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【ECON20171213】

宏观经济学研讨会

（总第228期）

【时间】2017年10月11日（周三）12：15－13：45

【地点】明商0202教室

【主讲】刘凯 中国人民大学经济学院副教授

【主题】 Bank as Secret Keepers（T.V. Dang et al., NBER Working Paper, 2014）

【摘要】Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value, reducing the efficiency of trade. This need for opacity conflicts with the production of information about investment projects, needed for allocative efficiency. Intermediaries exist to hide such information, so banks select portfolios of information-insensitive assets. For the economy as a whole, firms endogenously separate into bank finance and capital market/stock market finance depending on the cost of producing information about their projects.

【主持】陈彦斌 教授

人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。

联系人：刘哲希    Email：Macro_Workshop@163.com

资料下载：www.docin.com/mydoc-88265459-1.html

更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。

 

 

中国人民大学经济学院

中国经济改革与发展研究院