【喜迎二十大・学术讲座】2022年10月13日（周四）下午3:00-4:30 李晓明（经贸院金融学系）

讲座系列：院内青年教师讲座第4场

讲座人：李晓明（国际经济贸易学院金融学系）

时间：2022年10月13日（周四）下午3:00-4:30

地点：博学楼1222

讲座题目：银行间市场流动性分层与央行最优货币政策操作

讲座摘要：I offer a theoretical framework to compare the relative efficacy between different monetary policy instruments, featuring a multi-tiered interbank market and financially constrained heterogeneous firms. The open market operation （OMO） injects liquidity to small banks via the large bank through the interbank market, imposing a trade-off between the large bank's information advantage and monopoly power in credit allocation. Structural monetary policy instruments, like special lending facilities and reserve requirement ratios （RRR）, bypass the multi-tiered interbank market, and distribute liquidity equally among small banks. I find a small deterioration in economic conditions can trigger the large bank's sudden dysfunction, leading to a sharp drop in the interbank market allocative efficiency and the aggregate output. Structural instruments are relatively more effective to OMO in implementing monetary policies in the dysfunction regime. In a dynamic general equilibrium setting, the large bank's sudden dysfunction can serve as a novel mechanism to generate endogenous boom-bust business cycles. I establish supporting evidence in the context of China.

讲座人简介：李晓明，国际经济贸易学院金融学系讲师，于2022年在上海交通大学上海高级金融学院获得金融学博士学位。研究领域包括货币银行学、宏观经济学、货币政策与银行监管。

讲座人主页：http://site.uibe.edu.cn/actionszdw/ViewTeacher.aspx?NewsID=71