2024년 제5차 산업경제연구소 세미나(9/26(목) 편주현 교수)

안녕하세요,

산업경제연구소에서 2024년 제5차 세미나 일정을 안내 드립니다.

관심 있는 분들의 많은 참석 바라며, 자세한 내용은 아래를 참고 부탁 드립니다.

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발표 논문 제목

 : Fear of Appreciation and Current Account Adjustment

일시

 : 2024. 09. 26. (목) 16:30 - 17:30

장소

 : 9호관 210호 (경제학과 대학원 세미나실)

발표자

 : 편주현 교수(고려대학교 경영대학)

논문 초록

 : This paper finds that limited exchange rate flexibility in the form of “fear of appreciation” slows adjustment of current account imbalances, providing a novel perspective on Friedman’s conjecture regarding exchange-rate flexibility. We present evidence that countries classified as more flexible have faster convergence than peggers for current account deficits, but not so for surpluses. An implication is that current account surpluses are more persistent than deficits on average.  Evidence indicates that this asymmetry is associated with a one-sided muting of exchange rate appreciations. We develop a multi-country DSGE model augmented with a “fear of appreciation” policy rule, solved as an occasionally binding constraint. It can explain greater persistence of current account surpluses compared to deficits in general equilibrium where surpluses and deficits must cancel in aggregate.

기타 문의

 : 산업경제연구소 간사 윤영진 (Tel. 032-860-7780 / Mail. youngjin@inha.ac.kr)