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现代产业经济学系列讲座第160期

 

时　间：2018年11月13日（周二） 15:00-16:30

地　点：史带楼205室

主　题：Monetary policy uncertainty

主讲人：John Rogers（U.S. Federal Reserve Board)

主持人：吴乐珍 博士

摘　要：we construct measures of uncertainty about Federal Reserve policy actions and their consequences, monetary policy uncertainty (MPU) indexes. We evaluate the information content of our index, and show that positive shocks to MPU raise credit spreads and reduce output. These effects are as large as those of conventionally identified monetary policy shocks. In addition, we construct an index that captures uncertainty about monetary policy over the short term, and also find significant aggregate implications. Finally, we investigate the transmission channels of MPU, exploiting a large panel data set. Heightened MPU leads to protracted declines in investment through both real options and financial frictions channels.

主讲人简介：

John Rogers：
Economist in the International Finance Division, Board of Governors of the US Federal Reserve System, 1994 - present；
Associate Editor, Journal of International Economics, 1999 - 2009；
Assistant and Associate Professor, Pennsylvania State University, 1989 - 1996.



产业经济学系

2018-11-11