商学院卓越学术讲坛2025年第33期

来源：

学校官网

收录时间：

2026-03-17 19:20:14

时间：

2025-12-02 10:00:00

地点：

学院南路校区主教学楼615 会议室

报告人：

张诏

学校：

中央财经大学

关键词：

interest rate transmission, factor cost channel, commercial real estate, monetary policy, macro-finance, input factors, geographic heterogeneity

简介：

Lower interest rates raise firms’ growth incentives, increasing demand for input factors such as commercial real estate. When factor supply is inelastic, rising factor costs can dampen growth. We show that this factor cost channel creates geographic heterogeneity in industry responses to interest rate changes. Using within-county variation across zip codes, we find that falling rates cause larger commercial real estate price increases but smaller employment gains in areas where industries are more interest rate-sensitive. These effects are stronger where land supply is inelastic and are not explained by local demand or collateral channels.

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