【ECON20181218】  
      宏观经济学研讨会          （总第253期）   【时间】2018年11月21日（周三）12：15－13：45  
【地点】明商0202教室  
【主讲】随晓芹 中国人民大学经济学院  
【主题】Financial Heterogeneity and the Investment Channel of Monetary Policy（Pablo Ottonello & Thomas Winberry, NBER Working Papers, 2018）  
【点评】郭豫媚 中央财经大学金融学院讲师  
【摘要】We study the role of heterogeneity in firms` financial positions in determining the investment channel of monetary policy. Empirically, we show that firms with low leverage or high credit ratings are the most responsive to monetary policy shocks. We develop a heterogeneous firm New Keynesian model with default risk to interpret these facts and study their aggregate implications. In the model, firms with high default risk are less responsive to monetary shocks because their marginal cost of external finance is high. The aggregate effect of monetary policy therefore depends on the distribution of default risk across firms.  
【主持】陈彦斌 教授  
 
    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