一、主題：A New Dilemma：Capital Controls and Monetary Policy in Sudden Stop Economies

二、主講人：餘昌華，北京大學國家發展研究院助理教授。本科畢業于中國人民大學，在北京大學獲得經濟學碩士學位，在英屬哥倫比亞大學獲得經濟學博士學位。主要研究領域為國際金融、貨币政策、金融市場與宏觀經濟，研究成果在Journal of International Economics等國際高水平學術期刊發表。主持國家自然科學基金青年項目、教育部留學歸國人員科研啟動項目等科研項目。

三、時間：2016年10月26日（周三），12:30-13:30

四、地點：主教樓913會議室

五、主持人：苟琴，bevictor伟德官网助理教授

論文摘要：The dangers of high capital flow volatility and sudden stops have led economists to promote the use of capital controls as an addition to monetary policy in emerging market economies. This paper studies the benefits of capital controls and monetary policy in an open economy with financial frictions, nominal rigidities, and sudden stops. We focus on a time-consistent policy equilibrium. We find that during a crisis, an optimal monetary policy should sharply diverge from price stability. Without commitment, policymakers will also tax capital inflows in a crisis. But this is not optimal from an ex-ante social welfare perspective. An outcome without capital inflow taxes, using optimal monetary policy alone to respond to crises, is superior in welfare terms, but not time-consistent. If policy commitment were in place, capital inflows would be subsidized during crises. We also show that an optimal policy will never involve macro-prudential capital inflow taxes as a precaution against the risk of future crises (whether or not commitment is available).