AFR Seminar

NO.151报告人:罗雨雷(香港大学)

发布时间:2022-12-05 21:20:25 作者:万茜 来源:金融研究院 阅读:

主  题: Diagnostic Expectations and Consumption Dynamics in General Equilibrium

时  间: 2022年12月6日(周二)15:00-17:00

主讲人: 罗雨雷(香港大学)

地  点: 腾讯会议(ID: 344 646 180

 

摘要:

We propose a recursive utility version of a basic Bewley-Huggett model to study the implications of Diagnostic Expectations (DE) in the vein of Kahneman and Tversky (1972) for the behavior of consumption and saving in general equilibrium. We find that DE plays an important role in determining the size of precautionary savings and the equilibrium risk-free rate. Furthermore, we show that incorporating DE can significantly improve the model's prediction on how household consumption responds to the income shocks we observe in the Dutch household survey data. Finally, we show that alternative models that rely on habit formation, limited attention, or incomplete information about current income are not consistent with the facts we document.

演讲人简介:

罗雨雷,香港大学经济学教授,2005年获得普林斯顿大学经济学博士学位,师从诺贝尔经济学奖获得者christopher A.Sims教授,主要研究方向是理论宏观、货币理论与政策。罗雨雷教授近年的Publications inRefereed Journals包括,American EconomicJournal:MacroeconomicsManagementScienceJournal of Economic TheoryReviewof Economic DynamicsJournal of EconomicDynamics and Control Journal of InternationalEconomicsJournal of Money, Credit andBankingJournalof the European EconomicAssociationEuropean Economic Review等国际顶尖或一流期刊,已发表25篇高水平论文,另有多篇工作论文在审。

 

主  办:浙江大学金融研究院

承  办:AFR金融理论与政策研究中心

AFR金融科学与工程联合研究中心

                                                                                       2022年12月5日