时间：2018年4月3日（周二）12：00-13：00

地点：同济大厦A楼505室

主讲人：Mario Silva 助理教授

题目：Labor Market Dynamics when Households Lack Commitment

语言：英语 

Abstract:

We study a Mortensen-Pissarides economy with a single twist: households who receive uninsurable idiosyncratic preference shocks, due to limited commitment, self-insure by accumulating claims on firms' profits.  The model can generate multiple steady states across which employment, the real interest rate, and market capitalization are positively correlated.  The model explains secular stagnation as a self fulfilling equilibrium where households are liquidity constrained, and both the real interest rate and the employment rate are low.  Under constant gain learning, the economy is recurrently drawn towards the secular stagnation equilibrium with the possibility of extended periods with low real interest and employment rates.  An extension of the model to include money and nominal bonds as assets implies the existence of a “trap'' equilibrium where nominal interest rates are at an endogenous lower bound and the economy exhibits secular stagnation.  Learning dynamics imply that a financial sector shock, or a shock to beliefs, will generate endogenous escapes to the trap equilibrium.