Estimados/as Académicos/as,

Les extendemos la invitación al seminario que organiza el Departamento de Economía, en el que se presentará el trabajo titulado "credit Surfaces and Economic Uncertainty".

Expone: David E. Rappoport, Principal Economist, Federal Reserve.

Co-autores: John Geanakoplos (Yale).

Abstract: Credit is central to the macroeconomy and macroeconomic policy.  Traditionally, credit conditions are described by the risk-free rate and a single credit spread.  We argue that the Credit Surface, i.e., the different spreads for different contract terms, provides a more accurate description of credit markets.  We show that when leverage is measured as the loan-to-value ratio, the credit surface not only becomes higher when economic uncertainty increases, but it also becomes steeper, that is, uncertainty shocks increase spreads more for riskier borrowers, as we observe empirically.  These results have important implications for macroeconomic policy and the macroeconomic effects of economic uncertainty through the supply of credit.

El formato será presencial en la sala 1605.

Saludos cordiales,

Dirección de Investigación