第646期岭南学术论坛（经济学系列Seminar）

语 言            中文+英文

讲座介绍：

Entrepreneurs appear to borrow largely against their near-term revenues, even when their investment has a longer horizon. In this paper, we develop a model of credit horizons. A question of particular concern to us is whether persistently low interest rates can stifle economic activity. With this in mind, our model is of a small open economy where the world interest rate is taken to be exogenous. We show that a permanent fall in the interest rate can reduce aggregate investment and growth, and even lead to a drop in the welfare of everyone in the domestic economy. We use our framework to examine how credit horizons interact with plant dynamics and the evolution of productivity. Finally, we speculate that the measurement of total investment may camouflage the true level of productive investment in plant and human capital, and give too rosy a picture of property-fuelled booms sparked by low interest rates.

报告人介绍：

       张圣醒，伦敦政治经济学院经济系助理教授，北京大学汇丰商学院访问副教授，纽约大学经济学博士，宏观与货币经济学领域的年轻领军人物，从事货币理论、货币政策、金融市场、安全资产等方面的研究，在经济学期刊American Economic Review, Econometrica, Review of Economic Studies, Journal of Economic Theory等发表多篇有影响力的论文。担任Review of Economic Studies编委会成员，Journal of Economic Theory, International Journal of Economic Theory及Mathematics and Financial Economics副主编。

       欢迎感兴趣的师生参加！

       中山大学岭南学术论坛分经济学和金融学两大系列，是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期，并得到了各界的高度评价。