研讨論文：
Asset Bubbles and Credit Constraints
論文作者及相關信息：Jianjun Miao and Pengfei Wang (2018)，The American Economic Review
主講人：
王建華（2022屆博士，北京銀行）
時間：
3月25日（星期六）
18:30-21:30
點評老師：
王忏、明洋
線下地址：
中關村資本大廈511會議室（限25人）
線上地址：
554-681-636（騰訊會議）
溫馨提示：
線下會場人滿後限制入場，線下參會師生請佩戴好口罩。
論文摘要
We provide a theory of rational stock price bubbles in production economies with infinitely-lived agents. Firms meet stochastic investment opportunities and face endogenous credit constraints. They are not fully committed to repaying debt. Credit constraints are derived from incentive constraints in optimal contracts which ensure default never occurs in equilibrium. Stock price bubbles can emerge through a positive feedback loop mechanism and cannot be ruled out by transversality conditions. These bubbles command a liquidity premium and raise investment by raising the debt limit. Their collapse leads to a recession and a stock market crash.
