题 目： The International Synchronisation of Business Cycles: the Role of Animal Spirits
演讲人：Yuemei Ji, Assistant Professor, University College London
主持人：谢维思 助理教授 上海交通大学安泰经济与管理学院经济系
时 间：2018年 11 月 8 日（周四）14:30-16:00
地 点：上海交通大学 徐汇校区新上院 S203室
Business cycles among industrial countries are highly correlated. To explain this, we develop a two-country behavioral macroeconomic model where the synchronization of the business cycle is produced endogenously. The main channel of synchronization occurs through a propagation of “animal spirits”, i.e. waves of optimism and pessimism that become correlated internationally. We find that this propagation occurs with relatively low levels of trade integration. We do not need a correlation of exogenous shocks to generate synchronization. Using this model in a monetary union setting, we explore the transmission of demand and supply shocks and study how the central bank affects this transmission.
Yuemei Ji is an assistant professor in Economics at University College London. She obtained her PhD from the University of Leuven. She was a visiting fellow at various institutions such as the European Institute at the LSE, the Centre for European Policy Studies (CEPS) in Brussels and the CESifo in Munich. Her research interests cover macroeconomics and international finance in general and the European Monetary Union during the post-crisis period in particular. She did intensive research on the causes of Eurozone debt crisis and its impact on the austerity policies in the Eurozone.