[ECON20151206]
宏观经济学研讨会 （总第179期）

【时间】2015年4月22日（周三）12：15－13：45
【地点】明商0202教室
【主讲】陈小亮  中国人民大学经济学院
【主题】Shadow Banks and Macroeconomic Instability (written by Roland Meeks, Benjamin D Nelson, and Piergiorgio Alessandri, 2014)
【摘要】We develop a macroeconomic model in which commercial banks can offload risky loans to a ‘shadow’ banking sector, and financial intermediaries trade in securitised assets. We analyse the responses of aggregate activity, credit supply and credit spreads to business cycle and financial shocks. We find that: interactions and spillover effects between financial institutions affect credit dynamics; high leverage in the shadow banking system makes the economy excessively vulnerable to aggregate disturbances; and following a financial shock, stabilisation policy aimed solely at the securitisation markets is relatively ineffective.
【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