講座主題：Non-Neutrality of Money： Money Supply Shock and Masterpiece Effect in Art Market

主講嘉賓：劉瑞明，中國人民大學國家發展與戰略研究院

講座時間：2022年5月12日14:00-16:00

講座地點：騰訊會議ID：219-789-850

嘉賓簡介：劉瑞明，中國人民大學國家發展與戰略研究院教授、博導。近年來以第一作者和通訊作者身份在《經濟研究》、《管理世界》、《經濟學季刊》、《世界經濟》、《中國工業經濟》、Research Policy、Journal of Corporate Finance、China Economic Review等雜志發表50多篇文章，主持國家社科基金重大項目、國家自科基金面上項目、教育部人文社科規劃項目等多項國家級、省部級項目，獲得“教育部第七屆中國高校科學優秀成果獎”、“全國優秀博士論文提名獎”、“第四屆張培剛發展經濟學青年學者獎”、“第六屆黃達-蒙代爾經濟學獎”、“首屆譚崇台發展經濟學獎”、“第四屆洪銀興經濟學獎”等多項學術榮譽。

内容摘要：The ongoing debate of whether money is neutral or not is one of the central topics in economics. With the exogenous shock of the money supply of China’s Four Trillion Stimulus Plan at the end of 2008, we use the unique art auction database of Chinese paintings from 2005 to 2013 to provide evidence for the non-neutrality of money from the perspective of the art market. The study finds that after the implementation of the aforementioned plan, the hammer price increase rates of the published masterpieces are higher than those of other works of art. We then carry out robustness tests from four aspects (subsample regression, parallel trend test, placebo test, and elimination of alternative hypotheses), and the results remain stable. Moreover, the results of heterogeneity analysis show that masterpieces with more publications, collected by celebrities, and created by famous artists have greater price growth. The results of this study validate Hayek’s theory that monetary shocks change the relative price and enrich the understanding of the masterpiece effect in the art market.