Stagflation and Topsy-Turvy Capital Flows

主讲人：Julien Bengui（Bank of Canada）

主持人：余昌华（北京大学国家发展研究院）

时间：2022年11月22日（周二）上午9:00-10:30（北京时间）

地点：承泽园246教室

Zoom会议号：926 3889 7210

密码：908060

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.