讲座题目：Liquidity, Collateral Constraint, and Interest Rates

主讲人： 曾志雄

讲座时间：2016年3月4日（周五），13:30-14:30

讲座地点：中央财经大学主楼913会议室

主持人： 黄志刚，必赢565net官网副教授

主办单位：必赢565net官网

中央财经大学国际金融研究中心、全球金融治理协同创新中心

主讲人介绍：曾志雄，中南财经政法大学教授。2002年毕业于美国西北大学，获得经济学博士。他曾先后在香港中文大学、北京大学和澳大利亚莫纳什大学任教。他的主要研究领域包括货币经济学、金融经济学和国际经济学。其研究成果在Journal of Economic Theory、Journal of Banking & Finance和Journal of Real Estate Economics等一些国际著名经济学刊物上发表。

论文摘要：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.