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Jel Classification:O42 

Working Paper
Monetary Policy in a Model of Growth

Empirical evidence suggests that recessions have long-run effects on the economy's productive capacity. Recent literature embeds endogenous growth mechanisms within business cycle models to account for these "scarring" effects. The optimal conduct of monetary policy in these settings, however, remains largely unexplored. This paper augments the standard sticky-price New Keynesian (NK) to allow for endogenous dynamics in aggregate productivity. The model has a representation similar to the two-equation NK model, with an additional condition linking productivity growth to current and expected ...
International Finance Discussion Papers , Paper 1340

Working Paper
Money, Growth, and Welfare in a Schumpeterian Model with the Spirit of Capitalism

According to Schumpeter (1934), entrepreneurs are driven to innovate not only for the fruits of success but for success itself. This description of entrepreneurship echoes Weber’s (1958) description of the “spirit of capitalism,” which states that people enjoy the accumulation of wealth irrespective of its effect on smoothing consumption. This paper explores the implications of the spirit of capitalism on monetary policy, growth, and welfare in a Schumpeterian growth model. Different from the existing literature, we show that money is not superneutral in the long run and could promote ...
Research Working Paper , Paper RWP 20-16

Working Paper
Bank Risk-Taking and Monetary Policy Transmission: Evidence from China

We present evidence that monetary policy easing reduces bank risk-taking but exacerbates capital misallocation in China after implementing the Basel III capital regulationsin2013. Thenewregulationstightenedbankcapitalrequirementsandintroduced a new risk-weighting approach to calculating the capital adequacy ratio (CAR). To meet tightened capital requirements, a bank can boost its effective CAR by raising capital or by increasing the share of lending to low-risk borrowers. Using confidential loan-level data from a large Chinese commercial bank, merged with firm-level data on a large set of ...
Working Paper Series , Paper 2020-27

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He, Qinchun 1 items

Li, Xiaoming 1 items

Liu, Zheng 1 items

Luo, Yulei 1 items

Nie, Jun 1 items

Peng, Yuchao 1 items

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E52 3 items

E32 1 items

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E58 1 items

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