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宏观经济学workshop:Monetary Policy in Open Economies with Production Networks
发布日期：2024-03-22 12:00 来源：
题目: Monetary Policy in Open Economies with Production Networks
主讲人：徐玏 (上海交通大学)
时间：2024年3月22日 上午10:00–11:30
地点：承泽园131教室
摘要：This paper studies the design of monetary policy in small open economies (SOE) with production networks and nominal rigidities. We show that the monetary policy fully stabilizing the aggregate output gap (namely, the OG policy) is close to the optimal monetary policy in terms of welfare, and can be implemented by targeting an OG inflation index that is a weighted average of domestic sectors' inflations. We analytically derive the weight of each sector in the OG index (namely, the OG weight) as a simple function of three centralities, i.e., the domestic supplier, customer, and net export centralities, which measure the importance of a domestic sector, both directly and indirectly via networks, as an input supplier for domestic consumption, as a user of domestic labor, and for net exports, respectively. Theoretically and quantitatively by calibrating the model to the World Input-Output Database, we obtain two important results on the OG policy: first, sectors with small domestic supplier centrality (e.g., those importing intensively or with intensively importing downstream sectors) have small OG weights; second, central bankers who treat the economy as closed over-emphasize sectors that have large export-to-sales ratio and are unimportant user of domestic labor, notably the export processing sectors.
主讲人简介：徐玏博士目前在上海交通大学安泰经济与管理学院担任经济学助理教授。他分别于宾夕法尼亚大学和复旦大学获得经济学博士和学士学位。他的研究领域包括经济周期和供应链。他曾于国际货币基金组织实习，并在美国联邦储备银行担任研究员。
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宏观经济学workshop:Monetary Policy in Open Economies with Production Networks
发布日期：2024-03-22 12:00 来源：
题目: Monetary Policy in Open Economies with Production Networks
主讲人：徐玏 (上海交通大学)
时间：2024年3月22日 上午10:00–11:30
地点：承泽园131教室
摘要：This paper studies the design of monetary policy in small open economies (SOE) with production networks and nominal rigidities. We show that the monetary policy fully stabilizing the aggregate output gap (namely, the OG policy) is close to the optimal monetary policy in terms of welfare, and can be implemented by targeting an OG inflation index that is a weighted average of domestic sectors' inflations. We analytically derive the weight of each sector in the OG index (namely, the OG weight) as a simple function of three centralities, i.e., the domestic supplier, customer, and net export centralities, which measure the importance of a domestic sector, both directly and indirectly via networks, as an input supplier for domestic consumption, as a user of domestic labor, and for net exports, respectively. Theoretically and quantitatively by calibrating the model to the World Input-Output Database, we obtain two important results on the OG policy: first, sectors with small domestic supplier centrality (e.g., those importing intensively or with intensively importing downstream sectors) have small OG weights; second, central bankers who treat the economy as closed over-emphasize sectors that have large export-to-sales ratio and are unimportant user of domestic labor, notably the export processing sectors.
主讲人简介：徐玏博士目前在上海交通大学安泰经济与管理学院担任经济学助理教授。他分别于宾夕法尼亚大学和复旦大学获得经济学博士和学士学位。他的研究领域包括经济周期和供应链。他曾于国际货币基金组织实习，并在美国联邦储备银行担任研究员。
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