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【文澜金融论坛-139期】冯志钢副教授讲座通知

来源:金融学院发布时间:2018-12-10编辑:张戈浏览次数:145

演讲主题:Sovereign Defaults: Macroeconomic Activity and Political and Financial Frictions

主   人:冯志副教授 University of Nebraska

    间:2018年12月11日(星期二16:00—18:00

    点:文泉楼106教室

演讲摘要:This paper studies the impact of political and financial frictions on the macroeconomic activity around sovereign defaults. We compile a data-set that contains 16 default episodes. We examine the behavior of the economy around the time when default happened and document a set of stylized facts. To account for these empirical regularities, we introduce capital accumulation, endogenous government spending and taxation into an otherwise standard quantitative sovereign default model. We develop a novel numerical method to solve the equilibrium. The baseline economy is calibrated to match the macroeconomic dynamics of the average economy in our data-set. We use this model to explore how various political friction (government spending and / or taxation rigidity, etc.) and financial frictions (capital quality loss, etc.) affect the government's decision whether to default on their debt obligation or not, and the feedback effects of their fiscal policy on macroeconomic activities.

演讲者简介:冯志博士,现为美国University of Nebraska, Omaha助理教授。2009年获美国迈阿密大学经济学博士,曾在瑞士苏黎世大学、美国普渡大学、和UIUC大学任教。研究领域包括宏观经济学、公共金融、劳动经济学、以及卫生经济学。已在International Economic Review, Journal of Economic Behavior and Organization, Review of Economic Dynamics, Economic Theory, Macroeconomic Dynamics 等国际期刊上发表论文数篇