一、讲座主题：

The Markup Elasticity of Monetary Non-Neutrality

二、主讲人：李明浩

李明浩，北京大学国家发展研究院的助理教授，2020年在耶鲁大学取得经济学博士学位。主要研究领域是宏观经济学和货币经济学；研究兴趣集中在货币政策的传导机制，以及宏观经济中的信息摩擦。目前主持一项国家自然科学基金青年基金。

三、主要内容：

Firms’ market power, measured by markups, has risen substantially and unequally across sectors. To evaluate the implications of these trends for monetary non-neutrality, we develop a quantitative menu cost model that covers multiple sectors with heterogeneous degrees of market ompetition. Two quantitative results stand out from the analysis. First, the average markup elasticity of monetary non-neutrality in the United States equals 1. Second, the markup elasticity of monetary non-neutrality would be equal to 1.4 had the markup increased equally across sectors. We provide evidence to support the model mechanisms and predictions, and to differentiate the proposed mechanisms from the existing ones.

四、时间：2022年11月29日14:00-15:30

五、地点：腾讯会议659-773-787密码：1129