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 measured the credit constraints through a financial factor represented by the ratio of working capital loans to aggregate output. We demonstrated how changes in equity value directly impact firms' borrowing capacity, leading to a procyclical reallocation of productive factors and increased aggregate productivity.
本期预告
We will focus on equilibrium indeterminacy, particularly considering the effect of expectations of higher future output. We aim to show how indeterminacy arises and explain why a sufficiently large financial multiplier can generate self-fulfilling business cycles.
时间
10月26日 18:30-21:30
地点
学术会堂712
主持人/点评老师
王忏 明洋
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
END
撰稿：孙敏娴
审稿：汪雄剑、明洋
排版：宋一慧
编辑：沈嘉怡
审核: 王颖
