| Title | "How I Learned to Stop Worrying and Love Fire Sales" |
|---|---|
| Date | 2018年11月21日（水）November 21, 2018, 12:10-13:10 |
| Venue | 東京大学経済学研究科・学術交流棟（小島ホール）１階・第１セミナー室にて開催 [地図] Seminar Room No. 1, Economics Research Annex (Kojima Hall), University of Tokyo [MAP] |
| Speaker | Pablo Kurlat（Stanford University and CREPE) |
| Abstract | In canonical models with financial constraints, the possibility of fire sales creates a pecuniary externality that results in ex-ante overinvestment. I show that this result is sensitive to the microfoundations for fire sales. If they result from asymmetric information instead of misallocation, the overinvestment result is reversed. Macroprudential policy may therefore need to treat different types of investment differently. |
| Information | 英語での発表となります（Presentation in English） 主催：Macro-Finance, Monetary Economics and International Finance Workshop 共催：Macro Workshop |