时间：3月31日 12:00-13:30

地点：向东楼406

线上平台：腾讯会议  ID：235 755 757

主题：A Theory of Housing Demand Shocks

主要内容：

Aggregate housing demand shocks are an important source of house price fluctuations in the standard macroeconomic models, and through the collateral channel, they drive macroeconomic fluctuations. These reduced-form shocks, however, fail to generate a highly volatile price-to-rent ratio that comoves with the house price observed in the data (the “price-rent puzzle”). We build a tractable heterogeneous-agent model that provides a microeconomic foundation for housing demand shocks. The model predicts that a credit supply shock can generate large comovements between the house price and the price-to-rent ratio. We provide empirical evidence from cross-country and cross-MSA data to support this theoretical prediction.

主讲人简介：

王鹏飞，北京大学汇丰商学院经济学教授、副院长，北京大学深圳研究生院副院长。博士毕业于康奈尔大学，毕业后在香港科技大学经济学系任教12年。主要研究领域为宏观经济学、金融经济学、货币经济学。王教授在Econometrica, American Economic Review, Journal of Finance, Journal of Economic Theory, Journal of Monetary Economics, Journal of Financial Economics, American Economic Journal: Macroeconomics等国际顶级期刊上发表几十篇学术论文。