理悦CEMA•知与行系列研讨会2025年第二讲将于3月12日（周三）中午11：30-13：00在学术会堂712会议室举行，由香港科技大学齐正华老师报告“Bank Loan Reliance and Inflation Inattention”，欢迎感兴趣的师生参加。

【题目】：Bank Loan Reliance and Inflation Inattention

【摘要】：Utilizing merged Italian firm-level administrative and survey data, we provide causal evidence that firms heavily reliant on bank loans are better informed about inflation and make smaller forecast errors. We also show that financing composition affects how firms learn from new information with randomized control trials. To explain these findings, we develop a partial equilibrium model featuring rational inattention where firms become more attentive when their financing costs are sensitive to aggregate inflation. Inflation impacts the relative cost of external versus internal funding, leading firms to adjust their investment, capital structure, and attention allocation. This mechanism, in combination with the heterogeneous financing structure across firms, generates dispersion in inflation expectations, replicating the empirical evidence. A novel policy implication of our model is that the aggressiveness of monetary policy toward inflation stabilization affects the degree of monetary non-neutrality through the firms’ attention allocation channel and resulting inflation expectations.

【报告人简介】：齐正华，香港科技大学博士生，她的研究领域包括宏观经济学，货币经济学和公司金融，目前研究有限理性和公司动态等课题。

【时间】：2025年3月12日（周三）11:30-13:00

【地点】：中央财经大学学院南路校区学术会堂712会议室

中国经济与管理研究院

2025年3月6日