题目: Global Monetary Policy Shocks, Financial Frictions, and Export Prices

主讲人：Yao Amber Li (HKUST)

时间：2024年10月10日 下午14:00 – 15:30

地点：承泽园132教室

摘要：This paper examines how global monetary policies shape the export pricing behaviors of Chinese firms using unexpected monetary shocks and disaggregated customs data. Unlike the prediction of the demand side channel and the “pricing-to-market” theory, an unexpected tightening of the US monetary policy raises China’s export prices with markups mildly adjusted. Instead, this suggests a borrowing cost channel, where firms that rely on external financing experience an increase in the financing cost after a tightening shock. Consistently, the impact is more profound for firms facing higher borrowing costs and tighter liquidity conditions. To explain these findings, we develop an illustrative heterogeneous firm trade model that incorporates financial frictions and external monetary shocks.

主讲人简介：Yao Amber Li is an associate professor of Economics at HKUST, specialized in International Trade, International Macroeconomics, and Chinese Economy.