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宏观Workshop:Rolled-over Credit Cycles
发布日期：2023-10-20 12:00 来源：
题目: Rolled-over Credit Cycles
主讲人：汤皓州（东北财经大学）
摘要：Canonical macroeconomic and financial models require credit to be equal to its fundamental component, i.e., the net present value of the net flows to creditors. According to this conventional view, credit booms are expected to precede increased flows to creditors. However, data suggests the opposite. To rationalize the novel empirical findings, we develop a model with financial frictions and heterogeneous firms, allowing firms to roll over a fraction of credits indefinitely. We show that an increase in indefinite rollover credit raises the aggregate credit and output while depressing the credit's fundamental component through firms' precautionary savings.
时间：2023年10月20日 上午10:00 – 11:30
地点：承泽园246教室
主讲人简介：Dr. Haozhou TANG is currently an assistant professor at Institute for Advanced Economic Research (IAER), Dongbei University of Finance and Economics. He received his Ph.D. in Economics from Universitat Pompeu Fabra in 2017. Prior to joining IAER, he was an economist in Bank of Mexico. His research focuses on macroeconomic theory, financial markets and firm dynamics. His research has been published in the Journal of Monetary Economics.
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首页
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宏观Workshop:Rolled-over Credit Cycles
发布日期：2023-10-20 12:00 来源：
题目: Rolled-over Credit Cycles
主讲人：汤皓州（东北财经大学）
摘要：Canonical macroeconomic and financial models require credit to be equal to its fundamental component, i.e., the net present value of the net flows to creditors. According to this conventional view, credit booms are expected to precede increased flows to creditors. However, data suggests the opposite. To rationalize the novel empirical findings, we develop a model with financial frictions and heterogeneous firms, allowing firms to roll over a fraction of credits indefinitely. We show that an increase in indefinite rollover credit raises the aggregate credit and output while depressing the credit's fundamental component through firms' precautionary savings.
时间：2023年10月20日 上午10:00 – 11:30
地点：承泽园246教室
主讲人简介：Dr. Haozhou TANG is currently an assistant professor at Institute for Advanced Economic Research (IAER), Dongbei University of Finance and Economics. He received his Ph.D. in Economics from Universitat Pompeu Fabra in 2017. Prior to joining IAER, he was an economist in Bank of Mexico. His research focuses on macroeconomic theory, financial markets and firm dynamics. His research has been published in the Journal of Monetary Economics.
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