时间/Time：2024年 12月18日 周三 北京时间 下午14:00-15:30

 Wednesday 18 December 2024, 14:00-15:30pm Beijing

地点/Venue：

线上：北大国发院承泽园校区132教室

线下：ZOOM会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker：Fiorella DE FIORE

主持人/Host：   胡佳胤 Jiayin Hu

摘要/Abstract:

We document the recent advent of big techs in finance and study the macroeconomic impact of these developments. To this end, we build a model where big techs facilitate matching between sellers and buyers on a e-commerce platform and extend loans to firms. Big techs reinforce credit repayment with the threat of exclusion from the platform, while bank credit is secured against collateral. Our calibrated model suggests that: (i) a rise in big techs’ matching efficiency boosts firms’ expected profits on the e-commerce platform, expands the supply of big tech credit, and approaches output to its efficient level, with the effects being amplified in a positive feedback loop; (ii) gains generated by big techs’ improved efficiency are limited by the distortionary nature of fees collected from users; (iii) big tech credit can mitigate the transmission of business cycle shocks – most notably monetary policy shocks – to real activity.

主讲人介绍/Biography:

Fiorella De Fiore is Research Adviser and Research Fellow of the Centre for Economic Policy Research. She previously held the position of Head of Monetary Policy in the Monetary and Economic Department of the BIS, and of Adviser in the Monetary Policy Research Division and in the Financial Research Division of the ECB. She holds a PhD in economics from the European University Institute and a MSc in economics from the London School of Economics. Her main research is in the field of monetary and financial economics, and focuses on macro-financial linkages and their implications for monetary policy. She has published in the Journal of Monetary Economics, the American Economic Journal: Macroeconomics, the Economic Journal, and the Journal of Money Credit and Banking, among others.