Amplification and Asymmetric Effects without Collateral Constraints
| 主讲人 |
Guangyu Nie |
简介 |
<p class="MsoNormal">The seminal contribution by Kiyotaki and Moore (1997 ) has spurred a vast literature on the importance of collateral constraints in propagating and amplifying shocks to the economy. However, most papers in the literature using collateral constraints assume non-state contingent debt, i.e., markets are incomplete. To assess the relative importance of collateral constraints versus market incompleteness, we study a calibrated incomplete markets model and solve it with and without collateral constraints. We find that market incompleteness by itself plays a quantitatively significant role in the amplified and asymmetric responses of the economy, including land price and output, to exogenous shocks.<span lang="EN-US" style="font-size:11.0pt;font-family:"TimesLTStd-Italic",serif;mso-bidi-font-family:TimesLTStd-Italic;mso-font-kerning:0pt;mso-bidi-font-style: italic"><o:p></o:p></span></p> |
| 时间 |
2017-12-14(Thursday)16:40-18:00 |
地点 |
D235, Econ Building |
| 讲座语言 |
English |
主办单位 |
WISE&SOE |
| 承办单位 |
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类型 |
系列讲座 |
| 联系人信息 |
|
主持人 |
Yu Zhang |
| 专题网站 |
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专题 |
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| 主讲人简介 |
<p>Associate Professor, Shanghai University of Finance and Economics. He earned his Ph. D. of Economics from Georgetown University. His research interests include Macroeconomics and International Finance. Prof. Nie has published his paper on top macroeconomics journal <em>American Ecomomic Journal</em>.</p>
<p>Please see<a href="/Upload/File/2017/12/20171204111803626.pdf"><span style="color: rgb(51, 153, 102);"> Prof. Nie's CV</span></a> for more information.</p> |
期数 |
“WISE-SOE”高级经济学系列讲座2017秋第八讲（总第392讲） |
