题目：An Impossible Unity? The Effects of International Monetary Policy on Chinese Treasury Yields

主讲人：李溦，上海高级金融学院

时间：2025年3月28日（星期五）下午13:30-15:00

地点：暨南大学（石牌校区）中惠楼106会议室

主讲人简介:

I am an Associate Fellow at the Shanghai Advanced Institute of Finance (SAIF). My research focuses on macroeconomics and international finance, with a special interest in the implications of information frictions on global financial linkages and policy-making.

Abstract:

This paper provides evidence that capital controls fail to insulate international spillovers of monetary policy shocks. Despite the limited openness of China's capital account, its Treasury yields are significantly affected by foreign monetary policy announcements and have changed constantly during the announcement windows, but barely respond to foreign non-monetary macroeconomic news announcements. Notably, Chinese yields closely track the announcement country’s counterparts during foreign monetary policy announcement windows but diverge on other days. We construct a model with imperfect information to explain the facts.