文澜金融论坛（第289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：

肖宇，西南财经大学金融研究院助理教授。2022年于美国罗格斯大学获得博士学位。研究领域为宏观经济学、货币和银行学以及金融稳定。研究成果于European Economic Review获得RR。