讲座主题：Collateral-Constrained Entrepreneurs and Collateral-Constrained Banks: Implications for Conventional and Unconventional Monetary Policy

　　主讲人：曾志雄

　　讲座地点：B247

　　讲座时间：2018年6月11日 下午3:00

　　主办单位：999策略白菜手机论坛经济系

　　讲座摘要：We construct a model that integrates collateral-constrained entrepreneurs and collateral-constrained banks into a search-theoretic framework of money with multiple liquid assets. In the model, deposit claims coexist with currency as means of payment in decentralized trade. There are banks that play dual roles——providing liquidity insurance and undertaking financial intermediation. In the model, deposit claims on banks have to be backed by imperfectly pledgeable bank assets. These assets include bank loans which have to be collateralized by again, imperfectly pledgeable entrepreneurial capital, giving rise to a collateral chain across the realms of entrepreneurial finance and bank finance. We highlight the linkages between the centralized market and decentralized market——both an interest-rate linkage and a collateral linkage, and study the transmission mechanisms of conventional and unconventional monetary policy measures. The optimal monetary policy problem is then analyzed using the primal approach.

　　主讲人简介：曾志雄教授 2002 年于美国西北大学获得经济学博士学位。他曾先后任职于香港中文大学、北京大学中国经济研究中心和澳大利亚莫纳什大学，现为中南财经政法大学文澜学院教授。他的主要研究领域为宏观经济学、货币经济学、金融经济学和国际经济学，已在 Economic Theory，Journal of Banking & Finance 和 Journal of Real Estate Economics 等国际期刊物上发表论文近 20 篇。