嘉    宾：Cavalcanti Tiago 教授 剑桥大学

主持人：尹海涛 教授 上海交通大学安泰经济与管理学院

时    间：2024年11月13日（周三）14:00-15:30

地    点:  上海交通大学徐汇校区安泰经济与管理学院A511

内容简介：

Most aggregate theories of financial frictions model credit available at a cost of financing equal to the savings rate but rationed. However, using a comprehensive loan-level credit registry, we document both high levels and high dispersion in default-adjusted credit spreads to Brazilian firms. We develop a quantitative dynamic general equilibrium model in which spreads arise from intermediation costs and market power. Calibrating to the Brazilian data, we show that, for equivalent levels of external financing, spreads have profound impacts on aggregate development—indeed more so than credit rationing does—and spreads yield firm dynamics that are consistent with observed patterns.

演讲人简介： 

Tiago Cavalcanti holds a Ph.D. in economics from University of Illinois at Urbana-Champaign. He is a Professor in Economics at the University of Cambridge and is a Fellow of Trinity College at Cambridge. His research has appeared in leading academic journals, such as the Journal of Monetary Economics, Review of Economic Statistics, the Economic Journal, European Economic Review and the Journal of the European Economic Association. He is currently an associate editor for Economic Journal, Economic Theory, and the BE Journal in Macroeconomics.