讲座题目：Asset Bubbles and Monetary Policy（资产泡沫和货币政策）
We provide a model of rational bubbles in a DNK framework. Entrepreneurs are heterogeneous in investment efficiency and face credit constraints. They can trade bubble assets to raise their net worth. The bubble assets command a liquidity premium and can have a positive value. Monetary policy affects the conditions for the existence of a bubble, its steady-state size, and its dynamics including the initial size. The leaning-against-the-wind interest rate policy reduces bubble volatility, but could raise inflation volatility. Whether monetary policy should respond to asset bubbles depends on the particular interest rate rule and exogenous shocks.
王鹏飞教授的研究领域为宏观经济学、货币经济学，金融经济学，和国际经济学，其近年的研究重点为金融市场和劳动力市场的经济周期行为。王鹏飞教授是一位学术极为高产的青年学者。毕业以来，他在国际权威期刊，如Econometrica, Journal of Monetary Economics, Journal of Economic Theory, American Economic Review: Macroeconomics, and Review of Economic Dynamics等，发表论文28篇。
Two-Way Capital Flows and Global Imbalances, with Zhiwei Xu and Yi Wen, Economic Journal, February 2017, 127(599), pp.229-269.
Endogenous Uncertainty Acquisition and Countercyclical Uncertainties, with Jess Benhabib and Xuewen Liu, Journal of Economics Theory, September 2016, 165, pp. 601–642.
Sentiments, Financial Market, and Macroeconomic Fluctuations, with Jess Benhabib and Xuewen Liu, Journal of Financial Economics, May 2016,120(2), pp.420–443.
Chaotic Banking Crises and Banking Regulations, with Jess Benhabib and Jianjun Miao, Economic Theory, January 2016, 61(2), pp. 393-422.
Stock Market Bubbles and Unemployment, with Jianjun Miao and Lifang Xu, Economic Theory, February 2016, 61(2), pp. 273–307.
Credit Search and Credit Cycles, with Dong Feng and Yi Wen, Economic Theory, February 2016, 61(2), pp.215–239.
Asset bubbles, collateral, and policy analysis, with Jianjun Miao and Zhou Jing, Journal of Monetary Economics, 2015, 76, pp.57-70.
A Bayesian DSGE Model of Stock Market Bubbles and Business Cycles, with Jianjun Miao and Zhiwei Xu, Quantitative Economics, 2015, 6 (3), pp.599–635.
Banking Bubbles and Financial Crisis, with Jianjun Miao, Journal of Economics Theory, 2015, 157, pp.763–792.
Private Information and Sunspots in Sequential Asset Markets, with Jess Benhabib, Journal of Economics Theory, 2015, 158, pp.558-584.
Sentiments and Aggregate Demand Fluctuations, with Jess Benhabib and Yi Wen, Econometrica., March 2015, 83(2), pp. 549-585.
When Do Inventories Destabilize the Economy?-An Analytical Approach to (S,s) Policies, with Zhiwei Xu and Yi Wen, Journal of Economic Dynamics and Control, 2014, 44, pp.196-217.3
A Q-Theory Model with Lumpy Investment, with Jianjun Miao, Economic Theory, 2014, 57(1), pp. 133-159.
Sectoral Bubbles, Misallocation, and Endogenous Growth, with Jianjun Miao, Journal of Mathematical Economics, 2014, pp. 153-163.
Lumpy Investment and Corporate Tax Policy, with Jianjun Miao, Journal of Money, Credit, and Banking, 2014, 46(6), pp. 1171-1203.
Credit Constraints and Self-fulfilling Business Cycles, with Zheng Liu, American Economic Journal: Macroeconomics 6(1), January 2014, pp.32-69.
Financial Constraints, Endogenous Markups and Self-Fulfilling Equilibria, with Jess Benhabib, Journal of Monetary Economics, 2013 October, 60 (7), pp. 789-805.