Seminar on International Economics

时间：2016年3月2日（周三）10：30－12：00 am

 

地点：北大国发院/中国经济研究中心512教室

主持人：余淼杰、余昌华

主讲人：Pengfei Wang 王鹏飞（HKUST）

题目：Financial Markets, Information Acceleration and Resource Misallocation

 

摘要：How does the financial sector affect the aggregate economy? This paper proposes a novel informational amplification and spillover channel. Our model demonstrates mutual learning between firms and financial markets: a firm's information disclosure can "attract" more information from the financial market, which can guide the manager to make a better investment decision. In a Lucas islands economy setting, we show that information production complementarities exist between the financial sector and the real sector within an island and between islands. When the financial sector in some islands suffers a negative shock, it becomes less able to conduct price discovery. This leads to the real sector in these islands having less incentives to produce information. Noisier information signals result in less-efficient real investment decisions in these islands and hence lower aggregate output. Facing the decline in aggregate demand, other islands are affected, with less information acquisitions and lower output. The negative impact on this part of the economy feeds back to the original part of the economy. In general equilibrium, aggregate real output (i.e., the level of economic activity) and financial market efficiency (i.e., the level of information) feedback and reinforce each other, leading to excess volatility on both sides. The welfare implications of the model are analyzed.

 

主讲人简介：Pengfei Wang 王鹏飞现为香港科技大学经济学副教授。王鹏飞博士毕业于Cornell大学经济系，硕士毕业于北京大学中国经济研究中心（CCER）；其主要研究领域为宏观和金融经济学，已在Econometrica, Journal of Monetary Economics, Journal of Economic Theory, American Economic Journal: Macroeconomics, Review of Economic Dynamics, Journal of Economic Dynamics and Control等国际一流经济学期刊发表数十篇学术论文。

 

演讲者所用文章的Slides请见附件 Wang Pengfei 。