【主讲】Min Ouyang (加州大学厄文分校、清华大学)
【主题】Virtue of Bad Times and Financial Market Frictions
【时间】2011年9月23日 (周五) 15：30-17：00
【地点】上海财经大学经济学院楼602室
【语言】英文
【摘要】Schumpeter (1939) proposes that recessions have virtue in promoting growth activities. However, this view is at odds with pro-cyclical R&D. We revisit the "virtue of bad times" theoretically and empirically. Our theory suggests that recessions have such virtue only when the cyclicality of innovation’s marginal opportunity cost dominates that of its marginal expected return; but binding financial constraints can hinder such virtue, preventing innovation from rising during recessions. Our theory is carried to an industry panel of R&D and output. Our evidence suggests that recessions indeed have potential virtue, but such virtue is hindered by financial-market frictions.
