​报告题目：Turbulent_Business_Cycles

报 告 人：王鹏飞 (北京大学汇丰商学院 院长/教授）

主 持 人：曾燕（中山大学岭南学院 教授）

时    间：2023年10月17日（周二）12:30

地    址：岭南堂黄炳礼会议室（203）

语    言：中英文

摘要:

        Firm-level evidence suggests that turbulence that reshuffles firms’ productivity rankings rises sharply in recessions. An increase in turbulence reallocates labor and capital from high- to low-productivity firms, reducing aggregate TFP and the stock market value of firms. A real business cycle model with heterogeneous firms and financial frictions can generate the observed macroeconomic and reallocation effects of turbulence. In the model, increased turbulence makes high-productivity firms less likely to remain productive, reducing their expected equity values and tightening their borrowing constraints relative to low-productivity firms. This leads to a reallocation that reduces aggregate TFP. Unlike uncertainty, turbulence changes both the conditional mean and the conditional variance of the firm productivity distribution, enabling a turbulence shock to generate a recession with synchronized declines in aggregate activities

报告人介绍：    

    王鹏飞，经济学讲席教授，北京大学汇丰商学院院长。主要研究领域为宏观经济学、金融经济学、货币经济学。王鹏飞教授目前已经在Econometrica、American Economic Review、Journal of Finance、Journal of Economic Theory、Journal of Monetary Economics、Journal of Financial Economics、American Economic Journal: Macroeconomics等国际顶级期刊上发表论文数十篇，在动态随机一般均衡理论、资产泡沫与金融危机、多重均衡与内生经济波动等领域取得了令人瞩目的研究成果，是一位在宏观经济学领域具有国际影响力的经济学家。

    活动由中山大学保险与金融工程教研室和中山大学金融工程与风险管理研究中心联合举办。       

    欢迎感兴趣的师生参加！