講座題目：Liquidity, Collateral Constraint, and Interest Rates

主講人： 曾志雄

講座時間：2016年3月4日（周五），13:30-14:30

講座地點：bevictor伟德官网主樓913會議室

主持人： 黃志剛，bevictor伟德官网副教授

主辦單位：bevictor伟德官网

bevictor伟德官网國際金融研究中心、全球金融治理協同創新中心

主講人介紹：曾志雄，中南财經政法大學教授。2002年畢業于美國西北大學，獲得經濟學博士。他曾先後在香港中文大學、北京大學和澳大利亞莫納什大學任教。他的主要研究領域包括貨币經濟學、金融經濟學和國際經濟學。其研究成果在Journal of Economic Theory、Journal of Banking & Finance和Journal of Real Estate Economics等一些國際著名經濟學刊物上發表。

論文摘要：We study the determination of interest rates in a New Monetarist framework with public and private liquidity provision. We link the provision of liquidity to collateral constrains in the credit market, and explore the implications of this link for optimal monetary policy. We show that for decentralized trade it is optimal to have zero liquidity premium on interest-bearing assets, but for the credit market it is optimal to allow for positive liquidity premium on interest-bearing assets as long as lenders and borrowers (entrepreneurs) differ in time preferences and there is positive haircut for collateral assets. The Friedman rule is suboptimal because it traps the equilibrium real interest rate in its maximum possible value, which is detrimental to the credit market.