现代产业经济学系列讲座第285期

题目：Monetary Policy and the Secular Decline in Long-Term Interest Rates: A Global Perspective

时间：2025年11月18日（周二）13:30-15:00

地点： 复旦管院史带楼603室

主讲人：李泽昊助理教授（香港中文大学（深圳））

主持人：石襄禺助理教授

摘要：Yield changes during the three days around U.S. monetary policy announcements (FOMC windows) account for roughly 70% of the secular decline in long-term interest rates across G10 currencies since the 1990s. In contrast, policy announcements by other G10 central banks have had no lasting effect on their own long-term rates. Yield changes in FOMC windows are heavily concentrated in FOMC meetings that are preceded by major macro news announcements. Our analysis highlights the role of monetary policy in explaining the secular decline of interest rates and underscores the dominant position of the Federal Reserve in the global bond market.

报告人介绍：李泽昊是香港中文大学（深圳）经管学院助理教授。他于2020年获得威斯康辛麦迪逊大学经济学博士学位，并于同年加入香港中文大学（深圳）经管学院。他的研究主要集中于宏观经济学中的经济周期理论、金融摩擦、货币政策等方面。目前，他的研究关注美国的货币政策如何影响本国和其他国家的长期利率、风险溢价、以及其他宏观经济变量。他的研究已发表于European Economic Review，并有多篇文章在Journal of Development Economics、Journal of Financial and Quantitative Analysis等期刊返修。