Seminar on International Economics
时间：2016年2月24日（周三）11：00am－12：15pm  地点：北大国发院/中国经济研究中心512教室
主持人：余淼杰、余昌华
主讲人：Boyang Zhang  张博扬（Cornell University）
题目：Central Bank Policy Responses to Volatile Capital Flows   摘要：Emerging market economies frequently experience volatile capital flows due to large foreign interest rate shocks, so it is natural to ask how central banks should react when external volatility is high. Using data from emerging market economies, I develop a Markov-switching dynamic stochastic general equilibrium model that features external shocks of time-varying volatilities to study their monetary policy choices. I find that by allowing the response coefficients in the interest rate rule to vary according to the external volatility regime, the central bank can improve welfare while maintaining macroeconomic stability. The optimal simple rule suggests that the central bank should target inflation when external volatility is low and stabilize exchange rates when it is high, which is akin to the “leaning against the wind” approach adopted by some emerging market central banks.   主讲人简介：Boyang Zhang 张博扬现为康奈尔大学经济学博士研究生，师从著名经济学家Eswar Prasad。张博扬博士本科毕业于北京大学，获数学和经济学双学士学位；其主要研究领域为宏观和货币经济学、国际经济学以及发展经济学，已在国际一流经济学期刊Journal of Monetary Economics发表学术论文。
  张博扬博士的CV CV_Boyang Zhang 和演讲所用文章请见附件 Central Bank Policy_Draft 。