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[Workshop] Stagflation and Topsy-Turvy Capital Flows
Nov. 22, 2022
Speaker: Julien Bengun, Bank of Canada

Host: Prof. Yu Changhua, National School of Development, Peking University

Time: 16:30-18:00 pm, November 22 (Tuesday), 2022, GMT+8

Venue: Zoom Meeting ID: 926 3889 7210 Password: 908060


Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy’s supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on marginal costs in countries where monetary policy is trying to drive down costs to stabilize inflation. Yet, market forces are likely to generate such inflows. Optimal capital flow management instead requires net outflows, suggesting topsy-turvy capital flows following markup shocks.


Julien Bengui is currently a senior research advisor at the Bank of Canada and a research affiliate at the CEPR. He received his PhD from University of Maryland. His research interests are in international finance and macroeconomics.

Source: National School of Development