【主讲】Jisheng Yang (Hangzhou University of Science and Technology)
【主题】The “Matthew effect” of monetary policy transmission to real economy
【时间】2017年1月5日 (周四) 15：30-17：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】Current monetary policy guarantees reasonable and sufficient liquidity in the banking sector, with stable increase in monetary aggregates, outstanding loans and all-system financing aggregates. However, not all firms are better off as money supply increases, and real economy gets weak. With this, a natural question would be whether all companies benefit from the tools of monetary policy intended to stimulate the economy, or that only a few of them are affected in the manner that is supposed to be. To study the heterogeneity of the monetary policy transmission channel, we conduct quantile regression to see how different firms from China’s A-share listed companies respond differently. The evidence suggests that, similar to the ‘Matthew effect’ where the rich get richer and the poor get poorer, loose monetary policy tends to inject liquidity to those companies with abundant cash flow, while cash-strapped companies hardly benefits.
