27 records from EconBiz based on author Name

1. Steering labor mobility through innovation

Ma, Song; Wang, Wenyu; Wu, Yufeng;
2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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2. Will central bank digital currency disintermediate banks?

abstract

We estimate a dynamic banking model to quantify the impact of a central bank digital currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar introduction of CBDC replaces bank deposits by around 80 cents on the margin. Bank lending falls by one-fourth of the drop in deposits because banks partially replace lost deposits with wholesale funding. This substitution raises banks' interest-rate risk exposure and lowers their resilience to negative equity shocks. If CBDC bears interest or is intermediated through banks, it captures a greater deposit market share, amplifying the impact on lending. The effect on lending is amplified for small banks, for which wholesale funding is more expensive.

Whited, Toni Marion; Wu, Yufeng; Xiao, Kairong;
2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

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3. Human capital portability and careers in finance

Gao, Janet; Wang, Wenyu; Wu, Yufeng;
2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link

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4. Bank market power and monetary policy transmission : evidence from a structural estimation

Wang, Yifei; Whited, Toni Marion; Wu, Yufeng; Xiao, Kairong;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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5. Bank Market Power and Monetary Policy Transmission : Evidence from a Structural Estimation

abstract

We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a dynamic banking model in which monetary policy affects imperfectly competitive banks' funding costs. Banks optimize the pass-through of these costs to borrowers and depositors, while facing capital and reserve regulation. We find that bank market power explains much of the transmission of monetary policy to borrowers, with an effect comparable to that of bank capital regulation. When the federal funds rate falls below 0.9%, market power interacts with bank capital regulation to produce a reversal of the effect of monetary policy

Wang, Yifei; Whited, Toni Marion; Wu, Yufeng; Xiao, Kairong;
2020
Availability: Link Link
Citations: 24 (based on OpenCitations) Cited By

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6. Bank Market Power and Monetary Policy Transmission : Evidence from a Structural Estimation

abstract

We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a dynamic banking model in which monetary policy affects imperfectly competitive banks’ funding costs. Banks optimize the pass-through of these costs to borrowers and depositors, while facing capital and reserve regulation. We find that bank market power explains much of the transmission of monetary policy to borrowers, with an effect comparable to that of bank capital regulation. When the federal funds rate falls below 0.9%, market power interacts with bank capital regulation to produce a reversal of the effect of monetary policy

Wang, Yifei; Whited, Toni Marion; Wu, Yufeng; Xiao, Kairong;
2021
Availability: Link

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7. Bank market power and monetary policy transmission : evidence from a structural estimation

Wang, Yifei; Whited, Toni Marion; Wu, Yufeng; Xiao, Kairong;
2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
Citations: 4 (based on OpenCitations) Cited By

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8. Will central bank digital currency disintermediate banks?

Whited, Toni Marion; Wu, Yufeng; Xiao, Kairong;
2023
Type: Working Paper;
Availability:

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9. Social Network Effect on Land Transfer Willingness of the Rural Elders : Evidence from China

abstract

The elderly is unable to maintain agricultural production in China’ s countryside because of the ongoing exodus of rural laborers. Transferring land can advance agricultural growth and ease the burden of land-based lifestyles among rural elderly. Currently, the social network created by the “acquaintance society” in rural China has a significant influence on how rural elders make decisions. This study examined how social networks affect rural elders’ willingness to transfer land by using multilinear and binary logistic regression models based on survey data from 782 rural elderly people in 32 villages in 11 provinces of China. The results indicated that rural elders’ willingness to transfer land was not influenced by the scale of social networks, but was significantly positively affected by the heterogeneity and frequency of the social network. Male willingness to transfer land was significantly impacted by internal network, network heterogeneity and network tie frequency, whereas females were significantly impacted by internal network and the frequency of external network relationships. Also, the impact of social networks on willingness to transfer land diminished as rural people aged and the land transfer intention of the rural elderly in eastern China was not affected by the social network. Social networks primarily influence rural elders’ willingness to transfer land by three mechanisms: information consultation, interpersonal trust, and acquisition of material resource. Therefore, the government should focus on cultivating rural social network resources, encourage rural elderly to communicate more with other members in the social network, formulate more heterogeneous social networks, reduce rural elders’ dependence on land, and encourage them to participate in land transfer

Nie, Jianliang; Dong, Ziyue; Tang, Le; Wu, Yufeng; Liu, Jinlin;
2023
Availability: Link Link

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10. Ignorance is Bliss : The Screening Effect of (Noisy) Information

abstract

This paper studies how the firm designs its internal information system when facing an adverse selection problem arising from unobservable managerial abilities. While more precise information allows the firm to make ex-post more efficient investment decisions, noisier information has an ex-ante screening effect that allows the firm to attract on-average better managers. The tradeoff between more effective screening of managers and more informed investment implies a non-monotonic relationship between firm value and information quality, and a marginal improvement of information quality does not necessarily lead to an overall improvement of firm value

Feng, Felix Zhiyu; Wang, Wenyu; Wu, Yufeng; Zhang, Gaoqing;
2023
Availability: Link Link

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