【主题】How Oil Shocks Propagate: Evidence on the Monetary Policy Channel
【报告人】Wataru Miyamoto（副教授，香港大学商学院）
【时间】2023年11月22日周三13:30-15:00
【地点】高等研究院232会议室
【语言】英文
【摘要】We examine the effects of systematic monetary policy on oil shock transmission. Using high-frequency responses of oil futures prices to prominent oil market news, we estimate responses of macro variables to oil supply news shocks when systematic monetary policy is switched off by the zero lower bound (ZLB) and when it is not (normal periods) in Japan, the United Kingdom, and the United States. We emphasize two results. First, in these countries, negative oil supply news shocks are less contractionary at the ZLB than in normal periods. Moreover, these shocks are expansionary at the ZLB. Second, inflation expectations increase during the ZLB and normal periods, while the short nominal interest rates do not respond to oil shocks at the ZLB. Our evidence points to the importance of systematic monetary policy for the transmission of oil shocks.
【报告人简介】Wataru Miyamoto is an associate professor in the HKU Business School. He received his Ph.D. in Economics from Columbia University in 2014. His research interests include empirical macroeconomics and international macroeconomics. His works has been published in the Review of Economics and Statistics, the Journal of Monetary Economics, the Journal of International Economics, the American Economic Journal: Macroeconomics, and the International Economic Review.
