金融与财务学系列讲座之342期
本期讲座将探讨货币政策的存款渠道，通过构建包含银行部门和存款市场势力的宏观模型，量化分析利率上升对银行存款、信贷及实体经济的影响。
报告介绍
Topic: The deposits channel of monetary policy: a quantitative assessment
The seminar will present a macroeconomic model that incorporates a banking
sector with deposit market power to assess how monetary policy affects
real economic activity through the deposit channel. When interest rates
rise, banks adjust deposit rates less than one-for-one, leading to deposit
outflows, reduced lending, and economic contraction. The calibrated model
shows this channel doubles the real impact of monetary policy and accurately
replicates key empirical responses of banks to rate changes, including
movements in deposit spreads, net interest margin, deposit volume, assets,
and franchise value. This mechanism is distinct from the traditional
bank balance sheet channel.
报告人介绍
Dr. Yang Liu joined The University of Hong Kong in 2017. He is recognized
as a National-level Young Talent and serves as the founding co-director
of the Wealth Management Academy. He is an associate editor of Management
Science, Journal of Banking and Finance, and Economic Letters. His research
focuses on international finance and macroeconomics. He received his Ph.D.
in Economics from the University of Pennsylvania and Bachelor of Economics
from Fudan University. He was a visiting scholar at the International
Monetary Fund and a research associate at the Federal Reserve Bank of
Philadelphia.
报告图片 共 1 张
