一、主題：Housing Bubbles and Policy Analysis

二、主講人：王鵬飛，香港科技大學經濟學院副教授（終身教職）。2007年獲得美國康納爾大學經濟學博士學位，碩士和本科分别畢業于北京大學和吉林大學。他的主要研究領域包括宏觀經濟學、金融經濟學和貨币經濟學。曾在Econometrica、Journal of Money, Credit and Banking、Economic Theory、Journal of Economics Theory、Economic Journal、Journal of Economic Dynamics and Control等國際著名經濟學期刊發表論文數十篇。另外，他還主持多項經濟學研究課題，活躍于多個國際性經濟學與金融學學術會議。

三、時間：2015年4月15日（周三），12：30—13：30

四、地點：bevictor伟德官网主樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

論文摘要：This paper provides a theory of credit-driven housing bubbles in an infinite-horizon production economy. Entrepreneurs face idiosyncratic investment tax distortions and credit constraints. Housing is an illiquid asset and also serves as collateral for borrowing. A housing bubble can form because houses command a liquidity premium. The housing bubble can provide liquidity and relax credit constraints, but can also generate inefficient overinvestment. Its net effect is to reduce welfare. Property taxes, Tobin’s taxes, macro-prudential policy, and credit policy can prevent the formation of a housing bubble.