Professor Ziguan Zhuang, a researcher of the base, has published a collaborative paper titled "Asset Prices, Expected Shocks, and Macroeconomic Fluctuations in China" in the Financial Research.Financial Research is a formal publication of China's domestic and foreign public issues, which is hosted by the People's Bank of China and sponsored by the China Finance Association. It mainly reflects the dynamics and development of the financial market, publicizes China's financial policies, and introduces the latest financial theoretical research results.

Abstract:

This article constructs a new Keynesian general dynamic equilibrium model incorporating long-term expected shocks, and estimates the model using a dataset containing asset prices to analyze the relationship between asset prices, expected shocks, and macroeconomic fluctuations in China. The model research found that: firstly, the additional information contained in asset price data is essential for correctly identifying and evaluating the impact of expected shocks on the Chinese economy, and the setting of long-term expected shocks is more conducive to the model extracting expected-related information from real data; secondly, expected shocks are important for explaining macroeconomic fluctuations, and can explain more than half of the output, consumption, and investment fluctuations, as well as almost all asset price fluctuations; finally, in the case of expected shocks dominating economic fluctuations, appropriate attention to asset price fluctuations in monetary policy may reduce welfare losses caused by expected shocks to a certain extent.

Keywords：anti-takeover clause; enterprise investment; value creation; private interest capture; insider control

Link：https://xkw.zuel.edu.cn/upload/20231106/202311061557190363.pdf

Teacher profile

Ziguan Zhuang, Professor and doctoral supervisor of School of Finance, Zhongnan University of Economics and Law, Director of Carbon Trading and Carbon Finance Research Center, Zhongnan University of Economics and Law; Doctor of Finance, Wuhan University, Postdoc, Peking University; He has presided over projects such as the National Social Science Foundation, the National Natural Science Foundation, and the Humanities and Social Science Foundation of the Ministry of Education, and participated in major projects of the National Social Science Foundation and major research projects of the Ministry of Education in philosophy and social science. He has accumulated rich experience in academic research, policy consultation and project research in the fields of macroeconomic policy, carbon market and carbon finance, low-carbon transition and green development.