Asymmetric Financial Access and Macroeconomic Volatility
2005/02/22
研討會日期 : 2005-02-22
時間 : 15:00
主講人 : Prof. Chu Yin-Chen
地點 : B棟110室
演講者簡介 : Prof. Chu Yin-Chen 為 Ph.D. Candidate in Economics，University of British Columbia (Ph.D. expected Summer 2005)。
其主要研究領域為國際總體經濟學及總體經濟學。
演講摘要 : This paper develops a two-country general equilibrium model that incorporates asymmetric financial access by introducing heterogeneous households. It examines the essential, but usually overlooked, effects of inter-household monetary adjustments on the relations between openness and volatility.
The first important finding of the paper is that, asymmetric financial access induces financially limited households to raise their nominal balances upon expansionary macroeconomic disturbances. Second, inter-household monetary adjustments serve as a shock absorber to eliminate potential macroeconomic volatility originated from financial market imperfection. Third, asymmetric financial access differentiates households’ abilities to borrow and lend, and hence reduces their international consumption correlations.
