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宏观workshop:Monetary policy transmission in China: Dual shocks with dual bond markets
发布日期：2019-05-16 12:00 来源：
时间：2019年5月16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：Makram El-Shagi （Halle Institute for Economic Research& Henan University）
题目：Monetary policy transmission in China: Dual shocks with dual bond marketsAbstract: Although China’s monetary and financial system differs drastically from its Western counterpart, empirical studies covering this vast economy (the largest by some accounts) have often been simple re-estimations or recalibrations of models that have originally been designed to describe US or European monetary policy. In this paper, we aim to provide an assessment of Chinese monetary policy and in particular monetary policy transmission through yield curves into the real economy. Our study takes into account the peculiarities of the Chinese economy: Namely, our model includes both China’s modern attempts at a market based policy shock as well as the “authority” based monetary policy that is a relic of the original banking system; Besides, it considers the special nature of the Chinese treasury bond market which is separated in two independent markets with very limited direct arbitrage opportunities between almost identical assets, and finally it incorporates the role of real estate, which played an essential role in China during the last decade. Our results show that different monetary policy shocks cause asymmetric effects on macroeconomic and financial variables.
个人简介：
Makram El-Shagi joined the Halle Institute for Economic Research institute as a Research Professor in January 2015. His research focuses on monetary macroeconomics, econometrics, and international macroeconomics.Makram El-Shagi holds the position of Professor at Henan University in China und he is Director of the "Center for Financial Development and Stability". Prior to that, he was Visiting Associate Professor at California State University, Long Beach as well as Senior Economist at IWH.
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大陆成人直播
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宏观workshop:Monetary policy transmission in China: Dual shocks with dual bond markets
发布日期：2019-05-16 12:00 来源：
时间：2019年5月16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：Makram El-Shagi （Halle Institute for Economic Research& Henan University）
题目：Monetary policy transmission in China: Dual shocks with dual bond marketsAbstract: Although China’s monetary and financial system differs drastically from its Western counterpart, empirical studies covering this vast economy (the largest by some accounts) have often been simple re-estimations or recalibrations of models that have originally been designed to describe US or European monetary policy. In this paper, we aim to provide an assessment of Chinese monetary policy and in particular monetary policy transmission through yield curves into the real economy. Our study takes into account the peculiarities of the Chinese economy: Namely, our model includes both China’s modern attempts at a market based policy shock as well as the “authority” based monetary policy that is a relic of the original banking system; Besides, it considers the special nature of the Chinese treasury bond market which is separated in two independent markets with very limited direct arbitrage opportunities between almost identical assets, and finally it incorporates the role of real estate, which played an essential role in China during the last decade. Our results show that different monetary policy shocks cause asymmetric effects on macroeconomic and financial variables.
个人简介：
Makram El-Shagi joined the Halle Institute for Economic Research institute as a Research Professor in January 2015. His research focuses on monetary macroeconomics, econometrics, and international macroeconomics.Makram El-Shagi holds the position of Professor at Henan University in China und he is Director of the "Center for Financial Development and Stability". Prior to that, he was Visiting Associate Professor at California State University, Long Beach as well as Senior Economist at IWH.
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