辽宁大学经济学前沿高端讲座第五十四讲                               Financially Constrained Intermediaries and the International Pass-Through of Monetary Policy    

  主讲人：张蒙博 助理教授（上海财经大学金融学院）  

  主持人：杨程 助理教授（辽宁大学李安民经济研究院）  

  嘉宾介绍：何超 副教授（辽宁大学中国经济研究院）  

  时间：2024年5月31日（周五）  10：00-11：30（北京时间）  

  地点：辽宁大学崇山校区五洲园一楼会议室  

  线上地址：腾讯会议721-561-645  

  语言：中文/英文  

  摘要：This paper highlights the prominent role of financially constrained intermediaries, especially currency dealers, in the international transmission of US (un)conventional monetary policy. We develop a two-country New Keynesian model with financially constrained local banks and global currency dealers, wherein currency dealers intermediate liquidity imbalances resulting from banks' portfolio rebalancing. We discipline the model by targeting estimates from a structural vector autoregression. Our quantitative analysis indicates that currency dealers' constraint is crucial for the transmission and effectiveness of quantitative easing in an open economy. Our model also rationalizes the major exchange rate puzzles, especially the downward term structure of currency carry trade risk premia.  

  主讲人简介： 

  张蒙博是上海财经大学金融学院助理教授。他于2021年获得加州大学洛杉矶分校经济学博士学位，并于同年加入上海财经大学金融学院。他的研究主要集中于宏观金融、货币政策、商业银行等方面。他的研究已发表于Journal of Money, Credit and Banking等期刊上。