wedge between competitive and constrained socially optimal equilibria, inducing private agents to overborrow. This externality arises because private agents fail to internalize the financial amplification effects of carrying a large amount of debt when credit constraints bind. We conduct a quantitative analysis of this externality in a two-sector dynamic stochastic general equilibrium (DSGE) model of a small open economy calibrated to emerging markets. Raising the cost of borrowing during tranquil times restores constrained efficiency and significantly reduces the incidence and severity of financial crises.


【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。
联系人：陈小亮    E_mail: chenxiaoliang2200@126.com
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经济学院 中国经济改革与发展研究院