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 presented a business-cycle model incorporating financial frictions and firm productivity heterogeneity. In this model, firms with productivity above a threshold remain operational, while imperfect contract enforcement incentivizes loan defaults. We analyzed the link between credit constraints and aggregate output, and the incentive constraints arising from firm value functions based on default and non-default scenarios.
本期预告
We will explore the competitive equilibrium, examining the potential for self-fulfilling equilibria and the monotonic relationship between the productivity threshold and the aggregate loan-to-output ratio. We will also discuss how technology shocks can be amplified by credit constraints and resource reallocation mechanisms.
点评老师
王忏 明洋
时间
10月19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
撰稿：孙敏娴
审稿：明洋
排版：曲泰莱
编辑：沈嘉怡
审核：王颖
