主讲人：周戈

题目：liquidity allocation and endogenous uncertainty

时间：2020年10月29日 14:00

地点：邵逸夫科学馆513

简介：周戈，香港科技大学经济学博士，主要研究领域为宏观金融、货币经济学和国际金融。现在的主要研究兴趣是用宏观的方法研究资产价格中的泡沫问题，并致力于探求资产价格、金融市场风险、整体流动性分配与宏观经济的相互影响。文章发表在Macroeconomic Dynamics, B.E. Journal of Macroeconomics上，现有的工作论文多次入选Econometric Society Meetings，AEA/ASSA Annual Meeting和CES North American Conference。

内容摘要：This paper provides a continuous time DSGE model to shed light on an endogenous mechanism of liquidity allocation between real economy and financial system. This theory is helpful for us to understand the weak investment and saving glut of non-financial corporates in main advanced economies during the current recovery from the Great Recession. Physical capitals have less liquidity than their corresponding equities. With financial frictions, investment depends not only on the equity price but also on the capital structure of corporates. When the net worth of entrepreneurs who are risk-averse are low, they will disinvest and hold more financial assets to hedge against risks. This leads to more funds flowing into financial system so that a financial boom with high system risks but a slow economic recovery.