Working Papers
1
Banking Innovations in China: Evidence and Welfare Implications [SSRN link]
with Yicheng Wang and Zhiwei Xu
with Yicheng Wang and Zhiwei Xu
- Selected Presentations: Peking University PHBS Macro-Finance Reading Group; 7th Peking-NUS Annual conference; Sargent Institute of Quantitative Economics and Finance Workshop; 6th China and Development Annual Conference (Shanghai Jiao Tong U) 2023; CICM 2023; CFRC 2023
Click for Abstract
Understanding the impacts of new technology and innovations on the banking sector is important and of growing interest. However, there is limited research on the detailed channels of the impacts, and consequently, the evaluations for the aggregate welfare implications. We contribute both empirically and quantitatively. We use bank panel dataset and construct a new measure of overall banking innovations to document that banking innovations can reduce marginal net costs, which improve efficiency and may unintended increase bank risk-taking. We show the finding is quite robust under a battery of checks. In a new structural, quantitative model, banks with heterogeneous capital choose investment in innovation and also risky lending, face regulations on the capital requirement and have limited liability. When aggregate new technology improves, it can reduce financial intermediation costs and social deadweight loss; however, it will also change the bank's risk consideration and increases moral hazard when the cost is largely reduced. We also find several other new implications for R\&D investment credit policy and Capital Requirement policy.
2
Firm Intangible Capital, Loan Contracts, and Monetary Policy [Coming Soon]
with Renbin Zhang
with Renbin Zhang
Click for Abstract
This paper studies the role of loan contracts and intangible capital on the transmission of monetary policy to firm-level investment. Using US non-financial firm-level data, we find that, for a subsample of firms with loan covenants, the investment of firms with relatively more intangible assets responds more to monetary shocks. By classifying loan covenants into asset-based and cash flow-based loans, we further document that this pattern is driven by cash flow-based borrowers. We rationalize the empirical results using a tractable general equilibrium New Keynesian model. The choice of loan contracts depends on firms' investment decision, firms optimally allocate tangible and intangible investment based on idiosyncratic investment efficiency. Tangible assets can be pledged as collateral and the unpledgeable intangible assets improve profitability. For cash flow-based borrowers, an interest rate hike decrease the number of firms who invest more in intangibles, via the extensive margin, which amplifies the investment channel, therefore they respond more to the monetary policy conditional on higher intangible assets. We also conduct some policy analysis such as macro-prudential policy regulating firms' leverage under alternative contracts.Publications
1
无形资本研究的新进展 [pdf]
With 汪意成
经济学动态 2023年7期
With 汪意成
经济学动态 2023年7期
Click for Abstract
无形资本对企业创新和经济增长具有重要作用。准确地度量各类无形资本、更好地解释无形资本对企业行为和宏观经济发展的影响，也成为经济学研究的前沿问题之一。本文系统梳理国外宏观金融领域涉及无形资本的相关文献和最新研究进展，重点介绍各类无形资本的相关定义及其度量方式，从微观企业和宏观经济两个视角对已有文献进行归纳总结和深入分析。在微观影响方面，现有研究主要从无形资本对企业投融资、生产率水平及市场资产定价等角度进行分析。在宏观视角方面，现有文献主要聚焦于无形资本对经济增长核算、短期经济波动、市场结构变化等方面的影响。本文最后对未来研究方向进行评述与展望，同时也为落实我国企业科技创新的主体地位提供了政策启示。Work In Progress
1
数字经济中的货币政策研究 [Coming soon]
With 李兆睿 and 许志伟
With 李兆睿 and 许志伟
Click for Abstract
2
房地产交易税与异质性预期 [Coming soon]
With 李兆睿 and 王鹏飞
With 李兆睿 and 王鹏飞
Click for Abstract
3
The New Classical Optimal Monetary Policy Revisited [Coming soon]
With Cong Xie and Renbin Zhang
With Cong Xie and Renbin Zhang