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主讲人 |
Zhiwei Xu |
简介 |
<p>Burgeoning empirical evidence suggests that credit booms may not only increase misallocation, but also sow seeds for financial crises. However, there is relative under-supply of theory accounting for these facts. To bridge the gap, we develop a unified general equilibrium banking model with heterogeneous firms to analyze the misallocation consequences of credit expansion policy both within and across sectors. The main insight is the trade-off between credit quantity and quality. On the one hand, a moderate credit expansion has a non-monotonic impact on the aggregate output. It raises credit potentially available for production at the cost of more severe productivity distortion. On the other hand, a sufficiently large credit expansion may trigger an interbank market crisis, generating the discontinuous effect. The resulting economic recession is exacerbated by the firm-level productivity misallocations. By extending the static model to a dynamic environment, we show that an expansionary credit policy can generate endogenous boom-bust business cycles despite the absence of adverse shocks.</p> |
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主讲人简介 |
<p>Associate Professor of Finance, Shanghai Jiao Tong University.</p>
<p>Please see <span style="color: rgb(255, 102, 0);"><a href="/Upload/File/2018/2/20180226035251354.pdf"><span style="color: rgb(255, 102, 0);">Prof. Xu's CV</span></a></span> for more information. </p> |
期数 |
高级经济学系列讲座2018春季学期第一讲（总第395讲） |
