【ECON201215】

宏观经济学研讨会

（总第120期）

【时间】2012年10月23日（周二）12：15－13：45

【地点】明主0409教室

【主讲】陈伟泽 中国人民大学经济学院

【主题】Sudden Stops, Financial Crises, and Leverage（written by Enrique G. Mendoza, 2010, American Economic Review）

【摘要】Financial crashes were followed by deep recessions in the Sudden Stops of emerging economies. An equilibrium business cycle model with a collateral cons- traint explains this phenomenon as a result of the amplification and asymmetry that the constraint induces in the responses of macro-aggregates to shocks. Leverage rises during expansions, and when it rises enough it triggers the constraint, causing a Fisherian deflation that reduces credit and the prices and quantity of collateral assets. Output and factor allocations fall because access to working capital financing is also reduced. Precautionary saving makes Sudden Stops low probability events nested within normal cycles, as observed in the data.

【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（尤其是Bewley模型）并使用计算机模拟研究中国经济改革与发展的重大问题。

联系人：陈伟泽　　E_mail: sysu2006vc@126.com

更多讲座信息欢迎访问se.ruc.edu.cn，www.yanjiuyuan.com.cn

经济学院

中国经济改革与发展研究院