时间/Time：2025年 3月25日 周二 北京时间 上午09:00-10:30

地点/Venue：Zoom会议（会议号： 897 2560 1400 密码： 938759）

主讲人/Speaker：Sergey Sarkisyan

主持人/Host： 胡佳胤 Jiayin Hu

Abstract:

We examine the impact of digital payments on the transmission of monetary policy by leveraging administrative data on Brazil’s Pix, a digital payment system. We find that Pix adoption diminished banks’ market power, making them more responsive to changes in policy rates. We estimate a dynamic banking model in which digital payments amplify deposit demand elasticity. Our counterfactual results reveal that digital payments intensify the monetary transmission by reducing banks’ market power – banks respond more to policy rate changes, and loans decrease more after monetary policy hikes. We find that digital payments impact monetary transmission primarily through deposit market power.

主讲人简介：

Sergey Sarkisyan is an Assistant Professor of Finance at the Fisher College of Business at The Ohio State University. He graduated from the Wharton School at the University of Pennsylvania with Ph.D. in Finance. He also holds a bachelor's degree in economics from Lomonosov Moscow State University.

Professor Sarkisyan's research interests include financial intermediation, monetary policy, and payment technologies. His recent research studies how payment technology impacts bank deposit markets and monetary policy. His research has been featured by The Economist and The American Banker.