宏观经济学workshop(十二）

时间：12月26日10:00-11:30
地点：国发院512教室
标题： Housing Bubbles and Policy Analysis
演讲嘉宾：Pengfei Wang(王鹏飞)
主持：赵波、王敏
嘉宾简介：
Pengfei Wang(王鹏飞)，is an associate Professor at Department of Economics of Hong Kong University of Science & Technology. Pro. Wang spends most of his attention to the Macroeconomics, Monetary Economics, Financial Economics and International Economics. Most of his work has been published in important journals such as Econometrica, Journal of Monetary Economics, Journal of Economic Theory, Journal of Money, Credit, and Banking, American Economic Journal: Macroeconomics, American Economic Review Papers and Proceedings and so on.
Abstract：This paper provides a theory of credit-driven housing bubbles in an infinite-horizon production economy. Entrepreneurs face idiosyncratic investment tax distortions and credit constraints. Housing is an illiquid asset and also serves as collateral for borrowing. A housing bubble can form because houses command a liquidity premium. The housing bubble can provide liquidity and relax credit constraints, but can also generate inefficient overinvestment. Its net effect is to reduce welfare. Property taxes, Tobin’s taxes, macro prudential policy, and credit policy can prevent the formation of a housing bubble.

BubblePolicy20.pdf

WangVita2014Dec.pdf