讲座主题：Non-Neutrality of Money： Money Supply Shock and Masterpiece Effect in Art Market

主讲嘉宾：刘瑞明，中国人民大学国家发展与战略研究院

讲座时间：2022年5月12日14:00-16:00

讲座地点：腾讯会议ID：219-789-850

嘉宾简介：刘瑞明，中国人民大学国家发展与战略研究院教授、博导。近年来以第一作者和通讯作者身份在《经济研究》、《管理世界》、《经济学季刊》、《世界经济》、《中国工业经济》、Research Policy、Journal of Corporate Finance、China Economic Review等杂志发表50多篇文章，主持国家社科基金重大项目、国家自科基金面上项目、教育部人文社科规划项目等多项国家级、省部级项目，获得“教育部第七届中国高校科学优秀成果奖”、“全国优秀博士论文提名奖”、“第四届张培刚发展经济学青年学者奖”、“第六届黄达-蒙代尔经济学奖”、“首届谭崇台发展经济学奖”、“第四届洪银兴经济学奖”等多项学术荣誉。

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.