【ECON201214】

宏观经济学研讨会

（总第119期）

【时间】2012年10月16日（周二）12：15－13：45

【地点】明主0409教室

【主讲】姚一旻 中国人民大学经济学院

【主题】Macroeconomic Effects of Financial Shocks（written by Urban Jermann and Vincenzo Quadrini, 2010, American Economic Review）
　 【摘要】We document the cyclical properties of U.S. firms’ financial flows and show that equity payout is procyclical and debt payout is countercyclical. We then develop a model with debt and equity financing to explore how the dynamics of real and financial shocks contributed significantly to the observed dynamics of real and financial variables. The recent events in the financial sector show up as a tightening of firms’ financing conditions which contributed to the 2008-2009 recession. The downturns in 1990-1991 and 2001 were also influenced by changes in credit conditions.

【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