题目: Monetary Policy in a Data Economy

主讲人：许志伟（复旦大学经济学院）

时间：2025年6月11日  14:30-16:00

地点：承泽园217会议室

摘要: We examine the transmission mechanism and the optimal design of monetary policy in a data economy with endogenous data accumulation. The data is generated as a by-product of economic activities and contains useful information for forecasting product demand. Individual firms actively adjust the quantity of goods they sell to the market to collect more data, reducing decision errors and improving allocation efficiency. We analytically derive the data-economy version of the New Keynesian Phillips Curve that comprises endogenous factors related to the data market condition, leading to a novel supply-side effect of monetary policy. We further show that endogenous data accumulation weakens the responsiveness of inflation and amplifies the output dynamics under monetary easing, thus enhancing monetary policy stability. We further derive the welfare criterion specific to the data economy, solve for the optimal commitment policy, and demonstrate that a simple interest rate rule, which stabilizes firms' incentives to generate data, can effectively approximate the optimal policy.

个人简介：许志伟，复旦大学经济学院，教授、博导，毕业于香港科技大学经济系，获经济学博士学位，主要研究兴趣为中国宏观经济、宏观金融、货币政策、经济波动等。主持国家自科优秀青年基金、教育部哲学社会科学研究重大专项等国家级重要项目。研究成果入选ESI高被引论文，并获2016浦山世界经济青年论文奖、2020中国信息经济学会优秀成果奖、2022第七次全国优秀财政理论研究成果一等奖、2022中国信息经济学会创新成果奖、2023上海市第十六届哲学社会科学优秀成果论文类一等奖等。主要论文发表在 American Economic Journal: Macro、Economic Journal、Journal of Development Economics、Journal of Economic Theory、Quantitative Economics 以及《经济研究》、《管理世界》等国内外顶尖期刊。目前担任 China and World Economy、Economic Modelling 、《经济学报》副主编。