讲座人：Kingking Li（City University of Hong Kong，Assistant Professor）
讲座题目：Quantity Theory in the Lab
讲座地点：理科大楼 A 1712 会议室（中北校区）
论文提要：This paper experimentally tests the Quantity Theory (QT). A model of buyer and seller trading with search cost is constructed to understand the relationship between nominal rigidity and search cost. When there is search cost, the model predicts multiple equilibria in which there is flexible-price equilibrium and sticky-price equilibrium. We then test the theory in laboratory using treatments with different levels of money supply increases, and different levels of search cost. The main findings can be summarized as follows. Without friction (no search cost), QT largely holds. With friction (search cost), there always exist a sizable group of sellers who underreact to money injection and a sizable group of sellers who overreact, and the proportion of seller underreact is higher than the proportion of sellers who increases price proportional to money increase. Long-run rigidity is observed in the with search cost treatments, and the degree of rigidity is higher when the size of money supply increase is higher. An important finding is that the rigidity observed is not due to random (noise) behavior, rather by consistent behaviors of sellers.
演讲人简介：Kingking Li is an Assistant Professor at College of Business at City University of Hong Kong. He obtained his PhD degree from Hong Kong University of Science and Technology in 2008. His research interests include experimental economics, behavioral economics, and behavioral finance.
讲座人：Guangyi Xin（University of Leicester，博士研究生）
讲座题目：Social Distance and Economic Growth
讲座地点：理科大楼 A 1712会议室（中北校区）
论文提要：We present a model where the dynamics of social distance and the process of capital accumulation are jointly determined. Social distance evolves intergenerationally, as the process of social interactions with people from different backgrounds creates experiences that are bequeathed to the next generation, thus shaping their perceptions and opinions about ‘outsiders’. The provision of public goods and services is also a supporting factor towards a narrower social distance. A key result is the possibility of fractionalisation if social distance is above a critical threshold. As a result, long-run equilibria are path-dependent. Both the current social distance and the current stock of capital are important in determining the economy’s long-term prospects.
演讲人简介：Guangyi Xin is a PhD in Economics at University of Leicester. She obtained her bachelor degree from Zhengzhou University in 2011 and her master degree from University of Leicester before pursing her PhD degree. Her research interests include cultural and social aspects in economic development, and applied econometrics.