Bubbly Leverage Cycles

时间：4月3日（周一）10：10-11：40

地点：承泽园345教室

主讲人：董丰 

摘要：We develop a tractable dynamic theory of endogenous leverage cycles with asset bubbles in a production economy. Entrepreneurs are heterogeneous in productivity and face leverage constraints that arise from the moral hazard problem in the lending market. An intrinsically useless bubble asset can have a positive value in equilibrium because it serves as the collateral for borrowing. However, the presence of asset bubble can either relax or tighten borrowers' leverage, thereby can either promote or impede long-run growth. The model can also generate a variety of nonstationary equilibria, even when fundamentals are deterministic and time invariant, including monotone, hump-shaped, periodic and chaotic equilibria with recurrent lending market collapse. In particular, the model generates endogenous boom-bust cycles on growth, leverage and asset bubble despite the absence of adverse shocks. Finally, a leverage restriction policy can push up asset bubble and lower economic growth, while removing such a restriction can make the economy less leveraged.

主讲人简介：董丰，清华大学经济管理学院经济系副教授、博士生导师。董丰2006年毕业于中国人民大学信息资源管理学院，获管理学学士；2009年毕业于北京大学中国经济研究中心，获经济学硕士；2014年毕业于美国圣路易斯华盛顿大学，获经济学博士。董丰先后主持国家自然科学基金青年项目、优青项目和原创探索计划项目。董丰研究领域为宏观经济学，聚焦资产泡沫、“双碳”转型、系统性风险和相关政策应对等议题的理论与定量分析，研究成果发表在《经济研究》、《管理世界》、《经济学(季刊)》、《金融研究》、Journal of Monetary Economics、Review of Economic Dynamics、Journal of Economic Theory等国内外学术期刊。董丰担任国际学术期刊Macroeconomic Dynamics、Economic Modelling、Mathematical Social Sciences、International Journal of Economic Theory副主编，兼任中国金融学会青年学术委员会委员、中国金融四十人(CF40)青年论坛会员、中国经济学年会宏观专业委员会委员、清华大学国家治理与全球治理研究院研究员等社会工作。