主题：Lumpy R&D and the Great Twins: The Great Moderation and Great Recession
主讲：Donghai Zhang Assistant Professor
内容简介:We document that R&D investments are lumpy, with a heavy representation of innovative firms that either do not adjust or make a spike adjustment in R&D expenses. Moreover, the fraction of firms making significant adjustments to R&D spending is pro-cyclical. We then develop a medium-run business cycle model with heterogeneous innovative firms and fixed adjustment costs, featuring lumpy R&D. By fitting the model to the data, we uncover the 'Great Twins': the Great Recession is partly caused by the preceding Great Moderation. We present micro- and macro-level evidence that supports the Great Twins hypothesis. Finally, we discuss the policy implications.
嘉宾简介： Dr. Donghai Zhang is an Assistant Professor at the National University of Singapore and a Research Fellow at the University of Bonn. He earned his Ph.D. from the Universitat Pompeu Fabra in 2018. His research interests include Macroeconomics, Monetary Economics, Time Series Econometrics, and Financial Economics. Donghai's research has appeared in the Journal of Monetary Economics and the Journal of the European Economic Association.