Habit Formation and News-driven Business Cycles

主讲人：薛涧坡

时间：9月29日（周四）14:00-15:30

地点：北京大学国家发展研究院承泽园院区246教室

Zoom会议号：841 5399 7762

Zoom会议密码：670292

摘要：

Preference structures have qualitative importance on expectation-driven business cycles. This paper analytically shows that a standard RBC model with internal habit alone can generate positive co-movements among output, consumption, investment, and hours worked in response to news shocks about total factor productivity. We explore the mechanisms through which internal habit, rather than external habit or other forms of consumption externalities as keeping-up-with-the-Joneses, helps to generate empirically plausible aggregate co-movements. Moreover, we discuss some possible extensions to improve the quantitative performance of the model. Arguably, this paper provides almost the least departure from RBC setting to generate expectation-driven business cycles.

主讲人介绍：

薛涧坡，北京大学经济学本科、硕士，香港中文大学经济哲学博士。现任厦门大学王亚南经济研究院和经济学院教授，博士生导师，《中国经济问题》副主编。主要研究领域为宏观经济学、财政理论与政策、货币经济学。在国际国内一流经济学学术期刊发表多篇论文，包括《管理世界》、《管理科学学报》、《财贸经济》、Journal of International Economics, Journal of Money, Credit and Banking, Journal of Economic Dynamics and Control, Economic Theory, Journal of Mathematical Economics等，作为项目负责人承担多项国家级研究项目。