时间：2017年12月26日（周二）12：00-13：00

地点：同济大厦A楼505室

题目： Corporate Finance, Monetary Policy and Aggregate Demand

主讲人：Mario Silva

语言：英语

Abstract:

I study the effects of monetary policy under heterogeneous financial frictions and an aggregate demand externality from monopolistic competition.  Entrepreneurs have market power and finance investment opportunities using bank-issued credit or money. They meet banks in an over-the-counter market and negotiate terms (loan size, interest rate, and down payment) subject to limited enforcement. I investigate the pass through of the policy rate to the real lending rate and its transmission into investment and output.

Whereas neither returns to scale or product diversity have a major effect on the pass through, returns to scale strongly affects the transmission of policy to investment and output. Financial frictions also amplify transmission and interact positively with the aggregate demand externality. More financially constrained firms are more sensitive to monetary policy, consistent with empirical evidence. Finally, a mean-preserving spread of financial frictions reduces investment and output, strengthens transmission, and reduces the external share of finance.

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