【論壇時間】2021年12月9日（周四）14:00（下午）

【論壇地點】經濟學院210會議室 騰訊會議：477-740-410

【主題一】Effect of Agglomeration on Firms’ Research and Development Investment: A U-shaped Relationship

【內容提要】Extant research on how agglomeration impacts firms’ R&D investment reveals conflicting views. Some studies suggest that, due to free riding arising from knowledge spillovers, agglomeration reduces firms’ R&D investment, whereas others find that it creates additional incentives for innovation through the intensification of local competition, thereby increasing firms’ R&D investment. This study attempts to reconcile these two conflicting views. We propose a U-shaped relationship between agglomeration and firms’ R&D investment. When the extent of agglomeration is low, knowledge spillover effects are important, while local competition is negligible. The free riding effects dominate local competition effects. Thereby firms’ R&D investment decreases with the extent of agglomeration at a decreasing rate. By contrast, when the extent of agglomeration is high, local competition becomes the dominant force. Consequently, firms’ R&D investment increases with the extent of agglomeration at an increasing rate. By using data from 299,256 manufacturing firms in China, we found that firms’ R&D investment first decreases with the extent of agglomeration to reach a minimum, after which it increases as the extent of agglomeration continues to rise. These results indicate that there is a robust U-shaped relationship between agglomeration and firms’ R&D investment.

【主講人簡介】李玉花，副教授，博士生導師，主要從事FDI、技術創新以及沖突與貿易等方面的研究。主持國家自然科學基金項目2項，在Journal of Economic Behavior and Organization、管理世界、中國工業經濟、Review of Development Economics等國內外重要期刊上發表學術論文10余篇。

【主題二】How Important Are the International Financial Market Imperfections for the Foreign Exchange Rate Dynamics: A Study of the Sterling Exchange Rate

【內容提要】The UK has been a net debtor over the past two decades and the sterling exchange rates are sensitive to any chaos that might occur in the financial market. This paper examines the importance of the international financial imperfections in the sterling exchange rate dynamics. We build a small open economy DSGE model with the constrained international financial institutions that intermediate capital flows, and derive tractable analytical solutions. The constraint works to introduce a wedge between lending and borrowing rates, which compensates financiers for their currency risk-taking. The model has been estimated by using a simulation-based Indirect Inference approach, which provides a natural frame work for testing the hypothesis implied by the model. We find that the model cannot be rejected by the UK data. Shocks to financial forces are the main driving forces behind the large and sudden depreciation of the Sterling exchange rates in the aftermath of the collapse of Lehman Brothers and the Brexit vote. Furthermore, the optimal policy rules have been proposed.

【主講人簡介】董雪，威尼斯vns08866講師，博士畢業于英國卡迪夫大學（Cardiff University）,研究方向宏觀經濟、國際宏觀金融。近年來以第一作者或通訊作者在Journal of International Money and Finance 學術期刊發表論文。