题   目：Money and  Credit Revisited

嘉   宾：何超，助理教授，华东师范大学

主持人：徐玏，助理教授，上海交通大学

时   间：2023年4月20日（周四）12:40-14:10

地   点：上海交通大学（徐汇校区）安泰经济与管理学院A503

内容简介：

Gu, Mattesini,  and Wright (2016) advance our understanding of money and credit by showing  that if they are used in the same transactions, nonmonetary credit (i.e.,  deferred payment to sellers) is irrelevant in the monetary equilibrium. We  find that if we include monetary credit (i.e., borrowing money from third  parties) in the same model, then nonmonetary credit can be relevant even in  the monetary equilibrium. Money may serve as an accelerator or stabilizer to  changes in credit conditions, depending on overall credit tightness and the  type of credit that changes. We also find that the composition of credit also  matters. The borrowing constraint on monetary credit can be even tighter when  society allocates more credit to monetary credit. In the calibrated model,  when nonmonetary credit decreases so that the total debt limit decreases by  10%, decentralized consumption decreases by 15% and 22% in the monetary and  nonmonetary equilibria. Our results suggest that ignoring money has important  quantitative consequences in the study of credit.

演讲人简介：

何超，华东师范大学经济学院助理教授，博士毕业于美国的University of  Wisconsin-Madison。他主要研究领域是宏观经济学，尤其关注货币和银行理论和宏观劳动经济学。何超博士的成果发表在Review  of Economic Dynamics和Journal  of Money, Credit, and Banking等国际学术期刊上。

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