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数字金融Workshop:The Network Structure of Money Multiplier
发布日期：2023-09-07 12:00 来源：
第一讲 The Network Structure of Money Multiplier
时间/Time：2023年 9月7日 周四 北京时间14:00-15:30
Thursday, 7 September 2023, 14:00 - 15: 30, p.m. Beijing Time
地点/Venue：
线下：北京大学国家发展研究院承泽园校区344教室（校外人员线下参加，请扫描邮件下方二维码填写信息，申报入院）
线上：加入 Zoom 会议
https://us06web.zoom.us/j/84934593080?pwd=SnI4M2Q5ODhXU3hUMzJvMHJPaFArQT09
会议号：849 3459 3080
密码：283995
主讲人/Speaker： 李晔 Ye Li
主持人/Host： 胡佳胤 Jiayin Hu
摘要/Abstract:
The money view of banking emphasizes deposits as part of money supply that central banks can manage to influence the macroeconomy (Friedman and Schwartz, 1963). The credit view focuses instead on the asset side of bank balance sheets and proposes a bank lending channel (Bernanke, 1983). We show that by connecting monetary base and credit supply, the monetary role of deposits is in fact key to the credit channel. The circulation of deposits as means of payment reshuffles reserves—the settlement assets—among banks. A bank’s position in the payment network determines its liquidity risk and willingness to invest in illiquid loans. We develop a structural model of liquidity percolation in the payment system and characterize an equilibrium money multiplier that links the churn of reserves and the creation of bank credit and deposits. Based on granular payment data, our estimation reveals a small set of systemically important banks that have disproportionately large impact on the equilibrium outcome.
主讲人介绍/Biography:
Ye Li, PhD in Finance and Economics from Columbia University and William W. Alberts Endowed Professor in Finance and Assistant Professor at University of Washington. Ye’s research is in the area of money and banking, macroeconomics, asset pricing, and fintech. Prior to University of Washington, Ye taught at the Ohio State University. Ye is a Lamfalussy Research Fellow at the European Central Bank, an advisor to the Bank of Canada on digital currency, a member of Finance Theory Group, a member of Macron Finance Society, and a research affiliate of CESifo in Germany. Ye has papers accepted at the leading economics and finance journals, such as the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Economic Research Journal (经济研究). He collaborated with researchers from academic institutions and central banks around the world, such as the Federal Reserve System of the U.S. and Bank of England, and his research has been presented at leading academic conferences in Asia, Europe, and the U.S.
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首页
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数字金融Workshop:The Network Structure of Money Multiplier
发布日期：2023-09-07 12:00 来源：
第一讲 The Network Structure of Money Multiplier
时间/Time：2023年 9月7日 周四 北京时间14:00-15:30
Thursday, 7 September 2023, 14:00 - 15: 30, p.m. Beijing Time
地点/Venue：
线下：北京大学国家发展研究院承泽园校区344教室（校外人员线下参加，请扫描邮件下方二维码填写信息，申报入院）
线上：加入 Zoom 会议
https://us06web.zoom.us/j/84934593080?pwd=SnI4M2Q5ODhXU3hUMzJvMHJPaFArQT09
会议号：849 3459 3080
密码：283995
主讲人/Speaker： 李晔 Ye Li
主持人/Host： 胡佳胤 Jiayin Hu
摘要/Abstract:
The money view of banking emphasizes deposits as part of money supply that central banks can manage to influence the macroeconomy (Friedman and Schwartz, 1963). The credit view focuses instead on the asset side of bank balance sheets and proposes a bank lending channel (Bernanke, 1983). We show that by connecting monetary base and credit supply, the monetary role of deposits is in fact key to the credit channel. The circulation of deposits as means of payment reshuffles reserves—the settlement assets—among banks. A bank’s position in the payment network determines its liquidity risk and willingness to invest in illiquid loans. We develop a structural model of liquidity percolation in the payment system and characterize an equilibrium money multiplier that links the churn of reserves and the creation of bank credit and deposits. Based on granular payment data, our estimation reveals a small set of systemically important banks that have disproportionately large impact on the equilibrium outcome.
主讲人介绍/Biography:
Ye Li, PhD in Finance and Economics from Columbia University and William W. Alberts Endowed Professor in Finance and Assistant Professor at University of Washington. Ye’s research is in the area of money and banking, macroeconomics, asset pricing, and fintech. Prior to University of Washington, Ye taught at the Ohio State University. Ye is a Lamfalussy Research Fellow at the European Central Bank, an advisor to the Bank of Canada on digital currency, a member of Finance Theory Group, a member of Macron Finance Society, and a research affiliate of CESifo in Germany. Ye has papers accepted at the leading economics and finance journals, such as the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Economic Research Journal (经济研究). He collaborated with researchers from academic institutions and central banks around the world, such as the Federal Reserve System of the U.S. and Bank of England, and his research has been presented at leading academic conferences in Asia, Europe, and the U.S.
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