【主讲】Erik Snowberg 教授 (California Institute of Technology)
【主题】Financial Condition, Capital Shortage and Jobless Recovery
【时间】2012年9月17日 (周一) 15：30-17：00
【地点】上海财经大学经济学院楼501室
【语言】英文
【摘要】This paper explores how financial frictions and financial shocks can contribute to jobless recoveries. We incorporate financial frictions and financial shocks into a real business cycle model in which firms determine not only their investment in capital and employment of workers but also capital-utilitzation rates and hours per worker. In the model, firms' investment and wage payment are restricted by a borrowing constraint,and the tightness of the constraint is determined by both financial conditions and the amount of collateral - capital stock. In a recovery, in response to a positive TFP shock, firms increase their capital utilization, but whether to invest more in capital depends on how fast financial conditions improve. If the financial conditions improve slowly, firms keep their investment low. This leads to persistent capital shortage and a jobless recovery.
