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(1-2PM7:30)宏观经济学小组讨论活动

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论文题目1:Credit expansion and credit misallocation

主 讲 人:金钊(中山大学岭南学院 博士生)

时      间:2018年1月2日(周二)7:30 PM

地      点:岭南堂林植萱会议室

 

摘要:

We develop a general equilibrium model to analyze the interaction between two sectorswith differing degree of financial friction in the context of liquidity injections (credit expansion). We show that excessive liquidity injection can overheat the sector with lowerfriction, crowding liquidity out of the sector with higher friction. The crowding-out manifests in a self-reinforcing spiral because of feedback between liquidity inflows, asset prices,and collateral values. The paper highlights the effect of financial frictions on the allocation and distribution of liquidity in an economy, demonstrating misallocation of liquidity(credit) under excessive liquidity injection.

 

 

论文题目2:Do Contractionary Monetary Policy Shocks ExpandShadow Banking?

主 讲 人:王茜(中山大学中国转型与开放经济研究所 特聘副研究员)

时      间:2018年1月2日(周二)7:30 PM

地      点:岭南堂林植萱会议室

 

摘要:

Using VAR models for the US, we find that a contractionary monetary policy shockhas a persistent negative impact on the level of commercial bank assets, but increases theassets of shadow banks and securitisation activity. To explain this ‘waterbed’ effect, wepropose a standard New Keynesian model featuring both commercial and shadow banks,and we show that the model comes close to explaining the empirical results. Our findingscast doubt on the idea that monetary policy can usefully ‘get in all the cracks’ of thefinancial sector in a uniform way.

 

 

 

   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。

 

        欢迎大家参加!

 

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