报告题目：Monetary Spillover Through Production and Investment Networks
报告时间：2024年5月27日 10:30-12:00
会议地点：必发9988集团B220
报告人：周颖刚 教授
举办人：王昀 副教授
报告内容和摘要：
This paper quantifies the importance of production and investment networks across sectors for the transmission of monetary shocks on stock returns. We estimate a structural spatial autoregression (SAR) model and decompose the overall effect of monetary policy shocks on stock returns into direct and a network effects. Nearly 82% of the total impact is due to the network effect of input-output linkages and investment linkages, which account for 49% and 51% of the total network effect. Specifically, we decompose the overall effect into input-output and investment overall effects and study the network effects of them. We found that the network effect of input-output and investment linkages accounts for about 73% and 94% respectively. Our results show that both production and investment networks are important mechanisms for understanding the propagation of macroeconomic shocks.
报告人简介：
周颖刚，厦门大学经济学院与王亚南经济研究院院长、教授，厦门大学金融学博士（2001）、美国康奈尔大学经济学博士（2007），国家级人才特聘教授、国家社科基金重大项目首席专家、《中国经济问题》主编，部分成果发表在Management Science, Journal of Econometrics, 《中国社会科学》、《经济研究》等国内外期刊上，荣获2022年国家级教学成果奖一等奖、第八届高校科学研究优秀成果奖一等奖等重要奖项。
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