[ECON20141215]  
      宏观经济学研讨会          （总第166期）      
 
  【时间】2014年10月15日（周三）12：15－13：45  
  【地点】明商0302教室  
  【主讲】陈小亮  中国人民大学经济学院  
  【主题】Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation (written by Benjamin Moll, The American Economic Review, 2014, 104-10)  
  【摘要】I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints, and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady state productivity losses and the speed of transitions: if shocks are persistent, steady state losses are small but transitions are slow. Even if financial frictions are unimportant in the long-run, they tend to matter in the short-run and analyzing steady states only can be misleading.  
  【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：郭豫媚    Email：Macro_Workshop@163.com  
  资料下载：www.docin.com/mydoc-88265459-1.html  
 
 
  更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn  
 
 
 
 
 
 
 
      经济学院               中国经济改革与发展研究院