【ECON20191206】

宏观经济学研讨会

（总第261期）

【时间】2019年4月17日（周三）12：15－13：45          

【地点】明商0202教室          

【主讲】王兆瑞 中国人民大学经济学院          

【主题】The Nexus of Monetary Policy and Shadow Banking in China（Kaiji Chen et al., American Economic Review, 2018）          

【点评】刘哲希 对外经济贸易大学国际经济贸易学院讲师          

【摘要】We study how monetary policy in China influences banks’ shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009–2015 caused shadow banking loans to rise rapidly, offsetting the expected decline of traditional bank loans and hampering the effectiveness of monetary policy on total bank credit. We advance a theoretical explanation of our empirical findings.          
         
         
人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。          

联系人：王兆瑞    Email：Macro_Workshop@163.com          

资料下载：www.docin.com/mydoc-88265459-1.html

更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。

   
 
        中国人民大学经济学院  
 
        中国经济改革与发展研究院