题目：Financial Accelerator with Rational Inattention

主讲人：王子健（暨南大学）

摘要：This paper studies how financial constraints shape firms’ attention to monetary policy and how such attention affects monetary policy transmission. Using textual analysis of U.S. firms’ 10-K filings, we construct a novel measure of monetary policy attention using an LLM-augmented NLP method. We document two robust facts. First, financially constrained firms pay significantly less attention to monetary policy. Second, within the subset of constrained firms, those with higher leverage exhibit even greater monetary policy attention. We develop a dynamic rational inattention model with heterogeneous firms and endogenous borrowing constraints to rationalize these findings. The model highlights a reinforcing interaction between firms’ optimal attention choices and financial constraints, which jointly shapes the transmission of monetary policy. To solve the model, we employ a frequency-domain solution method for heterogeneous rational inattention model, contributing to the analysis of attention-driven macro-finance dynamics.

王子健是暨南大学经济与社会研究院助理教授，博士毕业于意大利博科尼大学，研究领域是宏观经济学和信息经济学。他的研究聚焦于信息摩擦、金融摩擦对货币政策的传导机制以及经济周期的影响。