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国际经济学与实证产业组织workshop:Tolerance of Flexibility: Foreign Exchange Intervention and Managed Floating Redux
发布日期：2019-03-05 12:00 来源：
国际经济学与实证产业组织workshop时间：2019年3月5日（周二）10：00－11：30 am
地点：大陆成人直播-成人直播中文 致福轩会议室
主持人：黄益平、余淼杰、 余昌华、邢剑炜
主讲人：周行（对外经济贸易大学）
题目：Tolerance of Flexibility: Foreign Exchange Intervention and Managed Floating Redux
摘要：In recent decades, there is a rising share of countries with limited exchange rate flexibility and foreign exchange (FX) intervention is commonly used among emerging market economies. Yet, the positive and normative implications of Central Banks’ FX intervention and managed floating regime remain largely unexplored. Focusing on the case of China, we provide new empirical patterns of China’s exchange rate policy. We find strong evidence that the Central Bank’s FX intervention policy is nonlinear: it intervenes heavily when the RMB exchange rate deviates from its long-run trend by a large margin and otherwise it keeps inactive in FX intervention. Further, the central bank responds asymmetrically towards exchange rate depreciation and appreciation, with a higher tolerance for depreciation. Using a dynamic stochastic general equilibrium (DSGE) model embedded with an occasional binding constraint on the exchange rate, this paper assesses the policy effects of managed floating. Compared to a fully floating exchange rate regime, FX intervention leads to a higher real GDP and inflation in facing a negative foreign interest rate shock. Moreover, the exchange rate deviation constraint binds longer when the capital restriction is removed, which in- dicates that capital controls and FX policies are complementary rather than substitutes.
主讲人简介：周行，现任对外经济贸易大学金融学院助理教授。博士毕业于美国乔治华盛顿大学经济系，主要研究方向为国际宏观经济学和应用时间序列计量。曾就职于世界银行集团国际金融公司。论文曾在European Seminar on Bayesian Econometrics, Asia Meeting of Econometric Society 等国际会议上宣讲。
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大陆成人直播
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国际经济学与实证产业组织workshop:Tolerance of Flexibility: Foreign Exchange Intervention and Managed Floating Redux
发布日期：2019-03-05 12:00 来源：
国际经济学与实证产业组织workshop时间：2019年3月5日（周二）10：00－11：30 am
地点：大陆成人直播-成人直播中文 致福轩会议室
主持人：黄益平、余淼杰、 余昌华、邢剑炜
主讲人：周行（对外经济贸易大学）
题目：Tolerance of Flexibility: Foreign Exchange Intervention and Managed Floating Redux
摘要：In recent decades, there is a rising share of countries with limited exchange rate flexibility and foreign exchange (FX) intervention is commonly used among emerging market economies. Yet, the positive and normative implications of Central Banks’ FX intervention and managed floating regime remain largely unexplored. Focusing on the case of China, we provide new empirical patterns of China’s exchange rate policy. We find strong evidence that the Central Bank’s FX intervention policy is nonlinear: it intervenes heavily when the RMB exchange rate deviates from its long-run trend by a large margin and otherwise it keeps inactive in FX intervention. Further, the central bank responds asymmetrically towards exchange rate depreciation and appreciation, with a higher tolerance for depreciation. Using a dynamic stochastic general equilibrium (DSGE) model embedded with an occasional binding constraint on the exchange rate, this paper assesses the policy effects of managed floating. Compared to a fully floating exchange rate regime, FX intervention leads to a higher real GDP and inflation in facing a negative foreign interest rate shock. Moreover, the exchange rate deviation constraint binds longer when the capital restriction is removed, which in- dicates that capital controls and FX policies are complementary rather than substitutes.
主讲人简介：周行，现任对外经济贸易大学金融学院助理教授。博士毕业于美国乔治华盛顿大学经济系，主要研究方向为国际宏观经济学和应用时间序列计量。曾就职于世界银行集团国际金融公司。论文曾在European Seminar on Bayesian Econometrics, Asia Meeting of Econometric Society 等国际会议上宣讲。
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