教学课程资源库 更多>>

关键词： Finance   Economic theory  

摘要： This dissertation consists of two chapters that address questions in finance and macroeconomics with quantitative theories. In the first chapter, I study how financial covenants influence firm behavior by state-contingently allocating decision rights to creditors. I develop a model with long-term debt where shareholders cannot commit to not dilute creditors in the future with new debt issuances and risky investments. Creditors intervene upon violations of covenant restrictions and restructure the debt without ex ante commitment. My quantitative analysis suggests that financial covenants significantly increase debt capacity, investment and ex ante firm value by disciplining shareholders. Nonetheless, I show that lenders' inability to commit to a restructuring plan severely impairs contractual efficiency. A further tightening of covenants, relative to the calibrated benchmark, improves their value. In the second chapter, I investigate the impact of bank capital requirements in a business cycle model with corporate debt choice. Compared to non-bank investors, banks provide restructurable loans that reduce firm bankruptcy losses and enhance production efficiency. Raising capital requirements reduces deposit insurance distortions but also deposit tax shields. As a result, firms cut back on both bank and non-bank borrowing while going bankrupt more frequently. Implementing an optimal capital ratio of 11 percent in the US produces limited marginal impacts on aggregate quantities and welfare.

关键词： 宏观经济学   课程教学   教学反思  

摘要： 本文根据作者在普通本科院校十几年的宏观经济学授课经验,总结宏观经济学课程教学中遇到的问题以及解决的对策,并对多年的宏观经济学课程教学进行反思。

关键词： Economics   Economic theory   Public administration   Public policy  

摘要： In this dissertation I study recessionary environments in general, placing a special emphasis on the steps that can be taken by policy makers to alleviate the negative consequences of recessions. After the Great Recession, most advanced economies had a prolonged period of low growth and high unemployment that is slowly subsiding. Several economists have proposed the possibility that the economy has entered a regime of "secular stagnation" where demand factors and the Zero Lower Bound lead to persistently low growth. Given the current worldwide decline in interest rates, secular stagnation is a looming risk that should be taken seriously, as it would have a significant impact on welfare. All chapters of this dissertation relate to these issues. The first chapter provides a general motivation of the topic and discusses the relationships between the remaining chapters. In the second chapter, "Going Negative at the Zero Lower Bound", I investigate whether negative rates can provide an antidote against the ZLB, granting monetary authorities more room to perform expansionary policy and combat demand-induced low growth. In the third chapter, "The Cyclical Sensitivity in Estimates of Potential Output", I study whether potential output really decreases permanently after prolonged recessions, or if, in contrast, this is a byproduct of a faulty computation of potential output. I also study whether some structural VAR methodologies can avoid these shortcomings. In the fourth chapter, "Neo-Keynesian Trade", I build a dynamic model that unifies a detailed trade pattern across regions and sectors with monetary non-neutrality. The nominal friction, a downwardly rigid wage, can lead to unemployment in the face of a negative shock if the monetary authority is unwilling or unable to inflate the economy, and this effect can vary substantially across regions depending on their industrial composition. Overall, the evidence in this dissertation indicates that policy makers should do more

关键词： Economics   Economic theory  

摘要： Does inequality react to stabilization policies and macroeconomic shocks at business cycle frequencies? Does an unanticipated innovation in inequality impact aggregate demand and drive cyclical fluctuations? Does the level of inequality influence the propagation of stabilization policies? To answer these questions, I first investigate which factors of earnings distributions are represented by a measure of inequality in Chapter 1. Chapter 2 develops an econometric tool to evaluate the contribution of macroeconomic shocks to the dynamics of an endogenous variable of interest. Finally, Chapter 3 deals with the questions above. In Chapter 1, I derive principal components of log earnings distributions in the U.S. and propose a simple three-factor model to rationalize my empirical results. Using data on earnings distribution in the U.S. from 1978 to 2013, I find that more than 90 percent of the total variation in the distribution can be summarized by two underlying factors, which are related to the location and dispersion of the distribution, where the dispersion factor is tightly associated with the log P90/P10 index. Moreover, most of the remaining portion is due to another factor characterizing asymmetric components. To rationalize these findings, I suggest asymmetric Laplace distributions as a model of log earnings distributions. In this model, the right-tail of earnings always follows a Pareto distribution, unlike log normal distributions. Furthermore, it is a tractable distributional family featuring three parameters representing the location, dispersion, and degree of asymmetry, respectively. I describe the dynamics of those parameters in the U.S. both in trends and concerning business cycles. Finally, I illustrate how a conventional Gaussian AR(1) model for individual log earnings can be easily modified to admit asymmetric Laplace distributions. Chapter 2 is based on joint work with Yuriy Gorodnichenko, which is forthcoming in Journal of Business and Statistics un

ISBN: (纸本)9787512137523

ISBN: (纸本)9787521709889

关键词： 宏观经济学视角   产业经济发展   政策研究  

摘要： 伴随着国内市场经济开放程度的不断深化,现阶段我国的经济发展也取得了良好的成效。为了能够实现经济的可持续发展,文中从宏观经济学的角度,简要地论述了宠观经济波动和产业结构的关联性,并针对产业经济发展政策进行了探索,以供相关从业人员进行参考、借鉴。

ISBN: (纸本)9787214228956

关键词： 民办应用型本科院校   宏观经济学   教学改革  

摘要： 本文以郑州升达经贸管理学院为例,针对该校宏观经济学教学中存在的问题,有针对性的提出了一些教学改革对策,以期改善该校乃至同类高校宏观经济学教学状况。

关键词： 宏观经济学   案例教学   案例分析  

摘要： 《宏观经济学》是经管类专业的学生必修课程。这门课程主要研究了经济行业的各种定律现象以及经济体的整体性的行为,例如经济波动、经济增长、通货膨胀以及失业等。总的来说,《宏观经济学》是一门拥有很强理论性,以及很多争论点的学科。所以,在《宏观经济学》这门课的教学过程中结合案例分析就显得尤为重要。这种教学方式不仅能够生动形象地向学生展示相关知识点,促进学生对于这门复杂科目的理论掌握速度以及运用能力发展,同时还可以提高学生的学习兴趣,提升学习素养。