讲座题目：Nurturing Young Public Firms over Real Business Cycles

报告人：曹林谊博士

主持人：欧阳志刚教授

报告时间：2019年12月20日上午10:00—12:00

报告地点：文泉楼南408实验室

主办单位：304am永利集团

产业升级与区域金融湖北省协同创新中心

304永利集团官网入口湖北金融研究中心

304永利集团官网入口中国投资研究中心

内容摘要：In this paper I develop a theory of financial intermediation in a general equilibrium environment, to study the interactions between households, financial intermediation, and entrepreneurs over real business cycles. In my model the financial intermediary, who resembles real-life private equity (PE) groups and investment bankers, works as a nurturer of young public firms. It performs screening and sorting on entrepreneurs, then allocates resources to them, borrowed from the households. However, the effort intensity in screening decreases when the financial intermediary is flooded by resources, so do the average quality of financial services and the commission rate, which predict the countercyclicality of those variables. This countercyclicality of efficiency in the financial sector promises a dampening effect on economic volatility. I use the U.S. initial public offering (IPO) data, as well as selected PE data to document that the commission rate is indeed countercyclical. Its correlation with the cyclical component of total output is around -0.21. I calibrate the model to the U.S. financial market and conduct several counterfactual exercises. I find that a 20% drop in the financial intermediary’s effort cost dampens the total output volatility by 0.24% and the household consumption volatility by 0.53%. While a binding commission rate cap amplifies the volatility by 0.36% and 0.54% respectively.

主讲人简介: 曹林谊，本科毕业于中国人民大学经济学院，硕士毕业于复旦大学经济学院，博士在读于华盛顿大学圣路易斯分校。主要研究方向是宏观经济学和金融经济学。主要工作论文有：经济周期中的金融中介和新兴企业；全球化经济下的反垄断政策。（合作者：朱礼军-北京大学新结构经济研究中心）；技术扩散理论（合作者：王城-复旦大学经济学院）。