Money and Credit: Theory and Applications

时 间：2018年6月6日 星期三12:00 – 13:30

地 点：明德主楼610

报告人：Liang Wang

主持人：雷敬华

摘要：We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Agents use cash and credit because the former (latter) is subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We derive closed-form solutions for money demand, and show how to simultaneously account for the price-change facts, cash-credit shares in micro data, and money-interest correlations in macro data. The effects of inflation on welfare, price dispersion and markups are discussed, as are nonstationary equilibria with dynamics in the price distribution.

报告人简介：Liang Wang is an assistant professor at Department of Economics, University of Hawaii Manoa. He received his bachelor degree from Renmin University of China, and his PhD in economics from the University of Pennsylvania. His research primarily focuses on monetary economics, search and matching theory, labor economics, and macroeconomics. His publications include articles in the Journal of Economic Theory, The B.E. Journal of Theoretical Economics,Journal of Economic Dynamics and Control, and Macroeconomic Dynamics.