题目：The Cash Paradox

报告人：Enchuan Shao （邵恩川）助理教授，加拿大萨斯喀切温大学经济系

时 间：2019年5月10日（星期五）10:00

地 点：bat365官网登录入口（江浦校区）文科楼 622

摘要：In many industrialized countries, cash usage at points of sale has been decreasing owing to competition from alternative means of payment such as credit cards. At the same time, cash demand, measured as currency in circulation over GDP, fell only in earlier years but has remained surprisingly robust in the past two to three decades. This phenomenon, termed the “cash paradox,” poses a challenge to standard monetary models. We introduce two new features into the standard cash-credit model: the substitutability between cash and credit (as a stand-in for alternative means of payments) is uneven across different economic activities, and some agents actively manage cash flows across these activities. Calibration exercises show that the cash-flow channel is important for quantitatively capturing the diverging trends in cash usageand demand. There is also some empirical support for our model's prediction on cash velocity in the retail sector.

报告人简介：Enchuan Shao is currently an Assistant Professor at the University of Saskatchewan. He received his bachelor degree in Management Science from University of Science and Technology of China in 1999, and PhD in Economics from the University of Iowa in 2007. He has held positions at the San Francisco State University and the Bank of Canada. Dr. Shao’s research focuses on monetary economics and macroeconomics. He has published extensively in peer-review journals, including International Economic Review, European Economic Review, Journal of Economic Dynamics and Control, Economic Inquiry, Economic Modelling, and BE Journal of Macroeconomics. He has held a visiting position at the Federal Reserve Bank of Atlanta. More information about Dr. Shao can be found at https://artsandscience.usask.ca/profile/EShao.

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