Trade Patterns, Price Settings and Exchange-Rate Flexibility - the Cases of Hong Kong and Singapore
2014/10/28
研討會日期 : 2014-10-28
時間 : 14:30
主講人 : Professor Shiou-Yen (Vivien) Chu
主持人 : Professor Shi-Shu Peng
地點 : Conference Room B110
演講者簡介 : Professor Chu received her Ph.D. in Economics from University of Missouri-Columbia in 2009. She is currently an Assistant Professor at National Chung Cheng University. Her research fields are Macroeconomics, Monetary Economics, International Finance, and Public Economics.
演講摘要 : This paper develops a three-country dynamic stochastic general equilibrium (DSGE) model to analyze the welfare consequences of currency depreciation by the anchor country on its trading partners. Three economies are characterized with different trade patterns and price-setting specifications. Our calibration results indicate that the aggregate welfare will be enhanced if a country specializing in trade-related services keeps its exchange rates pegged to the anchor country and a country with manufacturing trade allows exchange rate flexibility. This provides support for Hong Kong and Singapore to continue their current exchange rate systems.
