宏观做爱片 研讨会
（总第159期）

　　　【时间】2014年4月16日（周三）12：15－13：45
　　　【地点】明商0202
　　　【主讲】郭豫媚  做爱片-做爱三级片
　　　【主题】Intermediary Asset Pricing (written by Zhiguo He and Arvind Krishnamurthy, American Economic Review, 2013)
　　　【摘要】We model the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face an equity capital constraint. Risk premia rise when the constraint binds, reflecting the capital scarcity. The calibrated model matches the nonlinearity of risk premia during crises and the speed of reversion in risk premia from a crisis back to precrisis levels. We evaluate the effect of three government policies: reducing intermediaries borrowing costs, injecting equity capital, and purchasing distressed assets. Injecting equity capital is particularly effective because it alleviates the equity capital constraint that drives the model’s crisis.
　　　
　　　【主持】陈彦斌 教授

　　
　　人大宏观做爱片 研讨会（Macro Workshop）旨在追踪宏观做爱片 国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。

联系人：陈小亮　　E_mail: [email protected]
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中国经济改革与发展研究院