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881期 4月20日 :Monetary policy in an international macro model with vertical FDI(史蛟, 北京大学汇丰商学院 助教授)

【主讲】史蛟 (北京大学汇丰商学院 助教授)

【主题】Monetary policy in an international macro model with vertical FDI

【时间】2018年4月20日 (周五) 15:30-17:00

【地点】上海财经大学经济学院楼401室

【语言】英文

【摘要】We study the welfare effect and monetary policy implications of multinational firms' cross-border production location decisions by augmenting a standard open-economy macroeconomic model with vertical FDI. We show that short run FDI fluctuations exacerbate utility loss over business cycles, and this harm is concentrated on the destination country. There are several monetary policy implications. First, optimal policy stabilizes FDI flows and thus prefers a stable multinational firm distribution. Second, fixed exchange rate regime increases welfare of the world and the destination country, but the source country may prefer a flexible exchange rate. Third, in an environment in which the natural level of output is unobservable, we show that, contrary to conventional wisdom, output gap targeting is welfare-improving when multinationals have the freedom to produce abroad.

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