7.6讲座报名 | 奥地利央行行长Robert Holzmann：超越通货膨胀的货币政策正常化_

来源：北京大学国家发展研究院

第164期【朗润·格政】论坛超越通货膨胀的货币政策正常化

Monetary Policy Normalization Beyond Inflation: Rationale, Challenges, and Options

主讲嘉宾：Robert Holzmann

奥地利央行行长、欧洲央行管理委员会委员

Governor ofAustrian Central Bank (OeNB) & Member of the Governing Council of theEuropean Central Bank (ECB)

2023年7月6日（周四）上午10:00-11:30

10:00am-11:30am, Thursday, July 6, 2023

北京大学国家发展研究院（承泽园校区）420多功能厅

Multi-function Room 420, National School of Development (Chengze GardenCampus), Peking University

语言：英语Language: English主办单位: 北京大学国家发展研究院Organizers: National School of Development, Peking University

讲座议程

Program

10：00-10：45Presentation by Robert Holzmann

10：45-11：00Comment by Kai Guo, Senior Research Fellow, China Finance 40 Forum and formerDeputy Director-General, Monetary Policy Department, People’s Bank of China

11：00-11：30Discussion

主讲嘉宾

Speaker

Robert Holzmann is an Austrianeconomist and since 2019 he is the Governor of Austria’s central bank,the OesterreichischeNationalbank (OeNB) and member of the Governing Council of the European Central Bank.Before this appointment he spent half of this his long professional life of 50years in academia (including Austria, Germany, Malaysia and Australia) and theother half in key international organizations (OECD, IMF, and World Bank). He has published inter alia 41 books, 98contributions to books, 51 papers in refereed journals, and many otherpublications on fiscal, social and monetary issues of which 6 of his books onpension issues have been translated into Chinese. He has visited over 90countries in the world across all regions.

讲座摘要Abstract

The presentation exploresthe policy options and research questions that emerge after the current highinflation has been tamed in Europe, USA, and other parts of the Global North.Can we go back to conventional monetary policy before 2008, when short-termpolicy interest rates and reserve requirements dominated the monetary toolbox?Or may we have to continue in a world of unconventional monetary policy (UMP),with a toolbox consisting of negative policy interest rates, quantitativeeasing, subsidized borrowing rates, and forward guidance? The answer will depend on the prospects forthe natural rate of interest (r*) that has fallen in recent decades. Without a re-risein the natural rate, we may be confined to resort to UMP in current or renewedform. The presentation explores bothmonetary options under a permanent low r* and non-monetary reform options thatpromise to increase r*: Increasing totalfactor productivity, increasing to labour supply, and increasing capitaltransfers from the Global North to the Global South.

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