一、主题：Housing Bubbles and Policy Analysis

二、主讲人：王鹏飞，香港科技大学经济学院副教授（终身教职）。2007年获得美国康纳尔大学经济学博士学位，硕士和本科分别毕业于北京大学和吉林大学。他的主要研究领域包括宏观经济学、金融经济学和货币经济学。曾在Econometrica、Journal of Money, Credit and Banking、Economic Theory、Journal of Economics Theory、Economic Journal、Journal of Economic Dynamics and Control等国际著名经济学期刊发表论文数十篇。另外，他还主持多项经济学研究课题，活跃于多个国际性经济学与金融学学术会议。

三、时间：2015年4月15日（周三），12：30—13：30

四、地点：中央财经大学主楼913会议室

五、主持人：黄志刚，必赢565net官网副教授

论文摘要：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.