【主讲】Dong Feng (上海交通大学)
【主题】Lemons, Liquidity Constraint and Liquidity Policy
【时间】2016年11月3日 (周四) 15：30-17：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】Motivated by the Great Recession which was mainly characterized by liquidity shortage and flight to quality/liquidity, one of the central questions on macro prudential policy is how to manage the provision of public liquidity in both conventional and unconventional way. To this end, we develop a dynamic model with information asymmetry on asset quality in a production economy. We then quantify the dynamic implications of conventional and unconventional liquidity policy for private liquidity as well as for social welfare.
