新结构经济学学术工作坊

Gray's Anatomy: Understanding Uncertainty

 

时间：2016年11月18日下午15:30-17:00

地点：北京大学国家发展研究院（朗润园）致福轩会议室

主持人：王勇、王歆、徐佳君

主讲人：Juliana Yu Sun (Singapore Management University)

【摘要/Abstract】

We explore the key mechanisms whereby uncertainty impacts the business cycle by exploring the interaction of uncertainty with growth in industries with different technologies of production. We find that uncertainty shocks are particularly detrimental to growth in industries with rapid capital depreciation or high investment adjustment costs. The findings are consistent with real options theory: uncertainty leads firms to delay investment in new projects, but high depreciation and fixed costs of investment make delay more costly. On the other hand, we do not find evidence of a significant role of financial markets in the generation nor propagation of uncertainty shocks.

 

【Speaker】

Juliana Yu Sun is currently an assistant professor of economics at School of Economics of Singapore Management University (SMU). She joined SMU in July 2013, after receiving her Ph.D. from The George Washington University. She also holds M.A. and B.A. in economics from Fudan University, China. Her research focuses on technological factors that determine economic structure and growth, and the linkage between the real economy and finance. She has publications at Review of Economic Dynamics and European Economic Review.

For more information about the speaker, see here