一、主题：Collateral-constrained entrepreneurs and collateral-constrained banks: implications for conventional and unconventional monetary policy

二、主讲人：曾志雄，中南财经政法大学教授。2002年毕业于美国西北大学，获得经济学博士。先后在香港中文大学、北京大学和澳大利亚莫纳什大学任教。主要研究领域包括货币经济学、金融经济学和国际经济学。其研究成果在Economic Theory、Journal of Banking & Finance和Journal of Real Estate Economics等一些国际著名经济学刊物上发表。

三、时间：2017年10月26日（周四），12：30-13：30

四、地点：学院南路校区主教学楼910会议室

五、主持人：黄志刚，中央财经大学金融学院副教授

Abstract: We construct a model that integrates collateral-constrained entrepreneurs and collateral-constrained banks into a search-theoretic framework of money with multiple liquid assets. In the model, deposit claims coexist with currency as means of payment in decentralized trade. There are banks that play dual roles---providing liquidity insurance and undertaking financial intermediation. In the model, deposit claims on banks have to be backed by imperfectly pledgeable bank assets. These assets include bank loans which have to be collateralized by again, imperfectly pledgeable entrepreneurial capital, giving rise to a collateral chain across the realms of entrepreneurial finance and bank finance. We highlight the linkages between the centralized market and decentralized market---both an interest-rate linkage and a collateral linkage and study the transmission mechanisms of conventional and unconventional monetary policy measures. The optimal monetary policy problem is then analyzed using the primal approach.