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

主讲人：王晨曦

时间：6月11日（周五上午）9:00-10:30

地点: 经济学院305

摘要：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.

主讲人介绍：王晨曦，中国人民大学汉青经济与金融高级研究院助理教授。2020年获得纽约大学经济学博士学位，此前获得了哥伦比亚大学金融工程硕士学位。主要研究领域包括宏观经济、货币政策与货币搜寻理论。