主题：Designing a Simple Loss
Function for Central Banks: Does a Dual Mandate Make Sense? （为央行设计简单损失函数：双重命令是否存在意义）
主讲人：Jinill Kim, 高丽大学经济学教授
日期：2018年10月24日（周三）
时间：上午10:00 - 11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
Yes, it makes a lot of
sense. This paper studies how to design simple loss functions for central
banks, as parsimonious approximations to social welfare. We show, both
analytically and quantitatively, that simple loss functions should feature a
high weight on measures of economic activity, sometimes even larger than the
weight on inflation. Two main factors drive our result. First, stabilising
economic activity also stabilises other welfare-relevant variables. Second, the
estimated model features mitigated inflation distortions due to a low
elasticity of substitution between monopolistic goods and a low interest rate
sensitivity of demand. The result holds up in the presence of measurement
errors, with large shocks that generate a trade-o¤ between stabilising inflation
and resource utilisation, and also when imposing a moderate degree of interest
rate volatility.
主讲人简介:
Professor Jinill Kim started teaching at Korea
University in the fall of 2010. Before joining Korea University, he worked at
the Federal Reserve Board (Division of Monetary Affairs in 2003-2011 and
Division of Research and Statistics in 1996-1998) as a Senior Economist and at
the University of Virginia (1998-2003) as an assistant professor. He taught
courses and does research on macroeconomics and monetary economics; he has
publications in leading academic journals including International Economic
Review, Journal of Monetary Economics, Journal of International Economics and
Economic Policy. At the Federal Reserve, he worked on monetary policy
strategies and macro modeling issues. He also taught at Georgetown University
and regularly visits the Federal Reserve Board while the university is on
vacation. He obtained his Ph.D. in economics from Yale University in 1996.
