文澜金融论坛（第284期）

摘要：

We study the role of firm heterogeneity in state-ownership and productivity in monetary policy transmission in China. Empirically, we document that the impact of monetary supply shocks on firms' risk premia and corporate decisions varies substantially both within and across state-owned enterprises (SOEs) and private-owned enterprises (POEs). We develop and estimate a dynamic heterogeneous firm model with monetary supply shocks and financial frictions to interpret the empirical findings. The model shows that more severe frictions in accessing debt markets for POEs exacerbates capital misallocation in times of contractionary monetary shocks, leading to sizable losses in aggregate productivity and output.

主讲人介绍：

林晓骥博士是美国合众银行（US Bancorp）金融市场与机构讲席教授，也是明尼苏达大学卡尔森管理学院金融学教授。在加入明尼苏达大学之前，林教授曾任教于伦敦政治经济学院和俄亥俄州立大学(2018年获得终身教职)。他的研究领域包括资产定价、公司金融和宏观经济学。他曾在《美国经济评论》《政治经济学杂志》《金融经济学杂志》《货币经济学杂志》和《金融研究评论》等顶级学术期刊上发表文章，其博士论文在美国西部金融协会2008年年会上获得了Trefftzs奖。他也是2021年卡尔森学院杰出研究奖的获得者。