【主讲】Jingyi Zhang (Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University)
【主题】Reserve Requirements and Optimal Chinese Stabilization Policy
【时间】2017年11月23日 (周四) 15：30-17：00
【地点】上海财经大学经济学院楼702室
【语言】英文
【摘要】We build a two-sector DSGE model to study reserve requirement adjustments, a frequently-used policy tool for macro-stabilization in China. State-owned enterprises (SOEs) are financed by government-guaranteed bank loans, which are subject to reserve requirements, while private firms rely on unregulated off-balance sheet financing. Increasing reserve requirements reallocates resources to more productive private firms, raising aggregate productivity, but also raises the incidence of SOE bankruptcy. Optimal reserve requirement adjustments are complementary to interest rate adjustments for shocks that result in inefficient relative price fluctuations, such as sector-specific productivity shocks, but only yield modest additional welfare gains under aggregate productivity shocks.
