一、主题：Credit Crunches, Heterogeneity and the Labor Wedge

二、主讲人：张莉妮，中央财经大学金融学助理教授。 2014年获得美国俄亥俄州立大学经济学博士。本科和硕士研究生就读于武汉大学经济与管理学院，获得经济学、数学学士、金融学硕士。其研究领域包括宏观经济学、宏观金融、房地产经济学、中国经济等。她的研究成果曾多次参加国际学术会议的宣读，她还参与国际期刊的匿名审稿。

三、时间：2015年12月30日（周三），12:30-13:30

四、地点：中央财经大学主楼913会议室

五、主持人：黄志刚，必赢565net官网副教授

摘要：Can we use the labor wedge to analyze the sources and channels of business cycle fluctuations when individual heterogeneity is considered? I answer this question in a quantitative general equilibrium model with heterogeneous individuals that face discrete occupational choices to be entrepreneurs or workers every period. The financial markets are incomplete in that heterogeneous entrepreneurs' capital inputs are subject to collateral borrowing constraints. I find that a credit crunch and a negative productivity shock can both generate severe real economic recessions, but their channels for recessions are through different reallocation in capital and labor in the economy. Accordingly, output, labor and investment have larger declines in credit crunches. Moreover, the movements of the labor wedge are significantly larger in the credit crunch than in the negative productivity shock. Hence the labor wedge could be a valid instrument for identifying the primitive shocks driving the business cycles even if heterogeneity is considered.