-
作者：Lu, Dan
作者单位：Chinese University of Hong Kong
摘要：Comments on Ma and Zhang (2025).
-
作者：Fang, Hanming; Wang, Yongqin; Wu, Xian
作者单位：University of Pennsylvania; National Bureau of Economic Research; Fudan University; Fudan University; Chinese University of Hong Kong; University of Wisconsin System; University of Wisconsin Madison
摘要：We exploit the unique institutional features of Chinese bond markets to estimate the causal effect of collateral-based monetary policy on asset prices and the real economy. A policy change allowed certain bonds to be used as collateral for the Medium-Term Lending Facility in the interbank market, while the same bonds in the exchange market remained ineligible. This change reduced the spreads of the newly eligible bonds by 37-53 basis points, or 10%-15% of the average spread in the secondary in...
-
作者：Miao, Jianjun; Shen, Zhouxiang; Su, Dongling
作者单位：Zhejiang University; Zhejiang University; Zhejiang University; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics; Shanghai University of Finance & Economics
摘要：We provide a New Keynesian model with overlapping generations to study the impact of temporary and permanent increases in fiscal deficits financed by debt rollover policy when interest rates are lower than economic growth rates. The debt rollover policy is feasible in the monetary regime but leads to very slow-moving debt. This policy generates persistent inflation for a temporary increase in fiscal deficits, but persistent disinflation for a permanent increase. For social welfare, the debt ro...
-
作者：Boar, Corina; Storesletten, Kjetil; Knowles, Matthew; Wang, Yicheng
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：Credit expansions stimulate the economy. We quantify the contribution of households versus firms for this stimulus. Using causal evidence from the quasi-natural experiment of bank deregulation across US states, we estimate a small open-economy heterogeneous-agent New Keynesian model. Deregulation generated lower borrowing costs. Firms' responses to such shocks account for most of the long-run rise in output and employment. For short-run dynamics, firms and households are equally important. Fir...
