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宏观workshop:Monetary Policy Spillovers through Invoicing Currencies
发布日期：2019-04-18 12:00 来源：
时间：2019年4月18日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Tony Zhang （Boston University）
题目：Monetary Policy Spillovers through Invoicing Currencies
Abstract: This paper explores the role of trade invoicing currencies in the international transmission of monetary policy. Using high-frequency measures of FRB and ECB monetary policy shocks, I show countries’ shares of dollar and euro-invoiced trade explain cross-sectional variation in their asset pricing responses to FRB and ECB monetary policy. Moreover, the magnitude of FRB and ECB spillovers are similar after controlling for dollar and euro-invoicing. I rationalize these findings within a New Keynesian framework. The model shows countries in which larger share of exporters invoice in a foreign currency are less effective at implementing domestic monetary policy.
个人简介：Tony Zhang is an Assistant Professor of Finance at the Boston University, he has recently graduated from University of Chicago, and has published in leading journals such as Journal of International Economics. His research interest covers from international finance asset pricing to macroeconomics.
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大陆成人直播
-
宏观workshop:Monetary Policy Spillovers through Invoicing Currencies
发布日期：2019-04-18 12:00 来源：
时间：2019年4月18日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Tony Zhang （Boston University）
题目：Monetary Policy Spillovers through Invoicing Currencies
Abstract: This paper explores the role of trade invoicing currencies in the international transmission of monetary policy. Using high-frequency measures of FRB and ECB monetary policy shocks, I show countries’ shares of dollar and euro-invoiced trade explain cross-sectional variation in their asset pricing responses to FRB and ECB monetary policy. Moreover, the magnitude of FRB and ECB spillovers are similar after controlling for dollar and euro-invoicing. I rationalize these findings within a New Keynesian framework. The model shows countries in which larger share of exporters invoice in a foreign currency are less effective at implementing domestic monetary policy.
个人简介：Tony Zhang is an Assistant Professor of Finance at the Boston University, he has recently graduated from University of Chicago, and has published in leading journals such as Journal of International Economics. His research interest covers from international finance asset pricing to macroeconomics.
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