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【时间】2014年5月7日（周三）12：15－13：45
【地点】明商0202
【主讲】王灿 吉林大学经济学院
【点评】陈朴 中国人民大学经济学院助理教授 明尼苏达大学经济学博士
【主题】Overborrowing and Systemic Externalities in the Business Cycle (written by Javier Bianchi, American Economic Review, 2011)
【摘要】Credit constraints linking debt to market-determined prices embody a systemic credit externality that drives a wedge between competitive and constrained socially optimal equilibria, inducing private agents to overborrow. This externality arises because private agents fail to internalize the financial amplification effects of carrying a large amount of debt when credit constraints bind. We conduct a quantitative analysis of this externality in a two-sector dynamic stochastic general equilibrium (DSGE) model of a small open economy calibrated to emerging markets. Raising the cost of borrowing during tranquil times restores constrained efficiency and significantly reduces the incidence and severity of financial crises.

【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