光華講壇——社會(huì)名流與企業(yè)家論壇第6615期
主題：通貨膨脹目標(biāo)區(qū)間有助于還是妨礙價(jià)格穩(wěn)定？
主講人：特倫托大學(xué) Roberto Tamborini
主持人：經(jīng)濟(jì)與管理研究院 吳季教授
時(shí)間：10月26日 14:00—16:00
舉辦地點(diǎn)：西南財(cái)經(jīng)大學(xué)柳林校區(qū)格致樓1211
主辦單位：經(jīng)濟(jì)與管理研究院 國(guó)際交流與合作處 科研處
主講人簡(jiǎn)介：
Roberto Tamborini教授在1991年獲得了歐洲大學(xué)學(xué)院的經(jīng)濟(jì)學(xué)博士學(xué)位，目前在特倫托大學(xué)經(jīng)濟(jì)與管理系擔(dān)任經(jīng)濟(jì)學(xué)教授，同時(shí)也是歐洲政治經(jīng)濟(jì)學(xué)院的研究員和歐洲議會(huì)貨幣對(duì)話(huà)專(zhuān)家委員會(huì)的成員。他的主要研究領(lǐng)域包括宏觀(guān)經(jīng)濟(jì)理論與政策、貨幣與金融經(jīng)濟(jì)學(xué)以及歐洲經(jīng)濟(jì)政策，產(chǎn)出了約90項(xiàng)科研出版物，他的文章發(fā)表在Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Common Market Studies,Open Economies Review, Journal of Evolutionary Economics, Metroeconomica, Giornale degli Economisti, Rivista Italiana degli Economisti, Applied Economics, Economics, Economica, Oxford Economic Papers及Journal of Macroeconomics。
Roberto Tamborini obtained his Ph.D. in Economics at the European University Institute, Florence in 1991. His current position is professor of Economics at the Department of Economics and Management of the University of Trento. He is also a fellow of the School of European Political Economy, LUISS 'Guido Carli', Rome, and a member of the Board of Experts of the Monetary Dialogues of the European Parliament. His main research fields are Macroeconomic theories and policies, Monetary and financial economics, and European economic policy. He has produced about 90 publications of monographs, contributions to collective books, and articles in refereed journals: such as Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Common Market Studies, Open Economies Review, Journal of Evolutionary Economics, Metroeconomica, Giornale degli Economisti, Rivista Italiana degli Economisti, Applied Economics, Economics, Economica, Oxford Economic Papers, Journal of Macroeconomics.
內(nèi)容簡(jiǎn)介：
本次講座的研究聚焦于通貨膨脹目標(biāo)制度的中央銀行，尤其是采用通貨膨脹區(qū)間目標(biāo)的中央銀行，包括最近的美聯(lián)儲(chǔ)和歐洲央行。他們的目標(biāo)是將通貨膨脹率保持在官方目標(biāo)的范圍內(nèi)，并在通貨膨脹表現(xiàn)出偏離這一范圍的跡象時(shí)進(jìn)行干預(yù)。研究的主要問(wèn)題在于采用通貨膨脹目標(biāo)區(qū)間（ITZ）是否有助于或妨礙中央銀行實(shí)現(xiàn)價(jià)格穩(wěn)定。研究受已有文獻(xiàn)的啟發(fā)，展示了通貨膨脹目標(biāo)區(qū)間使中央銀行能夠在干預(yù)之前處理更大的沖擊，并在干預(yù)時(shí)設(shè)定更低的利率水平。但如果市場(chǎng)參與者對(duì)通貨膨脹目標(biāo)區(qū)間的范圍存在不確定性，這些好處將會(huì)銷(xiāo)售。該研究有助于更加深入地理解中央銀行在通貨膨脹控制方面的策略和決策，以及通貨膨脹目標(biāo)區(qū)間對(duì)經(jīng)濟(jì)穩(wěn)定性的影響。
A significant number of central banks that have adopted inflation targeting can also be classified as inflation-zone targeters, with the recent inclusion of the U.S. Federal Reserve and the European Central Bank. They aim to keep inflation within a range centered on the official target and intervene only to the extent that inflation shows a tendency to move out of that range. We ask whether the adoption of an inflation target zone (ITZ) would help or hinder the central bank's achievement of price stability. Through a model inspired by previous literature on exchange rate target zones, we show that the ITZ allows the central bank to handle larger shocks before intervening and to set a lower interest rate at the point of intervention. However, these benefits are reversed if market agents are uncertain about the width of the ITZ.
