报告人：张津苑（加州大学洛杉矶分校（UCLA）安德森管理学院）

时间：2021年6月2日（周三）下午1:30-3:00

地点：博学楼1007

主持人：王焜

报告题目：The Impact of Public Pension Deficits on Households' Investment and Economic Activity

摘要：US public state pension deficits are very large, accounting for 18.5% of an average state's GDP and up to 50% in Illinois. In principle, households should respond to this heavy future burden by increasing current savings, particularly in safe assets, since pension deficits are countercyclical. Comparing households residing on opposing sides of a state's border, I document that households in larger-deficit states save more, investing more in safe bank deposits and less in risky stocks. Specifically, households hold 0.70 dollars more in deposits and 0.33 dollars less in stocks for each additional dollar of pension deficit. This effect strengthened further following the implementation of new accounting standards in 2015 that made deficits more salient by requiring states to publicly disclose them. Exploiting staggered state pension reforms, I also find that households respond consistently when states reduce pension deficits; they decrease deposits and increase stock holdings. These reallocations spill over onto local economic activity: as households withdraw deposits following a pension reform, exposed local banks cut lending to local businesses.

报告人简介：Jinyuan Zhang will join UCLA Anderson as an Assistant Professor in Finance in 2021. Her research interests lie in the area of financial intermediation, including banking, pension funds, and mutual funds. She focuses on understanding the impact of macro-level policies on micro-level behaviors and the subsequent economic consequences. She got her Ph.D. at INSEAD and master’s degree from the University of British Columbia.

报告人主页：https://jinyuan-zhang.github.io