sidenav header background
sidenav background

[11月22日] 国际经济学Workshop

发布日期:2022-11-21 03:04    来源:

Stagflation and Topsy-Turvy Capital Flows

主讲人:Julien Bengui(Bank of Canada)




Zoom会议号:926 3889 7210


摘要:Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy’s supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on marginal costs in countries where monetary policy is trying to drive down costs to stabilize inflation. Yet, market forces are likely to generate such inflows. Optimal capital flow management instead requires net outflows, suggesting topsy-turvy capital flows following markup shocks.

主讲人介绍:Julien Bengui is currently a senior research advisor at the Bank of Canada and a research affiliate at the CEPR. He received his PhD from University of Maryland. His research interests are in international finance and macroeconomics.