应用经济学系
助理教授
sylvia.xiao@gsm.pku.edu.cn
简介:
肖筱林博士现为北京大学光华管理学院应用经济系助理教授，主要研究领域为货币经济学和宏观经济学。她于2018年8月加入光华，之前先后在美国威斯康星大学麦迪逊分校（2015-2017）和在新西兰奥克兰理工大学（2017-2018）工作，2011-2014年在澳洲悉尼科技大学获经济学博士。她的研究成果已发表于Journal of Monetary Economics, International Economic Review, Journal of Economic Dynamics and Control 和 China Economic Review等国外顶级和权威学术期刊. 目前的研究聚焦于：1. 央行数字货币; 2. 私人数字货币和资本管制; 3. 货币/财政政策对企业投资和资本再分配的影响。

研究领域:
宏观经济学,货币经济学,搜寻与匹配理论
职业经历:
研究成果:
详情见个人研究主页：https://sylviaxiao.weebly.com/research.html
论文发表：
1. Liquidity, Monetary Policy and Unemployment (with Mei Dong), International Economic Review (2019), 60, 1005-1025
2. Open Market Operations (with Guillaume Rocheteau and Randall Wright), Journal of Monetary Economics(2018), 98, 114-128
3. Frictional Capital Reallocation I: Ex Ante Heterogeneity (With Randall Wright and Yu Zhu), Journal of Economic Dynamics and Control (2018), 89, 100-116.
4. Rural-led Exchange Rate Appreciation in China (with G. Menzies, P. Dixon, X. Peng and M. Rimmer), China Economic Review (2016), 39, 15–30
 
工作论文：
1. Frictional Capital Reallocation II: Ex Post Heterogeneity (with Randall Wright and Yu Zhu), R&R
Abstract: We investigate models where firms trade capital in frictional secondary markets. Our previous work assumed ex ante heterogeneity: similar firms have different capital stocks. Here we study ex post heterogeneity: firms with similar capital realize different productivity shocks, which is more natural, and requires fewer arbitrary restrictions. It is also extremely tractable. For random or directed search, and bargaining or posting, results are provided on existence, uniqueness, efficiency and monetary/fiscal policy -- e.g., higher nominal rates can lower or raise investment, and can be desirable, despite hindering reallocation. The model captures salient stylized facts -- e.g., misallocation appears countercyclical while capital's reallocation and price are procyclical. We discuss how productivity dispersion is an imperfect measure of inefficiency or frictions. We also discuss connections to models of frictional markets for financial assets.
2. Firms' Portfolio Choices, Capital Reallocation and Monetary Policy (Solo Author), a draft available upon request
[Presentations: May, 2019, Baptist University of Hong Kong; April, 2019, University of Hong Kong; June 2018, Department of Economics, University of Melbourne; June 2018, Economics Discipline Group, University of Technology Sydney; May 2018, Department of Economics, University of Auckland, NZ; April 2018, Department of Economics, University of California – Davis, U.S.; April 2018, Finance Department, University of Wisconsin – Madison, U.S.; June 2017, Department of Economics, University of Wisconsin-Madison]
Abstract: This paper builds a micro-founded model featuring frictional asset market and frictional capital market, to address the interaction between firms' portfolio choices and capital reallocation/accumulation, and the effects of monetary policy. Analytical results show there are different types of general equilibrium, depending on the cash and asset constraints. Two types of monetary policy are discussed: one is conventional policy, i.e., changing inflation rate; the other is unconventional policy, i.e., asset purchase/sale by the central bank. The latter is only valid when the asset constraint is binding.
 
3. Central Bank Digital Currency: A Corporate Finance Perspective (with Mei Dong), a draft available upon request
[Conference Presentations: 2019 China Fintech Research Conference, forthcoming; 5th Workshop of Australian Macroeconomics Society(WAMS), forthcoming; MidWest Macro Fall Meetings, Nov. 2019; International Finance&Trade Workshop, Nanjing Audit Uni., Oct. 2019; 4th Annual Academic Conference 2019, Institute of Digital Finance, Peking Uni., August 2019; China&World Economy Annual Conference, July 2019; Asian Meeting of the Econometric Society, June 2019
Seminars: Economics, University of California - Irvine. Nov. 2019; RSE, Australian National University, Oct. 2019; PBC School of Finance, Tsinghua Uni., Sept. 2019]
Abstract: We build models with interest-bearing central bank digital currency (CBDC) to investigate the impacts of issuing CBDC on banking and the macroeconomy. From a corporate finance perspective, we find various designs of CBDC lead to different impacts. The design issues considered include: (1) a universal CBDC system or CBDC and cash coexisting; (2) CBDC being complements or substitutes of bank deposits; (3) banks having access to CBDC or not. As for policy, we find the interest rate of CBDC can be an effective policy tool, which has clear pass-though to the real deposit and loan rates, and then transmission to firm investment (ususally positive impacts) and the real economy. In addition, negative interest rate can be an option for policy makers, particularly in the economy with a universal CBDC.
在研项目：
1. Central Bank Digital Currency: A Consumer Finance Perspective
2.  Central Bank Digital Currency in a Channel System
3. Digital Currency and Privacy
4. Cryptocurrency and Capital Control