主题：Financial Intermediation and Capital
Misallocation（金融中介和资本错配）
主讲人：艾恒杰，明尼苏达大学卡尔森管理德州扑克大小
金融学助理教授
日期：2015年6月10日（周三）
时间：下午2:00-3:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
To understand
the link between financial intermediation activities and the real economy, we
put forward a general equilibrium model where agency frictions in the financial
sector affect the efficiency of capital reallocation across firms and generate
aggregate economic fluctuations. We develop a recursive policy iteration
approach to fully characterize the nonlinear equilibrium dynamics and the
off-steady state crisis behavior. In our model, adverse shocks to agency
frictions exacerbate capital misallocation and manifest themselves as
variations in total factor productivity at the aggregate level. Our model
endogenously generates counter-cyclical volatility in aggregate time series and
counter-cyclical dispersion of marginal product of capital and asset returns in
the cross-section.
主讲人简介:
Hengjie Ai is an Assistant Professor
of Finance at Carlson School of Management, University of Minnesota. Professor
Ai received a B.A. in World Economy from Wuhan University in 1993, and a M.A.
and a Ph.D. in Economics from Renmin University of China and University of
Minnesota respectively. Prior to joining the Carlson School of Management, he was an Assistant Professor of
Finance at the Fuqua School of Business, Duke University (2006-2012). His papers have appeared in Journal of Finance, Review
of Financial Studies, Journal of Financial Economics and other
leading finance journals. His research and teaching interests are mainly in
financial economics, macroeconomics and economic theory.
