一、主題：Collateral-constrained entrepreneurs and collateral-constrained banks: implications for conventional and unconventional monetary policy

二、主講人：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。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。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。

三、時間：2017年10月26日（周四），12：30-13：30

四、地點：學院南路校區主教學樓910會議室

五、主持人：黃志剛，bevictor伟德官网副教授

Abstract: We construct a model that integrates collateral-constrained entrepreneurs and collateral-constrained banks into a search-theoretic framework of money with multiple liquid assets. In the model, deposit claims coexist with currency as means of payment in decentralized trade. There are banks that play dual roles---providing liquidity insurance and undertaking financial intermediation. In the model, deposit claims on banks have to be backed by imperfectly pledgeable bank assets. These assets include bank loans which have to be collateralized by again, imperfectly pledgeable entrepreneurial capital, giving rise to a collateral chain across the realms of entrepreneurial finance and bank finance. We highlight the linkages between the centralized market and decentralized market---both an interest-rate linkage and a collateral linkage and study the transmission mechanisms of conventional and unconventional monetary policy measures. The optimal monetary policy problem is then analyzed using the primal approach.