时间：2016年5月24日（周二）13：30－15：00
地点：国家发展研究院 朗润园 万众楼小教室
主持人：霍德明 王敏 赵波
主讲人：王鹏飞

题目：Financial Market, Information Acceleration, and Resource Misallocation

 

摘要：This paper proposes a novel informational amplification and spillover channel through which financial markets can affect the real economy by influencing firms' production uncertainty ex ante and resource allocation efficiency ex post in a model with both demand and supply uncertainty. To reduce these uncertainties, firms and financial markets mutually learn from each other: firms' information disclosure can "attract" more information from financial markets, while their incentive to acquire information in turn depends on the informativeness of financial prices. Information production in two sectors then jointly determines resource allocation efficiency. A small shock that impairs financial markets' ability to conduct price discovery can therefore have a large impact on the real economy due to the information production complementarity. In general equilibrium, resource allocation efficiency and financial market efficiency feed back into and reinforce each other, leading to possible self-fulfilling excessive volatility on both sides.

 

 

简历：北京大学国家发展研究院校友， 2000年进入北京大学中国经济研究中心，并于2003年获得经济学硕士，后进入美国康奈尔大学（Cornell University）深造，于2007年获得经济学博士学位。现任香港科技大学经济系副教授。已在Econometrica, AEJ: Macro, JME, RED , JET，ET等国际top杂志上发表多篇学术论文。(http://ihome.ust.hk/~pfwang/Research.htm)