上海财经大学商学院举办形势报告会
和哲学社会科学报告会、研讨会、讲座、论坛审批表
主办部门 | 世经国贸系、贸易与金融开放创新团队 | ||
讲座主题
| Financial Intermediary Leverage and Unemployment | ||
现场负责人 | 邓建鹏 | 联系电话 | 65907206 |
举办时间 | 1月16日14：00-15：30 | 举办地点 | 商学院武东路校区526 |
活动参与人数规模
| 15 | 联络人及联系电话 | 刘益如 |
65907868 | |||
主讲人姓名、单位、职称/职务及简历 | Zehao Li, University of Wisconsin-Madison, Ph.D. candidate | ||
讲座内容摘要（会议议程） | I establish that financial intermediary leverage and unemployment are closely related and build a model that combines frictions on financial intermediaries with labor search and matching to explain the relationship. Empirically, in response to a negative productivity shock, unemployment increases substantially when financial intermediary leverage is high, but not in other episodes. The model relies primarily on the stochastic discount factor (SDF) channel. Negative productivity shocks increase the financial intermediary leverage. Because the financial intermediary sector can’t raise enough funds in high leverage states, the SDF increases sharply. Meanwhile, the matching surplus is low. The negative relationship between the SDF and the matching surplus decreases the present value of future matching surpluses. Consequently, vacancy posting and employment plummet in a high leverage state. The model implies that the unemployment rate would have been 2 percentage points lower if the 2008 recession had started with the early 2001 financial intermediary leverage. | ||
学院审批意见 |
负责人签（章） 年 月 日 | ||