【ECON201316】

宏观经济学研讨会

（总第145期）

【时间】2013年10月23日（周三）12：15－13：45

【地点】明商0202教室

【主讲】马啸　中国人民大学经济学院

【主题】 Housing and Debt over the Life Cycle and over the Business Cycle (written by Matteo Iacoviello and MarinaPavan, Journal of Monetary Economics, 2013)

【摘要】Housing and mortgage debt are studied in a quantitative general equilibrium model. The model matches wealth distribution, age profiles of homeownership and debt, and frequency of housing adjustment. Over the cycle, the model matches the cyclicality and volatility of housing investment, and the procyclicality of debt. Higher individual income risk and lower downpayments can explain the reduced volatility of housing investment, the reduced procyclicality of debt, and part of the reduced volatility of GDP. In an experiment that mimics the Great Recession, countercyclical financial conditions can account for large drops in housing activity and debt following large negative shocks.
　　　　【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