演讲人：Professor Karl Farmer    奥地利格拉兹大学经济系 University of Graz
时    间：4月15日下午2:00-3:30
地     点: 后主楼1621

论文题目:Credit constraints and differential growth in equilibrium modeling of EMU and global trade imbalances

摘 要：
Increases in the private saving rate in emerging economies and its steady decline in advanced economies, huge external surpluses in the former and similar deficits in the latter and a persistent decline in the world long-term interest rate characterize the evolution of the world economy since Euro-related intra-EMU and global financial integration in the beginning 2000s. While the intra-EMU and global trade imbalances and the interest decline can be explained by means of Farmer and Ban’s (2015) three-country OLG model, the saving rate divergence cannot. Coeurdacier et al. (2015) attribute this divergence to the interaction of household credit constraints and international growth differentials in a two-country OLG model. This paper introduces these novel modeling elements into Farmer and Ban’s (2015) three-country OLG model, and finds that country-specific credit constraints and Asian`s rapid growth enlarge the model-generated trade imbalances and let saving rates decline – to some extent in line with empirical evidence.

演讲人简介：
Karl Farmer studied Economics, Russian language and Mathematics at Graz and Goettingen (Germany) University. He became Professor of Economics at Graz University in 1997, served as a Head of the Department of Economics from 2001-2013 and as Vice Dean for Students from 2006-2014. His research focuses on intertemporal general equilibrium models in resource and international economics. He published about 40 papers in leading international journals (e.g. Economic Theory, Journal of Economics, etc.) and 15 monographs. He held visiting professorships at Lisbon Technical University, Free University of Brussels, University of Life Sciences in Vienna, and at the Babes-Bolyai University Cluj-Napoca (Romania) at which he holds a Honorary Professorship since 2015.