Redistribution Channel of Monetary Policy : Evidence from Chinese Bank Lending

主讲人：黄毅（复旦大学泛海国际金融学院 教授，CEPR）

主持人：余昌华（北京大学国家发展研究院）

时间：2022年09月20日（周二）上午10:30-12:00（北京时间）

地点：承泽园246教室

Zoom会议号：926 3889 7210

密码：908060

摘要：

Using the employer-employee survey data and the granular loan-level data from China, this paper explores the redistribution effect of monetary policy, and pro-poses the bond financing channel of monetary policy transmission. We firstly study the impact of the sample bank loan on worker income inequality, and then explore the lending behavior of the bank in response to funding costs fluctuation caused by monetary policy shock. The main findings show that: (1) the increase of the bank loan outstanding or the decrease of the loan rate would reduce inequality, both for within-firm inequality and between-firm inequality. (2) tighter monetary policy would increase loan rate and loan spread through the bond financing channel. In addition, it would also reduce loan volume and increase loan quality. We also explore the heterogeneous effect of monetary policy shock. The redistribution channel of monetary policy is stronger in the tight monetary policy period, as well as in areas with lower level of economic development, weaker fiscal capacity, and smaller bank penetration.

主讲人简介：

Prior to joining Fudan in 2021, Professor Huang was Pictet Chair in Finance and Development and associate professor at the Graduate Institute of International and Development Studies (Geneva, Switzerland) and a research affiliate at the Center for Economic and Policy Research (CEPR) , the Asian Bureau of Finance and Economic Research (ABFER) and Academic Fellow at the Luohan Academy.

Prof. Huang’s research consists of international macro and finance; macro-finance and digital economics & fintech and Entrepreneurship. His recent research focuses on the influence of corporation’s financing and investment to financial market in the era of globalization. His research is published in academic journals such as the Review of Economic Studies , Journal of Finance and Management Science.

Professor Huang gained his Master’s degree from the China Center for Economics Research, Peking University, and his Ph.D. in International Macroeconomic and Finance from the London Business School.