【Macro/Finance webinar】Investment Externalities in Models of Fire Sales
2021/04/16
研討會日期 : 2021-04-16
時間 : 09:00
主講人 : Professor Pablo Kurlat
地點 : online
演講者簡介 : Professor Kurlat received his Ph.D. in Economics from Massachusetts Institute of Technology in 2010. He is currently an Associate Professor at University of Southern California. His research field is Macroeconomics.
演講摘要 : In canonical models with financial constraints, the possibility of fire sales creates a pecuniary externality that results in ex-ante overinvestment. I show that this result is sensitive to the microfoundations for fire sales. If they result from asymmetric information instead of misallocation, the overinvestment result is reversed. However, there may be a tradeoff between present and future underinvestment. Macroprudential policy may need to treat different types of investment differently.
