On December21, 2023, at 14:00 pm, the 26th Forum on Digital Technology and Economic Finance Frontiers was successfully held. The theme of this lecture was "Monetary Policy and Equity Market Risk Premia", and the guest speaker was Professor Hui Guo from the University of Cincinnati. The lecture was chaired by Professor Ziguan Zhuang, an academic backbone of the Innovation and Talent Base for Digital Technology and Finance, and researchers and graduate students from the School of Finance attended the lecture.
At the beginning of the lecture, Professor Ziguan Zhuang briefly introduced the relevant information of Professor Hui Guo to the participants, and expressed his sincere gratitude for his availability to give a lecture at our college despite his busy schedule.

During the lecture, Professor Hui Guo first introduced the relationship between monetary policy and asset pricing. He emphasized the Fed's view that monetary policy affects asset prices, the persistence of monetary policy's impact, and the multi-factor stock premium model. At the same time, Professor Guo introduced the theoretical and empirical evidence of monetary policy and asset pricing to the teachers and students present, and presented a summary of the main results.

Subsequently, based on the Taylor rule, Professor Hui Guo showed the construction of theoretical models and experimental data. He also introduced the variable selection problem in the model, emphasizing the importance of the FRR variable in the model. During this period, the participating teachers raised questions about variable selection, transmission mechanism, and experimental results data to Professor Hui Guo, and conducted in-depth academic exchanges.

Finally, Professor Hui Guo presented the experimental results and provided the results of multiple robustness tests. He then drew two important conclusions: monetary policy is an important determinant of equity and corporate bond premiums; monetary policy is also a determinant of conditional market volatility and market price of size. The forum ended successfully.

Speaker Introduction

Hui Guo is a professor of finance at the University of Cincinnati, a Briggs Swift Cunningham Professor, and the director of the doctoral program in finance. He holds a Ph.D. in financial economics from New York University. He has published dozens of papers in top international academic journals such as JF, RFS, JFQA, JAR, CAR, JMCB, and has served as a reviewer for nearly 40 top international academic journals such as AER, JPE, JF, JFE, RFS, and others.

Frontier Forum for Digital Technology and Finance introduction

Recent years have witnessed a dramatic acceleration in a digital revolution in economic sectors and a rapid adoption of the new generation of information technologies, such as artificial intelligence, blockchain, cloud computing, big data, etc. These technologies effectively set off the digital economy. It has become a key driving force in creating global economic growth, improving the modernization level of governance capabilities, and promoting high-quality economic development in China. In particular, digital finance is the most important part of the digital economy. To explore the development direction of the cross-integration of digital technology and finance, the Innovation and Talent Base for Digital Technology and Finance is hosting the “Frontier Forum for Digital Technology and Finance”, in collaboration with the School of Finance, Wenlan School of Business, Economics School, School of Information and Safety Engineering, School of Statistics and Mathematics, School of Public Finance and Taxation of Zhongnan University of Economics and Law (ZUEL). This lecture series will invite the well-known scholars at home and abroad in digital technology, digital economy, digital finance, and other related fields as guest speakers, providing an open and cutting-edge academic exchange platform for interdisciplinary research on digital technology and finance.