“黄达-蒙代尔”讲座简介：

“黄达-蒙代尔”讲座是以著名经济学家黄达先生和蒙代尔先生共同冠名的经济学系列讲座，由中国教育部人文社会科学重点研究基地—中国人民大学中国财政金融政策研究中心设立。中国财政金融政策研究中心举办“黄达-蒙代尔”讲座的目标是通过不断地邀请国内外高水平的经济学家来到研究基地，举办反映经济学、特别是财政金融理论前沿动态的高层次学术讲座，为中外经济学的交流搭起一个重要的桥梁，为中国财政金融理论研究的发展做出贡献。

演讲人简介：

主持人简介：

张成思，中国人民大学财政金融学院副院长，教育部“长江学者”特聘教授。主要研究方向为货币金融学。已在Journal of Money, Credit and Banking, International Journal of Central Banking, Journnal of International Money and Finance和《经济研究》等国内外知名学术期刊发表论文百余篇。

点评人简介：

施康，香港中文大学经济系副教授（终身教职），加拿大英属哥伦比亚大学博士。他的研究领域包括国际宏观经济学、货币经济学和中国经济。施康教授已在Journal of International Economics, Journal of Development Economics, Review of Economic Dynamics and Journal of Comparative Economics等一流国际期刊发表多篇具有影响力的论文。

A Behavioral Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate

Tencent Meeting:2020/10/19 14:00-16:00, ID: 650 721 416

Lecturer:Takayuki Tsuruga, Osaka University

Host:Chengsi Zhang, Renmin University of China

Discussant:Kang Shi, The Chinese University of Hong Kong

Lecturer bio:Dr. Takayuki Tsuruga is professor at the Institute of Social and Economic Research of Osaka University, research associate of the Centre for Applied Macroeconomic Analysis at Australian National University and research associate of the Center of International Price Research at Vanderbilt University. He used to work at Kyoto University and the cabinet office of government of Japan. His research interests include monetary economics, macroeconomics and applied time series analysis. He has published influencial papers in top journals including Review of Economics and Statistics, Journal of Monetary Economics, Journal of International Economics, Economic Journal, European Economic Review, Journal of Money, Credit and Banking.

Abstract:At the aggregate level, the evidence that deviations from purchasing power parity

(PPP) are too persistent to be explained solely by nominal rigidities has long been a puzzle (Rogoff, 1996). Another puzzle from the micro price evidence of the law of one price (LOP), which is the basic building block of PPP, is that LOP deviations are less persistent than PPP deviations. To reconcile the empirical evidence, we adapt the model of behavioral inattention in Gabaix (2014, 2020) to a simple two-country sticky-price model. We propose a simple test of behavioral inattention and find strong evidence in its favor using micro price data from US and Canadian cities. Calibrating behavioral inattention with our estimates, we show that our model reconciles the two puzzles relating to the PPP and LOP. First, the PPP deviations are more than twice as persistent as PPP deviations explained only by sticky prices. Second, the LOP deviations decrease to less than two-thirds of the PPP deviations in the degree of persistence.

Discussant bio：Kang Shi is an associate professor at The Chinese University of Hong Kong. He obtained his PhD from University of British Columbia. His research areas include international macroeconomics, monetary economics and Chinese economy. He has published papers in top academic journals including Journal of International Economics, Journal of Development Economics, Review of Economic Dynamics and Journal of Comparative Economics.