宏观经济学小组讨论活动

论文题目1:Capital controls and optimal Chinese monetary policy

主 讲 人:李佳阳(中山大学岭南学院 博士生)

时间:2017年12月19日(周二)7:00 PM

地点:岭南堂林植萱会议室

摘要:

China’s external policies, including capital controls, managed exchange rates, and sterilized interventions, constrain its monetary policy options for maintaining macroeconomic stability following external shocks. We study optimal monetary policy in a dynamic stochastic general equilibrium (DSGE) model that incorporates these “Chinese characteristics.” The model highlights a monetary policy tradeoff between domestic price stability and costly sterilization. The same DSGE framework allows us to evaluate the welfare implications of alternative liberalization policies. Capital account and exchange rate liberalization would have allowed the Chinese central bank to better stabilize the external shocks experienced during the global financial crisis.

论文题目2:Risk Shocks

主 讲 人:宋晓飞(中山大学岭南学院 博士生)

时间:2017年12月19日(周二)7:00 PM

地点:岭南堂林植萱会议室

摘要:

We augment a standard monetary dynamic general equilibrium model to include a Bernanke-Gertler-Gilchrist financial accelerator mechanism. We fit the model to US data, allowing the volatility of cross-sectional idiosyncratic uncertainty to fluctuate over time. We refer to this measure of volatility as risk. We find that fluctuations in risk are the most important shock driving the business cycle.

宏观经济学讨论小组的成立旨在提供一个大家相互交流和分享的宏观经济学研究的平台。通过组织阅读和讨论国际前沿的宏观经济学文献,为做宏观经济学研究打下基础。

每次讨论,主要包含三个部分,首先由主讲人对一篇文献进行详细的说明,然后再由点评人对基于该文献最新的发展以及可能存在的问题,进行介绍,最后再结合中国经济,讨论相应的研究问题。

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