主 题：The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier?
日 期：6月14日（周四）上午10:00-11:30
地 点：浙江大学玉泉校区经济学院236会议室
主讲人：徐少锋 加拿大中央银行高级经济学家
主持人：王义中 浙江大学经济学院副院长、教授
主办方：浙江大学经济学院
浙江大学工程师学院互联网金融分院
协办方：浙江大学金融研究院
浙江大学应用经济研究中心
主讲人简介：
徐少锋，美国加州大学经济学博士，现任加拿大中央银行货币政策和宏观金融部高级经济学家。研究领域为宏观经济学、金融经济学和房地产经济学。
Abstract:
We document countercyclical corporate saving behavior. We then develop a quantitative general equilibrium model to explain the pattern and study its implications for business cycles. In the model, a persistent negative productivity shock signals low future productivity. In the presence of financial frictions, firms divert resources from capital to cash in order to preserve financial flexibility. Lower capital investment translates into lower collateral value and income in future, which further strengthens firms' precautionary saving motive and shifts resources away from capital. Corporate saving, therefore, propagates aggregate shocks, in contrast to the common view of its role in absorbing adverse shocks as a liquidity cushion. In particular, corporate saving increases the decline in output during recessions and raises output volatility over the business cycle.
