讲座主题：Capital Controls and Welfare with Cross-Border Bank Capital Flows

报告人：Pengfei Jia，Department of Economics, School of Social Sciences, University of Manchester

报告时间：2017年9月14日（周四）上午 10：00 ～ 11：30

报告地点：999策略白菜手机论坛B228教室

报告摘要如下：

This paper studies the performance of time-varying capital controls on cross- border bank borrowing in an open-economy, dynamic stochastic general equilibrium model with credit market frictions and imperfect capital mobility. The model is parameterized for a middle-income country and is shown to replicate the stylized facts associated with a fall in world interest rates (capital inflows, real appreciation, credit boom, asset price pressures, and output expansion). A capital controls rule, which is fundamentally macroprudential in nature, is de- fined in terms of either changes in bank foreign borrowing or cyclical output. An optimal, welfare-maximizing rule is established numerically. In addition, the optimal simple rule is shown to perform well relative to the Ramsey policy. The analysis is then extended to solve jointly for optimal countercyclical reserve requirements and capital controls rules. These instruments are complements in the sense that both are needed to maximize welfare. At the same time, a more aggressive credit-based reserve requirement rule also induces less reliance on capital controls. Thus, at the margin, countercyclical reserve requirements and capital controls are partial substitutes in maximizing welfare.

报告人简介：

Pengfei Jia (贾鹏飞)目前是曼彻斯特大学经济系博士候选人。他2011年于河南大学获得经济学学士学位，2012年和2014年分别获得新西兰奥克兰大学经济学硕士，预计于2017年12月毕业于曼彻斯特大学。他的研究兴趣在国际宏观经济学，货币经济学，DSGE模型和中央银行。