题目：  Lemons, Liquidity Constraint and Liquidity Policy 
报告人：  董丰   助理教授  上海交通大学安泰经济与管理学院 
主持人： 潘士远  教授   9999js金沙老品牌 
时  间：  2016年10月28日   星期五   15:30-17:00 
地  点：  浙大玉泉校区9999js金沙老品牌418室

欢迎金融实验班以及广大师生参加！

Abstract: The 2007-2009 global financial crisis, which was mainly characterized by liquidity shortage and flight to quality/liquidity, has re-ignited the debate on how the government should manage the provision of public liquidity. In particular, it is an open question on whether and how conventional and unconventional liquidity policies affect the incentive structure of private sectors. To this end, we endogenize asset resaleability by developing a tractable dynamic model with information asymmetry on asset quality in a production economy. We then quantify the dynamic implications of conventional and unconventional liquidity policy for private liquidity as well as for social welfare.