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

二、主講人：張莉妮，bevictor伟德官网金融學助理教授。 2014年獲得美國俄亥俄州立大學經濟學博士。本科和碩士研究生就讀于武漢大學經濟與管理學院，獲得經濟學、數學學士、金融學碩士。其研究領域包括宏觀經濟學、宏觀金融、房地産經濟學、中國經濟等。她的研究成果曾多次參加國際學術會議的宣讀，她還參與國際期刊的匿名審稿。

三、時間：2015年12月30日（周三），12:30-13:30

四、地點：bevictor伟德官网主樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

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.