主题：Designing a Simple Loss Function for Central Banks: Does a Dual Mandate Make Sense? （为央行设计简单损失函数：双重命令是否存在意义）
主讲人：Jinill Kim, 高丽大学经济学教授
时间：上午10:00 - 11:30
Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilising economic activity also stabilises other welfare-relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-o¤ between stabilising inflation and resource utilisation, and also when imposing a moderate degree of interest rate volatility.
Professor Jinill Kim started teaching at Korea University in the fall of 2010. Before joining Korea University, he worked at the Federal Reserve Board (Division of Monetary Affairs in 2003-2011 and Division of Research and Statistics in 1996-1998) as a Senior Economist and at the University of Virginia (1998-2003) as an assistant professor. He taught courses and does research on macroeconomics and monetary economics; he has publications in leading academic journals including International Economic Review, Journal of Monetary Economics, Journal of International Economics and Economic Policy. At the Federal Reserve, he worked on monetary policy strategies and macro modeling issues. He also taught at Georgetown University and regularly visits the Federal Reserve Board while the university is on vacation. He obtained his Ph.D. in economics from Yale University in 1996.