时 间：2025年6月10日 9:00-10:00
地 点：普陀校区理科大楼A1314
报告人：任浩瀚 复旦大学助理教授
摘 要：
During the 2019–2024 monetary easing cycle, Chinese households used their savings to prepay unprecedented amounts of mortgage loans. Mortgage rates remained rigid due to banks’ market power and refinancing restrictions, while savings returns quickly adjusted to rate cuts. The widening gap between borrowing and savings returns encouraged deleveraging and reduced consumption. Exploiting loan-level data from a major bank, a quasi-natural policy experiment, and UnionPay’s spending records, we provide household- and city-level evidence that larger positive gaps between mortgage rates and the benchmark rate drive greater prepayments and lower consumption. Our findings suggest that mortgage rate rigidity could make monetary easing counterproductive.
报告人简介：
任浩瀚，复旦大学管理学院金融与财务学系助理教授。研究领域包括行为金融，实证资产定价以及家庭金融。研究成果发表于Journal of Financial and Quantitative Analysis, Financial Management, Journal of Business Ethics等国际期刊。任教授为国家自然科学基金重点项目子项目负责人，入选上海市“浦江人才”计划，获亚洲金融协会年会最佳论文奖。