宏观经济学小组讨论活动

Financial Heterogeneity and the Investment Channel of Monetary Policy

作者:高级管理员 发布日期:2018-06-04
主题
Financial Heterogeneity and the Investment Channel of Monetary Policy
活动时间
-
活动地址
岭南堂林植宣会议室
主讲人
金钊
主持人
彭玉磊

论文题目1:Financial Heterogeneity and the Investment Channel of Monetary Policy

主 讲 人:金钊(中山大学岭南学院 博士生)

主 持 人:彭玉磊(中山大学岭南学院 助理教授)

时      间:2018年6月6日(周三)7:00 PM

地      点:岭南堂林植宣会议室

摘      要:

We study the role of heterogeneity in firms’ financial positions in determining the in- vestment channel of monetary policy. In the data, firms with low leverage or high credit ratings invest significantly more following an expansionary monetary policy shock; for example, the 50% least leveraged firms account for nearly all of the total response to monetary policy in our sample. We develop a heterogeneous firm New Keynesian model with financial frictions to interpret this fact and study its aggregate implications. In our model, low-leverage are more likely to be free of default risk and respond to monetary policy through a strong intertemporal channel; high-leverage firms are instead more likely to be risky and respond to monetary policy by paying down their debt in order to reduce default risk. The aggregate effect of monetary policy therefore depends on the distribution of default risk, which varies over time.

 

论文题目2:OPTIMAL CAPITAL ACCOUNT LIBERALIZATION IN CHINA

主 讲 人:李佳阳(中山大学岭南学院 博士生)

主 持 人:彭玉磊(中山大学岭南学院 助理教授)

时      间:2018年6月6日(周三)7:00 PM

地      点:岭南堂林植宣会议室

摘      要:

We examine the optimal pace of liberalizing China’s capital account in a small open economy model with overlapping generations. The model features financial repression and capital account restrictions, similar to China’s prevailing policy. Under financial repression, banks are required to lend a fraction of their funds to state-owned enterprises (SOEs) at below-market interest rates, whereas private firms can obtain fund only at the market interest rates. Capital account restrictions prohibit domestic citizens from participating in foreign asset markets. Under these policies, interest rates on domestic savings are lower than the world interest rate. Opening the capital account without first easing financial repression would lead to capital outflows, further raising the funding costs for productive private firms and exacerbating misallocation across sectors. In contrast, easing financial repression reallocates resources from SOEs to private firms, improving aggregate productivity. Our analysis suggests caution for liberalizing the capital account before easing domestic financial repression.

 

 

 

   宏观经济学讨论小组的成立旨在提供一个大家相互交流和分享的宏观经济学研究的平台。通过组织阅读和讨论国际前沿的宏观经济学文献,为做宏观经济学研究打下基础。

   每次讨论,主要包含三个部分,首先由主讲人对一篇文献进行详细的说明,然后再由点评人对基于该文献最新的发展以及可能存在的问题,进行介绍,最后再结合中国经济,讨论相应的研究问题。

 

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