【ECON20171210】  
      宏观经济学研讨会          （总第225期）      
      【时间】2017年5月31日（周三）12：15－13：45          【地点】明商0302教室          【主讲】刘凯 中国人民大学经济学院          【主题】 Inequality Leverage and Crises (M. Kumhof et al. IMF Working Paper, 2013)          【摘要】The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises arise endogenously in response to a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades prior to the Great Recession.          【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：刘哲希    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