文澜金融论坛（第359期）

摘要：

We develop a model economy with active financial markets in which a policymaker's adoption of a gradualistic approach constitutes a Bayesian Nash equilibrium. In our model, the ex ante policy proposal influences the supply side of the economy, while the ex post policy action affects the demand side and shapes market equilibrium. When choosing policies, the policymaker internalizes the impact of her decisions on the precision of the firm-value signal. Moreover, financial markets provide a price signal that informs the government. The policymaker learns about the productivity shocks not only from firm-value performance signals but also from financial market prices. Access to information through both channels creates strong incentives for the policymaker to adopt a gradualistic approach in a time-consistent manner. Smaller policy steps yield more precise information about the productivity shock. These results hold robustly for both exogenous and endogenous information models.

主讲人介绍：

王高望，山东大学经济研究院教授、博生生导师，武汉大学金融学博士，山东大学未来计划青年学者、齐鲁青年学者，研究方向是宏观经济学和金融理论，当前主要关注信息在金融市场和宏观经济中的应用研究，在Journal of Economic Theory、Journal of Economic Dynamics and Control、Journal of Financial Markets、Economics Letters、Annals of Economics and Finance和《经济研究》等国内外经济学期刊发表论文30多篇，主持国家自然科学基金面上项目、教育部人文社科基金青年项目、中国博士后基金面上项目和特别资助项目。