【econ20191209】 宏观经济学研讨会 （总第264期）
【时间】2019年5月15日（周三）12：15－13：45
【地点】明商0202教室
【主讲】陈朴 中国人民大学经济学院副教授
【主题】wealth and volatility（jonathan heathcote & fabrizio perri, review of economic studies, 2018）
【点评】刘凯 中国人民大学经济学院副教授
【摘要】between 2007 and 2013, u.s. households experienced a large and persistent decline in net worth. the objective of this article is to study the business cycle implications of such a decline. we first develop a tractable monetary model in which households face idiosyncratic unemployment risk that they can partially self-insure using savings. a low level of liquid household wealth opens the door to self-fulfilling fluctuations: if wealth-poor households expect high unemployment, they have a strong precautionary incentive to cut spending, which can make the expectation of high unemployment a reality. monetary policy, because of the zero lower bound, cannot rule out such expectations-driven recessions. in contrast, when wealth is sufficiently high, an aggressive monetary policy can keep the economy at full employment. finally, we document that during the u.s. great recession wealth-poor households increased saving more sharply than richer households, pointing towards the importance of the precautionary channel over this period. ________________________________________
人大宏观经济学研讨会（macro workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。
联系人：王兆瑞 email：macro_workshop@163.com
资料下载：www.docin.com/mydoc-88265459-1.html
更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。
中国人民大学经济学院
中国经济改革与发展研究院