教育部人文社会科学重点研究基地厦门大学宏观经济研究中心（下称“宏观中心”）是厦门大学邹至庄经济研究院的重要研究机构之一。宏观中心长期致力于中国宏观经济分析与预测研究，面向国家和地方经济社会发展需要，不断提高哲学社会科学创新能力与服务水平。

在新的平台和起点上，宏观中心瞄准科学发展前沿，加强学术交流平台建设，推出厦门大学邹至庄经济研究院宏观经济研究中心“宏观与发展经济学前沿讲座”系列学术活动，持续邀请国内外一流经济学家讲授宏观经济学、发展经济学、区域经济学、产业经济学等领域前沿理论，面向全体经济学科师生开放。

厦门大学邹至庄经济研究院宏观经济研究中心“宏观与发展经济学前沿讲座”（第3期）

报告题目：Credit Condition, Inflation and Unemployment

主讲嘉宾：Professor Chao Gu, University of Missouri

报告摘要：

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 employed 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.

报告时间：2023年3月10日（周五），10:00 – 11:30

地 点：厦门大学经济楼N302