报告人：仁智诺布  博士

　　时间：2022年5月19日（周四）  13:00-14:00

　　腾讯会议：999-4650-8746

　　摘 要：This paper documents the heterogeneous effect of unconventional monetary policy shocks on expenditures across households in different net saving positions. Using Japanese household survey data on household balance sheet positions, income, and expenditures, I enhance the cash-flow channel's role in explaining the unconventional monetary policy transmission. Households in a lower net saving position (with a higher level of debt) exhibit significantly positive expenditure responses to expansionary monetary policy shocks. In contrast, households in an upper net saving position (with a lower level of debt) respond little or in an opposite direction. I also find that households in lower net saving positions primarily drive the aggregate effects of unconventional monetary policy on household consumption.

　　报告人简介：仁智诺布，首都经济贸易大学经济学院讲师，管理学博士，主要研究领域为货币政策、国际金融。