高等经济研究院教师论文被国际权威经济学期刊接收发表

2022年09月02日

2022年8月25日，高等经济研究院助理教授汤皓州与波恩大学张冬海助理教授合作的论文“Bubbly Firm Dynamics and Aggregate Fluctuations”被宏观经济学领域权威期刊Journal of Monetary Economics 接收发表。 

该论文研究了一个具有内生进入和退出的异质公司模型中资产泡沫的传导渠道，强调资产泡沫的广延边际效应：泡沫可以通过影响企业的进入和退出决策来促进实体经济活动。该模型预测了泡沫的选择效应：有泡沫的公司比没有泡沫的公司生产率低。最后，该论文对泡沫的广延边际效应提供了实证证据。

 

 

Assistant Professor Haozhou TANG's Paper Accepted for Publication in Journal of Monetary Economics

 September 2, 2022

Haozhou TANG, IAER Assistant Professor, had his paper accepted for publication in Journal of Monetary Economics on Aug 25, 2022. Entitled "Bubbly Firm Dynamics and Aggregate Fluctuations", the paper was co-authored with Donghai Zhang, Assistant Professor of Economics at the Institute for Macroeconomics and Econometrics of the University of Bonn.

The transmission channel of asset bubbles is studied in a heterogeneous firm model with endogenous entry and exit. The paper highlights the effects of asset bubbles along the extensive margin: the aggregate bubble can boost real economic activities by affecting firms' entry and exit decisions. Moreover, the model predicts the selection effect of bubbles: bubbly firms—firms with asset bubbles—are less productive than bubble-less firms. Finally, the paper provides empirical evidence that supports bubbles' effects along the extensive margin.