厦门大学邹至庄经济研究院宏观经济研究中心

“宏观与发展经济学前沿讲座”

（第1期）

报告题目

Monetary Transmission in Near Cashless Economies

主讲嘉宾

张圣醒 博士

London School of Economics  助理教授

北京大学汇丰商学院访问 副教授

报告摘要

We formulate a generalization of the traditional medium-of-exchange function of money in contexts where there is imperfect competition in the intermediation of credit, settlement, or payment services used to conduct transactions. We find that the option to settle transactions with money strengthens the stance of sellers of goods and services in relation to intermediaries, and show this mechanism is operative even for sellers who never exercise the option to sell for money. These latent money demand considerations imply that in general, in contrast to current conventional wisdom in policy-oriented research in monetary economics, monetary policy can remain effective through medium-of-exchange transmission channels—even in highly developed credit economies where the share of monetary transactions is negligible.

We evaluate the transmission mechanism through the financial market and its implications on asset prices and turnover liquidity. We also explain how to imbed the transmission mechanism to an otherwise standard dynamic stochastic general equilibrium model to study the relationship between monetary policy and business cycles.

报告时间

2022年10月23日（周日），10:30-12:00

地 点

线上腾讯会议