时间:2016年12月16日(周五)10:30-12:00
地点:北大国发院/中国经济研究中心小教室
主持人:余淼杰 余昌华 王歆
主讲人:董丰 (上海交通大学)
题目:Lemons, Liquidity Constraint, and Liquidity Policy
摘要:The 2007-2009 global financial crisis was mainly characterized by liquidity shortage and flight to both quality and liquidity. Motivated by the Great Recession, one of the central questions on macro prudential policy is how to manage the provision of public liquidity in both conventional and unconventional way. To this end, we endogenize asset resaleability by developing a tractable dynamic model with information asymmetry on asset quality in a production economy. We then quantify the dynamic implications of conventional and unconventional liquidity policy for private liquidity as well as for social welfare.
主讲人简介:
董丰,上海交通大学安泰经济与管理学院助理教授。2009年硕士毕业于北京大学中国经济研究中心。2014年于美国华盛顿圣路易斯大学获得经济学博士学位。先后任职于美联储圣路易斯分行,上海交通大学宏观金融研究中心和上海交通大学安泰经济与管理学院。主要研究方向是宏观经济学、货币经济学、金融经济学等。论文发表于Economic Theory等期刊。
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