时间： 2015 年 12 月24日（周四） 13 ：3 0  － 15 ：00

地点：北大国家发展研究院 朗润园 512

主持人：霍德明 王敏 赵波

主讲人：董丰

题目: The Perils of Credit Booms

摘要：Credit booms often cause economic expansions. But some credit booms end in financial crises and others do not. This paper presents a dynamic macroeconomic model with adverse selection in the financial market to address this issue. Entrepreneurs can take on short-term collateralized debt and trade long-term assets to finance investment. Funding liquidity can erode market liquidity. High funding liquidity discourages firms from selling their good long-term assets since these good assets have to subsidize lemons when there is information asymmetry. This can cause a liquidity dry-up in the market for long-term assets and even a market breakdown, resulting in a financial crisis. Multiple equilibria can coexist. Credit booms combined with changes in beliefs can cause equilibrium regime shifts, leading to an economic crisis or expansion.

主讲人简介：董丰，2006年毕业于中国人民大学，2009年获得北京大学中国经济研究中心经济学硕士学位，后赴美留学并于2014年获得华盛顿大学圣路易斯分校经济学博士学位，现为上海交通大学助理教授。主要研究方向包括宏观经济学、货币经济学、金融经济学和中国经济。研究成果即将发表于Economic Theory.