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宏观workshop:Rational Bubbles and Middlemen
发布日期：2019-04-04 12:00 来源：
时间：2019年4月4日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Makoto Watanabe, Associate Professor, VU Amsterdam
题目：Rational Bubbles and Middlemen
Abstract
Abstract: This paper develops an infinite-period model of rational bubbles where trade of an asset takes place through a chain of middlemen. We show that there exists a unique equilibrium, and a bubble and a burst can occur due to higher-order uncertainty. The equilibrium price is increasing and accelerating during bubbles although the fundamental value is constant over time. Bubbles may be detrimental to the economy; however, bubble-bursting policies affect agents' beliefs and it turns out that they have no effect on welfare. We also demonstrate that the possibility that middlemen obtain more information leads to larger bubbles.个人简介：
Prof. Makoto Watanabe graduated from University of Essex, now he works as an associate professor in VU Amsterdam. He used to work in Universidad Carlos III. His research fields include Macro, Money, labor, and intermediation. He has published several papers in top journals such as JET, IER, EJ, and Rand J of Economics.
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大陆成人直播
-
宏观workshop:Rational Bubbles and Middlemen
发布日期：2019-04-04 12:00 来源：
时间：2019年4月4日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Makoto Watanabe, Associate Professor, VU Amsterdam
题目：Rational Bubbles and Middlemen
Abstract
Abstract: This paper develops an infinite-period model of rational bubbles where trade of an asset takes place through a chain of middlemen. We show that there exists a unique equilibrium, and a bubble and a burst can occur due to higher-order uncertainty. The equilibrium price is increasing and accelerating during bubbles although the fundamental value is constant over time. Bubbles may be detrimental to the economy; however, bubble-bursting policies affect agents' beliefs and it turns out that they have no effect on welfare. We also demonstrate that the possibility that middlemen obtain more information leads to larger bubbles.个人简介：
Prof. Makoto Watanabe graduated from University of Essex, now he works as an associate professor in VU Amsterdam. He used to work in Universidad Carlos III. His research fields include Macro, Money, labor, and intermediation. He has published several papers in top journals such as JET, IER, EJ, and Rand J of Economics.
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