讲座题目：

Production Networks and Supply-Side Effect of Monetary Policy

主讲嘉宾：

余昌华

北京大学国家发展研究院长聘副教授

博士生导师

国家级青年人才

北京大学博雅青年学者

讲座时间：

2024年4月22日（周一）10:30 

讲座地点：

金融学院116教室

嘉宾简介：

 余昌华，2012年毕业于英属哥伦比亚大学，获经济学博士。在此之前，先后就读于中国人民大学（法学学士）和北京大学（经济学硕士）。主要研究方向为国际金融、货币政策、金融市场与宏观经济，在国内外顶级经济学学术刊物 Review of Economic Studies,Economic Journal,  Journal of International Economics, Journal of Monetary Economics, Journal of International Money and Finance，《经济学》（季刊）、《金融研究》等发表多篇学术论文。

摘要：

This paper studies the supply-side effect of monetary policy in a multi-sector economy with input-output linkages. We derive a tractable sufficient statistic for the supply-side effect, which consists of three channels: a BFS channel following Baqaee, Farhi and Sangani (forthcoming JPE), a double marginalization channel and a substitution channel. The optimal monetary policy leads to an inflation bias due to both initial aggregate wedge and the supply-side effect, and stabilizes a price index by assigning greater weights to (i) larger sectors, (ii) sectors with stickier prices, and (iii) sectors with lower initial markups. Our quantitative results suggest that production networks play a critical role in generating the supply-side effect of monetary policy.