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主讲人 |
Fudong Zhang |
简介 |
<div>This paper studies the interaction between inequality and house prices using an in-complete market model with heterogeneous households. The model links cross-sectional household portfolio saving decisions to housing market outcomes, and it can account for the positive empirical relationship between growth in inequality and changes in house prices. It also illustrates a new house price formation mechanism in which an investment motive among the wealthy plays a key role. A quantitative application of the theory rationalizes the recent substantial housing boom accompanied by rising household saving rates in China. The theory in this paper shows that market frictions can have a differential impact cross-sectionally, increasing inequality. Inequality can in turn amplify frictions in the market.</div>
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主讲人简介 |
<p>Prof. Fudong Zhang is Assistant Professor at PBC School of Finance, Tsinghua University. He holds Ph.D. of Economics from University of Michigan. His research fields include macroeconomics and international economics.</p>
<p>Please click<a href="/Upload/File/2017/5/20170514013530845.pdf"> Prof. Zhang's CV</a> for more information.</p> |
期数 |
高级经济学系列讲座2017春季学期第十讲（总第387讲） |
