讲座题目：The Optimality of Gradualism in Economies with Financial Markets

主讲人：王高望

时间：2025年11月15日（星期六）上午9:30-11:30

线下地点：创新港涵英楼经济金融研究院8121报告厅

报告人简介：

王高望，山东大学经济研究院教授、博士生导师，入选山东大学未来计划青年学者、山东大学齐鲁青年学者。主要研究方向为宏观经济学和金融理论，在Journal of Economic Theory，Journal of Economic Dynamics and Control, Journal of Financial Markets，Economics Letters, Annals of Economics and Finance,《经济研究》《经济学报》等国内外期刊发表论文32篇，主持国家自然科学基金面上项目、教育部人文社科青年项目、中国博士后科学基金面上项目和特别项目等，出版专著一部《重商主义、发展战略与长期增长》，出版译著两部《动态优化》《离散时间的经济动力学》。

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.