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宏觀經濟學workshop:資産泡沫和金融摩擦

发布日期:2021-06-11 12:00    来源:

國發院-經院6月11日宏觀經濟學workshop

题目:Asset Bubbles and Financial Friction(资产泡沫和金融摩擦)

演講者:王晨曦

時間:2021年6月11日(周五上午)9:00-10:30

线下地点: 经济学院305

简介:I study the impact of financial friction on asset bubbles in an infinite horizon model where rational asset bubbles serve as a store of value and a collateral. Financial friction is characterized from two aspects, the interest rate spread and the loan-to-deposit ratio, which affect the existence of bubbles, its steady-state size and its dynamics in different ways. The impact of financial friction depends on the role of asset bubbles in the economy. When asset bubbles only serve as a store of value (collateral), smaller financial friction not only generates smaller (larger) bubbles in the steady state, but also dampens (amplifies) the fluctuations after the bubble collapses, improving (undermining) the stability of the economy. When both roles are involved, the impact of financial friction depends on the relative importance of the two roles. Bubble size tends to be the largest when financial friction is at an intermediate level. The impact of monetary policies on bubble size depends on the role of bubbles and the type of policy instruments. 


演講者介紹:王晨曦,中國人民大學漢青經濟與金融高級研究院助理教授。2020年獲得紐約大學經濟學博士學位,此前獲得了哥倫比亞大學金融工程碩士學位。主要研究領域包括宏觀經濟、貨幣政策與貨幣搜尋理論。


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