讲座主题：A model of supply chain finance
嘉宾简介：胡博，复旦大学经济学院助理教授，荷兰丁伯根研究所经济学博士，研究领域为搜寻经济学、平台经济和货币经济学。他目前主持国家自科青年基金项目《平台经济的运营模式与支付手段》，上海浦江人才计划《新环保法“按日计罚”政策的环境经济学分析》。他的论文在Rand Journal of Economics以及《经济研究》上发表。
内容摘要：This article develops a model in which an intermediary uses a supply chain finance (SCF) program to fund suppliers. Specifically, the SCF program pools liquidity from suppliers and meanwhile provides immediate payment to participating suppliers with pressing liquidity needs. We show that the intermediary optimally selects not only suppliers with positive profitability but also suppliers with negative profitability who, however, contribute to the liquidity pool. Inserting the model to an otherwise standard monetary framework, we show that with higher nominal interest rates, the SCF program emphasizes the liquidity contribution more and the profitability contribution less. Deviating from the Friedman rule, where only suppliers with positive profitability are selected, may lead to welfare gains.