Short Course on Bubbles and Crises Given at DUFE


The short course on Bubbles and Crises: Theory and Applications in Macroeconomics was given by Dr. Feng Dong on August 8-10, 2019 at the Institute for Advanced Economic Research (IAER), Dongbei University of Finance and Economics (DUFE). It was a six-session course, three hours a session. Over 20 Ph.D. or master candidates and faculty members of DUFE attended. Professor Yingfei Qi, Executive Director of IAER, Dean of School of Economics, DUFE, hosted the opening ceremony.


Dr. Feng Dong obtained B.A. in Management (2006) in Renmin University of China, M.A. in Economics (2009) at China Center for Economic Research (CCER) in Peking University, and Ph.D. in Economics (2014) in Washington University in St. Louis. His main research area includes macroeconomics, monetary economics, economic networks and Chinese economy. He has published articles in Journal of Monetary Economics and Economic Theory


On August 8, Dr. Dong elaborated Asset Bubbles in Infinite Horizon (Firms) and Fiscal Policy, including the pros and cons of asset bubbles, how bailout increases bubbly liquidity and rules for optimal bailout. The following two lectures on August 9 was on Asset Bubbles in Infinite-Horizon (Firms/Households) and Monetary Policy, in which he introduced Bubbly Bitcoin (BTC), Housing Bubbles and Policies Application, as well as Asset Bubbles and Credit Constraints. On August 10, after a quick conclusion of Asset Bubbles in Infinite-Horizon (Households), Dr. Dong expounded Cycles of Credit Expansion and Misallocation.



This three-day short course presented the classical and frontier research on rational bubbles with their applications to DSGE models on economic fluctuations and growth. The participants had a better understanding of Bubbles and Crises through the elaboration of Dr. Feng Dong, and the communication and interaction with him.