题目: Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge?

主讲人：张际 (清华大学五道口金融学院)

时间：2024年12月19日 下午14:00 – 15:30

地点：承泽园246

摘要：We assess whether unconventional monetary and fiscal policy implemented in response to the COVID-19 pandemic contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies—event studies, vector autoregressions, and regional panel regressions using granular data—and establish a null result. The key economic mechanism works through a disinflationary channel in the Phillips curve while monetary and fiscal stimuli put positive pressure on inflation through the usual demand channel. We illustrate this negative supply-side channel both theoretically and empirically.

主讲人简介：张际博士现任清华大学五道口金融学院副教授、博士生导师，国家自然科学基金优秀青年科学基金项目获得者。张际博士于2013年获得美国加利福尼亚大学圣地亚哥分校经济学博士学位；2008年获得上海财经大学经济学硕士学位；2006年获得武汉大学经济学和数学双学士学位。张际博士主要的研究领域包括宏观经济学、货币政策、财政政策和失业理论，论文发表在 Journal of Monetary Economics, Review of Economics and Statistics, Journal of International Economics 等国际一流期刊上。