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6月7日,姚洋(北京大学国家发展研究院)
发布时间:2018-06-05   发布人:zs   点击数:289

报告人:姚洋,北京大学国家发展研究院

时间:6月7日(周四)下午3:00—4:30

地点:博学楼1227教室

题目:Productivity Growth, Fixed Exchange Rates, and Export-Led Growth

摘要:This paper studies how the fixed exchange rate regime (FERR) may promote growth when a country experiences faster rates of productivity growth in its tradable sector than its nontradable sector. In a simple two-sector model with money, we show that the FERR can reduce the Balassa-Samuelson effect if wage adjustment is subject to nominal rigidities. The undervaluation thus created suppresses real wage growth but increases the size of the tradable sector and leads to higher growth rates of the entire economy. Using cross-country panel data, our econometric exercises provide robust evidence that supports the results. Meanwhile, other fundamentals, including the external balance position, export share in the tradable sector, and the stage of development, play roles in determining the effects of FERR. Last, we apply the empirical results to run simulations on China from 1994 to 2007 to highlight the role of FERR in the country’s export-led growth.

报告人简介:姚洋,现为北京大学国家发展研究院院长、中国经济研究中心教授和主任,博雅特聘教授,是金融40人论坛成员。2016年当选教育部长江学者特聘教授,获2008、2014年孙冶方经济科学奖、第一届和第二届浦山国际经济学奖(2008年、2010年)、第二届张培刚发展经济学奖(2008年);被评为2006年北京大学十佳教师。

 

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