SPEAKER：苏东灵（上海财经大学 助理教授）

TIME/DATE：2024 年11月12日（周二）12:00-13:00

CLASSROOM：同济大厦A楼505室

TENCENT：797246680

PW：304514

LINK：https://meeting.tencent.com/dm/aG54TXp2RExa

ABSTRACT

The US bank holdings of long-term securities have increased in recent years. As is witnessed by the recent bank failures including SVB, prices of long-term securities are sensitive to interest rate hikes and can trigger bank runs. To study the role of bank holdings of long-term bonds, we incorporate banks in a DSGE framework. We study how cost-push shocks and the associated passive or active interest rate hikes affect the macroeconomy including inflation, investment, and output. The procyclical bank balance sheets and long-term bond prices amplify the adverse shocks, which can trigger bank runs. We introduce two types of macroprudential policies that can mitigate or prevent banking crises: a permanent tax on bank holdings of long-term bonds and a cyclical tax that responds to interest-rate changes.

GUEST BIO

上海财经大学商学院助理教授，上海国际金融与经济研究院研究员，波士顿大学经济系博士。主要研究方向为宏观经济学、金融经济学和公共财政，关注资产泡沫、货币-财政政策互动等问题，论文发表于American Economic Journal: Macro、Journal of Public Economics、Economic Theory等期刊。