主讲人：
王亮（夏威夷大学副教授）
主持人：
（北大经济学院）韩晗
参与老师：
（北大国家发展研究院）赵波、 鄢萍、余昌华、胡佳胤、李明浩
（北大经济学院）陈仪、李博、王熙
时间：
2021年5月28日（周五）10:00-11:30
形式：腾讯会议链接 https://meeting.tencent.com/s/S8l3v2YNPI37
会议 ID：693 360 792
主讲人简介：
王亮老师为夏威夷大学常聘副教授，曾在宾夕法尼亚大学学习，研究领域为宏观经济学，货币经济学。研究成果发表在JET、IER、EER等著名期刊。
摘要：
We study the effects of the firm's credit condition on labor market performance and the relationship between expected inflation and unemployment in a new monetarist model. Better credit condition has a positive impact on the labor market as firms save on financing cost, improve profitability, and create more vacancies. Inflation affects unemployment through two opposing channels. First, inflation increases the firm's financing cost, which discourages job creation and increases unemployment. Second, inflation lowers wages because unemployed workers carry higher real balances and suffer more from inflation compared to unemployed workers. This encourages job creation. The overall effect of inflation on employment can be positive or negative and depends crucially on the firm's credit condition. We calibrate the model to match U.S. data before the great recession. The calibrated model suggests a small welfare cost of inflation and a downward-sloping Phillips curve with a flexible wage setting. We find that the firm's credit condition is as important as the nominal interest rate to understand the unemployment movement.
供稿单位：经济学院科研办公室
供稿人：王志斌
