-
首页
-
- 首页
- WORKSHOP预告
宏观经济学workshop: Asset Bubbles and Foreign Interest Rate Shocks
发布日期：2017-05-11 04:47 来源：北京大学国家发展研究院
时间：2017年5月11日下午13:30-15:00
地点：朗润园致福轩会议室
主持人：霍德明、王敏、赵波Speaker: Jing Zhou (see attached CV)
Title: Asset Bubbles and Foreign Interest Rate Shocks
Authors: Jianjun Miao, Pengfei Wang, Jing Zhou
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, which in turn causes an equilibrium regime shift and a sudden stop. Asset bubbles provide an important amplification mechanism.
国家发展研究院官方微信
Copyright© 1994-2012 北京大学 国家发展研究院 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
首页
-
宏观经济学workshop: Asset Bubbles and Foreign Interest Rate Shocks
发布日期：2017-05-11 04:47 来源：北京大学国家发展研究院
时间：2017年5月11日下午13:30-15:00
地点：朗润园致福轩会议室
主持人：霍德明、王敏、赵波Speaker: Jing Zhou (see attached CV)
Title: Asset Bubbles and Foreign Interest Rate Shocks
Authors: Jianjun Miao, Pengfei Wang, Jing Zhou
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, which in turn causes an equilibrium regime shift and a sudden stop. Asset bubbles provide an important amplification mechanism.
访问学者申请
EMAIL
北京大学
ENGLISH
