题　目：The Consumption Response to Protectionism

嘉　宾：单宏宇 副教授 中欧国际工商学院

主持人：许文健 副教授 上海交通大学安泰经济与管理学院

时　间：2025年3月12日（周三）10:00-11:30

地　点：上海交通大学 徐汇校区安泰浩然楼306室

内容简介:

Despite the intent to protect income and job opportunities, we show that U.S. households in counties with higher exposure to protectionist tariffs experience reduced consumption levels. This trend persists after accounting for pass-through and retaliatory tariffs. The decline in both quantities and prices suggests a demand-driven contraction. Impacts are stronger where local firms rely on inputs from the same industry, and are linked to falling wages. We highlight the significance of vertical integration between U.S. and Chinese firms within the same industries targeted by U.S. tariffs. Protectionism does not necessarily benefit domestic firms and may risk local household welfare.

演讲人简介：

Dr. Hongyu Shan is an Associate Professor of Finance at CEIBS. Before joining CEIBS, he was an Assistant Professor of Finance at the Gabelli School of Business, Fordham University, and a visiting faculty member at the University of Hong Kong. He holds a Ph.D. in Finance from the University of Florida and a B.A. in Economics from the University of Michigan.

Dr. Shan’s research explores the impact of climate change and other ESG initiatives on financial markets and corporate decision-making. His work has been published in The Review of Financial Studies and Production and Operations Management and has been presented at leading academic conferences, including the American Finance Association Meeting, the Western Finance Association Meeting, SFS Cavalcade, and CICF.

Dr. Shan has taught courses in Sustainable Finance, Corporate Finance, and Alternative Data Analysis. He has served as a committee member of the Financial Management Association and as a referee for top-tier academic journals, including The Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, and Journal of Development Economics, among others.

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