题目：Hot Money and Quantitative Easing: The Spillover Effects of U.S. Monetary Policy on the Chinese Economy

报告人：张际      助理教授   清华大学五道口金融学院

主持人：朱希伟  教授   浙江大学经济学院

时间：2017年4月14日（周五）   15:30-17:00

地点：浙江大学玉泉校区经济学院418室

Abstract

We develop a factor-augmented vector autoregression (FA-VAR) model to estimate the effects that unexpected changes in U.S. monetary policy and economic policy uncertainty have on the Chinese housing, equity, and loan markets. We find the decline in the U.S. policy rate since the Great Recession has led to a significant increase in Chinese housing investment. One possible reason for this effect is the substantial increase in the inflow of “hot money” into China. The responses of Chinese variables to U.S. shocks at the zero lower bound are different from those responses in normal times.

CRPE秘书处

2017-4-10