讲座题目：Information Acquisition and the Finance-Uncertainty Trap

主讲嘉宾：董丁

香港浸会大学商学院经济学助理教授

讲座时间：2026年3月25日（周三）14:00 

讲座地点：金融学院116教室

嘉宾简介

董丁，自2024 年起担任香港浸会大学商学院经济学助理教授，先后于南京大学获得经济学学士学位、香港科技大学获得经济学博士学位。其研究主要聚焦宏观经济中信息摩擦与金融摩擦之间的相互作用，研究方向包括主观预期的形成机制与影响、经济不确定性的宏观效应与微观传导等。研究成果已发表于 Journal of Monetary Economics、Journal of Economic Theory 等国际一流学术期刊，并为 Review of Economics and Statistics、The Economic Journal 等期刊提供审稿服务。

摘要

Using novel measures of information acquisition, we document causal evidence of a feedback loop between firms’ credit access and information acquisition. To examine the macroeconomic implications of this feedback loop, we develop a tractable general equilibrium framework with financial frictions and endogenous information acquisition. In line with the empirical evidence, the model predicts that a rise in information costs raises the level of uncertainty and reduces a firm’s equity value, hampering its credit access. On the other hand, tightened credit constraints restrain activity of high-productivity firms, leading to misallocation that reduces aggregate productivity and firm profits, and discouraging information acquisition. This feedback loop creates a finance-uncertainty trap that substantially amplifies and prolongs business cycle fluctuations.