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【时间】2014年3月26日（周三）12：15－13：45
【地点】明商0202
【主讲】陈小亮 中国人民大学经济学院
【点评】张 际 清华大学五道口金融学院助理教授
【主题】Banking Competition, Housing Prices and Macroeconomic Stability (written by Javier Andre´s and Oscar Arce, The Economic Journal, 2012)
【摘要】We develop a macroeconomic model with an imperfectly competitive bank-loans market and collateral constraints that tie investors’ credit capacity to the value of their real estate holdings. Lending margins are optimally set by banks and have a significant effect on aggregate variables. Over the long run, stronger banking competition increases output by triggering a reallocation of available collateral towards investors. In the short-run, output, credit and housing prices are more responsive on impact to shocks in an environment of highly competitive banks. Also, stronger banking competition implies higher (lower) persistency of credit and output after a monetary (credit crunch) shock.

【主持】陈彦斌 教授
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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：陈小亮 E_mail: chenxiaoliang2200@126.com
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                                                                          经济学院
                                                                 中国经济改革与发展研究院