“经济学论坛”是由8797威尼斯老品牌经济学系主办的专业学术性论坛。论坛致力于打造一个经济学专业人士进行交流与对话的平台，对当前及未来的经济理论、研究方法和现实热点问题展开广泛、深入、全面、开放的探讨。论坛每月举办一次，由主题演讲、专业评论和自由讨论构成。论坛邀经济学各领域素有研究的知名学者或研究取得积极进展的中青年学者发表主题演讲，并围绕相关问题展开讨论。本期论坛信息如下：
题目：Propagation of Financial Shocks in an Input-output Economy with Trade and Financial Linkages of Firms
报告人：Shaowen Luo（Ph.D. Candidate in Columbia University）
时 间：2016年5月27日（周五）12点30分至13点40分
地 点：8797威尼斯老品牌219会议室
主持人：秦雪征 副教授
点评人：赵晓军 副教授、韩晗 助理教授
Abstract:
Firms are connected through the production network. At the same time, the production linkages coincide with financial linkages because of delays to input payments. This paper investigates how these interconnected production and financial linkages lead to the propagation of financial shocks both upstream and downstream. First, I show that financial shocks can propagate upstream if there are financial linkages of firms and financial frictions in trade. Second, I find, based on the input-output matrix and the bond yield data in the U.S., upstream propagation of financial shocks is stronger than downstream propagation. Third, I elaborate a DSGE model that can capture this pattern of shocks and generate quantitative predictions. Fourth, I demonstrate that credit policies would have a stronger impact if liquidity were transferred to downstream sectors after aggregate liquidity shocks.
