理悦CEMA·知与行系列研讨会：Optimal Monetary Policy in Production Networks with Distortion

主题：Optimal Monetary Policy in Production Networks with Distortion 报告人：余昌华，北京大学国家发展研究院经济学副教授（长聘） 摘要：This paper studies optimal monetary policy in a multi-sector economy with input-output linkages and distortions. Our model incorporates both supply-side and demand-side effects of monetary policy. We derive a tractable sufficient statistic for the supply-side effect, which comprises two reallocation channels resulting from substitution in production and from substitution in consumption. The optimal monetary policy induces an inflation bias stemming from both an aggregate wedge and the supply-side effect, and stabilizes an inflation index by assigning higher weights to (i) larger sectors, (ii) sectors with stickier prices, and (iii) sectors with less distortions. Our quantitative results indicate that production networks play a crucial role in generating both supply-side and demand-side effects of monetary policy. 报告人简介：余昌华，北大博雅青年学者、北大国发院经济学副教授（长聘）、教育部长江青年学者。2012年毕业于英属哥伦比亚大学，获经济学博士。在此之前，先后就读于中国人民大学（法学学士）和北京大学（经济学硕士）。主要研究方向为国际金融、货币政策、金融市场与宏观经济，在国内外顶级经济学学术刊物 Review of Economic Studies, Journal of International Economics, Journal of Monetary Economics, The Economic Journal, Journal of International Money and Finance，《经济学》（季刊）、《金融研究》等发表多篇学术论文。 时间：2024年10月30日（周三）中午11:30-13:00 地点：中央财经大学学院南路校区学术会堂712会议室 主办单位：创新发展学院中国经济与管理研究院