研讨论文：
Asset Bubbles and Credit Constraints
论文作者及相关信息：Jianjun Miao and Pengfei Wang (2018)，The American Economic Review
主讲人：
王建华（2022届博士，北京银行）
时间：
3月25日（星期六）
18:30-21:30
点评老师：
王忏、明洋
线下地址：
中关村资本大厦511会议室（限25人）
线上地址：
554-681-636（腾讯会议）
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线下会场人满后限制入场，线下参会师生请佩戴好口罩。
论文摘要
We provide a theory of rational stock price bubbles in production economies with infinitely-lived agents. Firms meet stochastic investment opportunities and face endogenous credit constraints. They are not fully committed to repaying debt. Credit constraints are derived from incentive constraints in optimal contracts which ensure default never occurs in equilibrium. Stock price bubbles can emerge through a positive feedback loop mechanism and cannot be ruled out by transversality conditions. These bubbles command a liquidity premium and raise investment by raising the debt limit. Their collapse leads to a recession and a stock market crash.
