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【金融高端论坛】第九十三期
浏览次数:198次 | 发布时间:2018-06-13

【本期主题】The Two-Pillar Policy for the RMB


We document stylized empirical facts about China’s recent exchange rate policies.The formation mechanism of the central parity is based on a two-pillar approach thatbalances a trade-weighted index for the RMB (stability) and market forces (flexibility).We develop atractable no-arbitrage model of the RMB under the two-pillar approach.With the model, we estimate the fundamental exchange rate, the probability of continuation of the two-pillar approach in the future, and the weights put on both pillars.The estimated model fits the spot rate and option prices well in-sample and forecastsfuture central parity and spot rates out-of-sample.


报告人】Vivian Zhanwei Yue  副教授(终身聘任),Emory大学经济系

时   间】6月13日 上午10:00

地  点】明德主楼509室


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报告人简介:

Vivian Zhanwei Yue,Emory大学经济系副教授(终身聘任)。2005年获美国宾夕法尼亚大学经济学博士学位。从事的研究领域及方向为国际经济学,宏观经济学和金融市场。曾在American Economic Review,Quarterly Journal of Economics,Journal of International Economics,Journal of Money Credit and Banking,Journal of Economic Dynamics and Control等顶级金融经济期刊上发表过论文。



中国人民大学金融高端论坛组委会
商学院财务与金融系
财政金融学院保险系
财政金融学院应用金融系
财政金融学院货币金融系
汉青经济与金融高级研究院金融系