Title：The Real Effects of Financial Disruptions in a Monetary Economy
Speaker：Sukjoon Lee , New York University Shanghai
Sukjoon Lee is an Assistant Professor of Economics at NYU Shanghai. His research focuses on macroeconomics, monetary economics, and financial economics. He got his PhD in economics from Univeristy of California, Davis. He has publised papers in journals including Journal of Political Economy.
Abstract：A large literature in macroeconomics reaches the conclusion that disruptions in ffnancial markets have large negative effects on output and (un)employment. Although diverse, papers in this literature share a common characteristic: they all employ frameworks where money is not explicitly modeled. This paper argues that the omission of money may hinder a model’s ability to evaluate the real effects of ffnancial shocks, since it deprives agents of a payment instrument that they could have used to cope with the resulting liquidity disruption. In a carefully calibrated New-Monetarist model with frictional labor, product, and ffnancial markets we show that the existence of money dampens or even eliminates the real impact of ffnancial shocks, depending on the nature of the shock. We also show that the propagation of ffnancial shocks to the real economy is disciplined by the inffation level, thus delivering a policy-relevant message: high inffation regimes raise the likelihood of a ffnancial shock turning into a ffnancial crisis.
时间：2025年2月24日 13:30-15:00
地点：复旦大学经济学院514会议室
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