主 题：Firm Cash and Consumer Cash
时 间：2019年5月21日（星期二）10:00-11:30
地 点：浙江大学经济学院236会议室
主讲人：何超 华东师范大学经济学院助理教授
主持人：龚勋 博士
主办方：浙江大学工程师学院互联网金融分院
浙江大学经济学院
协办方：浙江大学资产管理研究中心
浙江大学金融研究院
主讲人简介：
何超，华东师范大学经济学院助理教授，威斯康星大学麦迪逊分校经济学博士毕业，研究方向包括货币经济学、（宏观）劳动经济学、房地产等，论文发表在 Review of Economic Dynamics 和 Journal of Money, Credit and Banking 等国际学术期刊上（含被接收）。
Abstract:
Existing studies of money either focus on firms or consumers. However, both hold cash, and firms' share increased since the '90s and fell after 2008. We present a quantitative theory of how firms and consumers interact and compete for cash. In the model, monetary policy affects the intensive margin (consumption per trade) almost entirely through consumers and the extensive margin (employment) mostly through firms. A lower inflation rate raises the level and the share of firm cash, and the spillover effects from consumers alone accounts for 59 percent of the increase. Financial frictions lower firms' cash share and employment.
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