研讨论文
Credit Constraints and Self-Fulfilling Business Cycles (AEJ:Macro. Liu and Wang.2014)
主讲人
孙敏娴（中经管2021级博士生）
上期回顾
We reviewed the mathematical properties regarding the Pareto distribution, which governs the idiosyncratic productivity shocks faced by firms. We then proved Proposition 3.2, linearized the model’s dynamical system and its corresponding matrix expression. We also verified the necessary and sufficient conditions for the indeterminacy in equilibrium.
本期预告
We will review the Blanchard-Kahn (B-K) conditions indicating whether the model’s dynamical system has a unique solution, and we will solve for the parameter conditions required for indeterminant equilibria. Then we will go through the calibration and simulation results. Finally, we will introduce an extended model with capacity utilization, examining how the conclusions of the baseline model would change when households lend a portion of their capital stock to firms.
点评老师
王忏 明洋
时间
11月2日18:30-21:30
地点
学术会堂712
活动对象
创新发展学院、金融学院学生
人数规模
30人
主办单位
创新发展学院中国经济与管理研究院
金融学院联合主办
文字：孙敏娴
审稿：汪雄剑、明洋
排版：任璐
编辑：沈嘉怡
审核：王颖
