Научный семинар Е. Кван Чоя (Университет Штата Айова): «Profits and Losses from Currency Intervention»

В четверг, 17 мая в 16.40 в ауд. Ж-822  (Покровский бульвар, 11) пройдет научный семинар МИЭФ.
Докладчик: Е. Кван Чой (Университет Штата Айова)
Тема доклада: «Profits and Losses from Currency Intervention»

Тезисы доклада:This paper investigates the possible gains from currency intervention by central banks using a two-period framework in which a trade surplus in one period must be offset by a trade deficit in the next period. It is shown that when the interest rate is zero, the optimal policy is nonintervention. If the interest rate is positive, a country may earn positive profits by incurring a trade surplus in the first period. However, there is an upper bound for optimal trade surplus. A country actually may lose money if the rate of devaluation below the equilibrium is greater than the interest rate. A linear model suggests that China may have been losing money from excessive devaluation of renminbi since 2002.

Рабочий язык семинара - английский.

Приглашаются все желающие.
Для оформления пропуска в ВШЭ свяжитесь с нами:
по тел. 772-95-90*2659
e-mail: ksanzharovskaya@hse.ru