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【ECON201212】

宏观经济学研讨会

（总第117期）

【时间】2012年9月18日（周二）12：15－13：45

【地点】明主0416教室

【主讲】唐诗磊 中国人民大学经济学院

【主题】Emerging Market Business Cycles: The Cycle is the Trend（written by Aguiar and Gopinath, JPE, 2007）

【摘要】Emerging market business cycles exhibit strongly countercyclical current accounts, consumption volatility that exceeds income volatility, and “sudden stops” in capital inflows. These features contrast with developed small open economies. Nevertheless, we show that a standard model characterizes both types of markets. Motivated by the frequent policy regime switches observed in emerging markets, our premise is that these economies are subject to substantial volatility in trend growth. Our methodology exploits the information in consumption and net exports to identify the persistence of productivity. We find that shocks to trend growth – rather than transitory fluctuations around a stable trend – are the primary source of fluctuations in emerging markets. The key features of merging market business cycles are then shown to be consistent with this underlying income process in an otherwise standard equilibrium model.

【主持】陈彦斌 教授