Zhang Ji | The Role of Global Financial Integration in Monetary Policy Transmission
Recently,Initiated by the Center for International Finance and Economics Research (CIFER) of Tsinghua University's PBC School of Finance, hosted by Liaoning University, and co-organized by the Center for International Finance and Economics Research (CIFER) and the School of Finance and Trade of Liaoning University, this event..."2023 International Trade Disputes and Globalization Restructuring Academic Symposium"The meeting was successfully held.
Associate Professor at Tsinghua UniversityZhang JiAttendees included a postdoctoral fellow from Tsinghua University and an assistant researcher at CIFER.Huang ChenHostSub-forum 5: The International Monetary System [Online]Sharing with collaborators a titled "The role of global financial integration in monetary policy transmission》。
Zhang JiDr. Zhang Ji is currently an Associate Professor at the PBC School of Finance, Tsinghua University. He received his Ph.D. in Economics from the University of California, San Diego in 2013; his Master's degree in Economics from Shanghai University of Finance and Economics in 2008; and his Bachelor's degrees in Economics and Mathematics from Wuhan University in 2006. Dr. Zhang's main research areas include macroeconomics, monetary policy, fiscal policy, and unemployment theory. His papers have been published in [Journal Name - not specified].Journal of Monetary Economics, Review of Economics and Statistics, Journal of International EconomicsHis work has been published in top international journals. Dr. Zhang Ji primarily teaches courses such as "Advanced Macroeconomics" for doctoral students and "Macroeconomic and Financial Analysis" for master's students.
Zhang Ji
When introducing the article, Zhang Ji pointed out that...Inspired by empirical evidence, this paper proposes a New Keynesian model of an open economy that allows financial intermediaries to hold foreign long-term bonds. Zhang and his collaborators find that financial integration amplifies shocks to domestic monetary policy and has a negative spillover effect on foreign shocks. These results apply to both conventional and unconventional monetary policies. Bond maturity plays a crucial role in all aspects of financial integration, and the results cannot be replicated using standard models of full risk-sharing among households. Finally, this paper observes an important interaction between financial integration and trade openness and demonstrates that trade itself does not have an economically meaningful impact on monetary policy transmission.