一、主講人：寸無曠，美國羅格斯大學（Rutgers University）博士，bevictor伟德官网碩士和學士。主要研究領域為宏觀經濟學、貨币經濟學和金融經濟學。

二、主題：Endogenous Lemons Market and Information Cycles

I study a dynamic economy in which the information on asset quality is asymmetric and the degree of information asymmetry endogenously varies with the macro-economy, which amplifies the effects of shocks. In the model, firms hold assets of heterogeneous quality and borrow for operating expenses. Production is subject to idiosyncratic shocks, which may force the firms to liquidate their assets to pay off debts. Firms are initially uninformed of the qualities of their assets, but they can produce private information on their own assets at a cost. Without any private information, participants in asset markets are symmetrically uninformed and market liquidity is perfect. Private information is individually beneficial, but it creates a lemons problem that lowers market liquidity and distorts economic decisions. Firms that acquire private information fail to internalize the adverse effects of private information on market liquidity. If firms are restricted from producing private information, the allocation of my model is identical to that of the perfect information economy. Adverse shocks trigger private information acquisition, which exacerbates the lemons problem. As results, market liquidity drops and economic activity declines. The model can generate larger fluctuations in financial and macroeconomic variables than an otherwise the same model with the level of information asymmetry being fixed.

三、時間：2015年1月28日，星期三上午，9:00-10:00

四、地點：bevictor伟德官网學院南路校區主教學樓913會議室

五、主持人：張禮卿教授，bevictor伟德官网院長