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讲座通知|苗建军:资产泡沫对宏观经济的影响
信息来源:浏览次数:发布时间:2021年06月02日 19:58

讲座名称:资产泡沫对宏观经济的影响

讲座时间:2021年6月7日(星期一)上午9:30-11:00

讲座地点:线上进行,腾讯会议号:281 918 377

主讲人:美国波士顿大学 经济系 苗建军教授


主讲人简介:

苗建军,现任美国波士顿大学经济系金融学终身教授。主要研究领域为Financial Economics, Macroeconomics, Industrial Organization, Public Finance。担任国际经济金融期刊Quantitative Economics, Annals of Economics and Finance, Economic Theory, Macroeconomic Dynamics副主编。自2003年以来,苗建军教授已在American Economic Review, Econometrica, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Journal: Macroeconomics, International Economic Review, Journal of Economic Theory, Journal of Monetary Economics, Review of Economic Dynamics, Journal of Money, Credit and Banking等国际顶尖金融学和经济学期刊上发表论文50余篇。


内容摘要:

本次讲座将基于Jianjun Miao 和 Pengfei Wang于2018年发表在American Economic Review期刊上的文章《Asset Bubbles and Credit Constraints》,对资产泡沫相关理论进行梳理。该文章摘要如下:We provide a theory of rational stock price bubbles in production economies with infinitely lived agents. Firms meet stochastic investment opportunities and face endogenous credit constraints. They are not fully committed to repaying debt. Credit constraints are derived from incentive constraints in optimal contracts which ensure default never occurs in equilibrium. Stock price bubbles can emerge through a positive feedback loop mechanism and cannot be ruled out by transversality conditions. These bubbles command a liquidity premium and raise investment by raising the debt limit. Their collapse leads to a recession and a stock market crash.