4月6日，袁宇菲（北京大学）-对外经济贸易大学国际经济贸易学院论坛
报告人：袁宇菲，北京大学
地点：对外经济贸易大学 博学楼1222教室
题目：Housing Wealth, Financial Constraints and International Business Cycle
摘要：In this paper, we set up a new dynamic stochastic general equilibrium model （DSGE） for an open economy, and estimate it with the US data using Bayesian methods. Besides the real and nominal frictions already contained in the current literature, the model also characterizes the financial friction of housing wealth being used as collateral for domestic loans with the endogenous quantification of the collateral value. The paper makes three contributions to the current literature. Firstly, it makes quantitative improvements in several long-standing puzzles of international economic correlation, such like Backus-Smith puzzle, correlation puzzle and exchange-rate disconnect puzzle. Secondly, it provides the quantitative assessments of the relative importance of various shocks for the US business cycles. Foreign-sourced disturbances and the shocks to domestic total factor productivity （TFP） of tradable-good sector account for more than 50% of the fluctuations of the US gross domestic prodct （GDP）. The impulse response analyses clarify the corresponding transmission mechanisms which are also compared with the related theoretical conjectures and empirical evidences in literature.
报告人简介：袁宇菲，北京大学国家发展研究院副研究员，加拿大西安大略大学经济学博士，从事宏观经济学、房地产经济学、金融学方面的研究，在Journal of Banking and Finance, Journal of Real Estate Finance and Economics, China Economic Review,《经济学》（季刊）等刊物发表多篇论文。
对外经济贸易大学国际经济贸易学院
010-6449 6050