NSE Seminar

Asset Bubbles and Foreign Interest Rate Shocks

时间：2017年9月22日下午16:00-17:30

地点：朗润园万众楼小教室
主持人：江深哲、王歆、王勇
主讲人：Pengfei Wang(Hong Kong University of Science and Technology)


【Abstract】
We provide an infinite-horizon general equilibrium model of a small open economy with both domestic and international financial market frictions. Firms face credit constraints and use a bubble asset (land) as collateral to borrow. A land bubble can provide liquidity and relax credit constraints. Low foreign interest rates are conducive to bubble formation. A rise in foreign interest rate can cause the collapse of the asset bubble and a sudden stop. Asset bubbles provide an important amplification mechanism.

【Speaker】

Pengfei Wang obtained his PH.D. degree in Economics from Cornell University in 2007 and is the professor of Economics since 2016. His research interest lies in the areas of business cycles, monetary economics and financial economics. Many of his research papers in these areas have been published by world leading journals, such as American Economic Review, Econometrica, Journal of Economic Theory, Journal of Monetary Economics, Journal of Financial Economics , American Economic Journal: Macroeconomics, and Economic Journal. Professor Wang is a recipient of the Pushan award in 2017 for his work on two-way capital flows. He has taught advanced-macroeconomics, intermediate macroeconomics and financial macroeconomics at HKUST.

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