时间：2021年3月16日（周二）12:00-13:00

地点：同济大厦A楼505室

题目：Evidence of S-Shaped Consumption Utility and Implications for Macroeconomic Models

主讲人：鞠高升（复旦大学 副教授）

摘要： We find that common macro factors generate a “big bang/crunch” effect on micro consumption. Generally speaking, when the aggregate effect of the common factors on the consumption in low consumption-growth states is negative (resp. positive), this effect in high consumption-growth states is positive (resp. negative). The big bang/crunch suggests that consumption utility functions are not concave-shaped but S-shaped, and consumption-based macroeconomic models should build upon the S-shaped utility. The new consumption utility accounts for the unsatisfactory performance of traditional consumption-based asset pricing models. Also, the S-shaped utility helps explain the negative elasticity of intertemporal substitution reported in the literature.

主讲人简介：

鞠高升，复旦大学经济学院中国经济研究中心副教授，Texas A&M University 经济学博士，已在Journal of Econometrics, Journal of Business & Economic Statistics等期刊发表多篇论文。