【Macro Seminar】The Firm Balance Sheet Channel of Uncertainty Shocks
2025/12/23
研討會日期 : 2025-12-23
時間 : 14:30
主講人 : Professor Wentao Zhou
地點 : Conference Room B110
主持人 : Professor Tzu-Ting Yang
演講者簡介 : Professor Wentao Zhou received his Ph.D. in Economics from the University of Wisconsin-Madison in 2024. He is currently an Assistant Professor at Michigan State University. His research interests are Firm Dynamics, Macro-Finance, and Open-Economy Macro.
演講摘要 : This paper studies how corporate liquidity concerns shape firm behavior, macroeconomic dynamics, and policy transmission following shocks to macro uncertainty. I develop a quantitative model where financial frictions induce precautionary firm behavior. Increased uncertainty raises the risk of liquidity shortfalls, leading firms to cut debt and investment while hoarding cash. This mechanism generates heterogeneous balance sheet adjustments across firms and yields sharp economic downturns with worsened capital misallocation, as seen in the data. I show that financial market disruptions can further amplify these effects, causing deep and persistent recessions like the Great Recession, while credit interventions mitigate them by alleviating firms' liquidity concerns.
