讲座：Reserve Requirements and Optimal Chinese Stabilization Policy
题 目： Reserve Requirements and Optimal Chinese Stabilization Policy
演讲人： Jingyi Zhang, PhD candidate, Shanghai Advanced Institute of Finance,
Shanghai Jiao Tong University
主持人： 赵 锂 博士 上海交通大学安泰经济与管理学院经济系
时 间： 2017年 12月 27日（周 三 ）14:30-16:00
地 点： 上海交通大学 徐汇校区新上院S204室
This paper builds a two-sector DSGE model to study reserve requirement adjustments, a frequently-used policy tool for macro-stabilization in China. State-owned enterprises (SOEs) are financed by government-guaranteed bank loans, which are subject to reserve requirements, while private firms rely on unregulated off-balance sheet financing. Increasing reserve requirements reallocates resources to more productive private firms, raising aggregate productivity, but also raises the incidence of SOE bankruptcy. Optimal reserve requirement adjustments are complementary to interest rate adjustments for shocks that result in inefficient relative price fluctuations, such as sector-specific productivity shocks, but only yield modest additional welfare gains under aggregate productivity shocks.
Jingyi Zhang is a PhD candidate at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University. Her research interests include monetary policy, financial regulation, macro finance and macroeconomics. Most of her work focuses on analyzing Chinese policy questions taking into consideration the unique economic and financial structure in China.