En este seminario se discutió la investigación reciente del profesor Roberto Chang sobre intervención cambiaria y su relación con la acumulación óptima de reservas. El profesor Chang enfatizó que ambos problemas deben ser analizados como casos especiales de la llamada “política monetaria no convencional”, por lo que el sistema financiero y sus imperfecciones juegan un rol primordial. Estas ideas fueron ilustradas con modelos relevantes y sus consecuencias para política económica.
Professor of Economics at Rutgers University and a Research Associate at the National Bureau of Economic Research. His work on international macroeconomics, monetary and exchange rate policy, and financial and currency crises, has had a profound and lasting impact on academic research as well as policy design and practice.He is best known for (together with Andres Velasco) developing innovative models of banking crises and currency crashes in open economies, which have been identified by Paul Krugman (in his 2010 AEA Nobel Lecture and elsewhere) as essential to the most recent generation of crises theories. Also, his related work (with Velasco and Luis Cespedes) on the links between financial frictions, currency mismatches, exchange rates, and aggregate fluctuations has not only been extremely influential for research and widely cited, but has also been incorporated into models actually used by central banks in policy formulation and analysis.
His current research agenda explores the implications of foreign exchange intervention, international reserves accumulation and management, and other so-called unconventional central bank policies, for emerging economies, especially those that have adopted inflation targeting.