中国人民大学苏州校区双周研讨会第四讲

International Comparison of Monetary Policy Transmission Mechanism

货币政策传导机制的国际比较

时 间：04月14日（周一）18:30-20:30

地 点：中国人民大学苏州校区修远楼316

主讲人：Jiawen Yang, Ph.D.

主讲人简介：

Dr. Yang received his PhD in International Business from New York University and his MA in International Economics from the University of International Business and Economics in Beijing. He joined the George Washington University in 1994, and has been teaching courses in international trade and finance, emerging markets, and China`s business environment. He has also taught at New York University, Vanderbilt University, Beijing University, and the University of International Business and Economics in China. Dr. Yang`s current research focuses on exchange rate pass-through, international capital flows and their impact on emerging markets, international business strategies for small and medium-sized firms, and the Chinese economy.

讲座简介：

Following the aggravation of financial crisis in 2008, central banks in advanced economies injected unprecedented liquidity into the banking system through quantitative easing. In tandem, China’s central bank also changed course and eased its monetary policy. However, it appears that the aggregate money supply, as measured by M2, increased significantly in China while it remained relatively stable in the past few years. The objective of this research is to study the differences of monetary policy transmission mechanism between China and advanced economies, particularly the United States. First, the research will develop a theoretical framework through which monetary policy is transmitted through financial markets that play a crucial role in monetary policy transmission. We hypothesize that, in economies with well-developed financial markets, the financial markets, commercial banks in particular, act like a filter and buffer in transmitting monetary policies through the economy. This filter-and-buffer effect can help moderate shocks that monetary policy actions may create. The absence of such a filter-and-buffer effect in less developed financial markets can lead to more volatile or unpredictable changes in aggregate money supply when monetary policy changes. Second, this research will test this hypothesis through empirical analysis of how aggregate money supplies in different countries respond to changes in monetary policy.