报告题目：Current Account Dynamics and External Adjustment(个人论文)
报告人：周政宁

评论人：柳春

时间：2015年12月9日（周三）下午2:00—4:00
地点：西安交大文管大楼868教室

内容摘要：  We examine optimal monetary policy under prevailing Chinese policy– including capital controls and nominal exchange rate targets – in a DSGE model calibrated to Chinese and U.S data. Under the closed capital account, domestic citizens are prohibited from holding foreign assets. Foreign currency revenues are sold to the central bank, which then sterilizes these purchases by issuing domestic debt. Uncovered interest parity conditions do not hold, so sterilization results in transfers between the private sector and the government. Given a negative shock to relative foreign interest rates, similar to that which occurred during the global financial crisis, sterilization costs increase and optimal policy calls for a reduction in sterilization activity, resulting in an easing of monetary policy and an increase in Chinese inflation.
报告人简介：周政宁，西安交通大学金禾中心应用经济学博士生。研究方向为经常账户失衡。