Zombie Firm Dynamics and China's Monetary Policy

时间：2018年12月14日　星期五  12:00 – 13:30

地点：明德主楼610

报告人：贾盾

主持人：张静

摘要：We study the distributional effects of monetary policy on firm performance and reallocation dynamics. Based on China Manufacturing Census data ranging from 1998 to 2013, this paper documents the evidence of two competing forces arising from China’s monetary policy practices. First, monetary expansion leads to an improvement upon the extensive margin of Chinese firm dynamics by selecting good firms out of the bad league of “zombie” firms that are marked by negative profits and subsidized borrowing. Simultaneously, conditional on staying as zombies, these firms are associated with greater resource misallocations, thus an deterioration at the intensive margin. We then build a heterogeneous-firm model with financial frictions that features the productivity heterogeneity along with size-dependent debt constraints and borrowing subsidies to rationalize the heterogeneous effects of monetary policy, the endogenous entries and exits of zombie firms, and the reallocation dynamics of Chinese firms.

报告人简介：中国人民大学汉青经济与金融高级研究院助理教授。研究兴趣包括宏观经济学、国际金融、货币经济学、宏观资产定价、中国经济。当前工作包括：度量货币政策的市场沟通效率并量化信息摩擦之于货币政策有效性；在具有异质性的一般均衡模型框架内探索不完备信息和不确定性对于厂商投资效率，就业市场，信贷错配的影响；基于高频跨境电商贸易数据分析汇率传递机制和货币政策溢出效应。其工作论文多次入选国内外顶级经济学、宏观、金融学会议包括ASSA Meetings, Society of Economic Dynamics (SED) Annual Conference, Society of Computational Economics (SCE) Conference，中国金融学术年会，中国金融国际年会等。