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Tenure-track faculty member——Hou, Keqiang
发布时间:2011-1-21 来源:金融学院  


侯克强 (Keqiang Hou)

Email: hou.keqiang@mail.shufe.edu.cn

After completing my PhD in Economics at McMaster University in 2010, I joined Shanghai University of Finance and Economics as an assistant professor of finance. My primary research interests are in monetary economics, international financial, and Bayesian time series econometrics.

As for my current research, my PhD dissertation focuses on applying the tools and rich structure of dynamic general equilibrium (DGE) models to answer questions that have hitherto only been studied using a reduced-form characterization. For this purpose, I have proposed two case studies which look at two specific macroeconomic questions of interest: 1) the economic consequences of oil price shocks and 2) the role of intangible capital (IC) in explaining cyclical dynamics of S&P500 earnings.

In the first two chapters of my thesis (one of them has been submitted to the Canadian Journal of Economics), I have concentrated on a discussion of the economic consequences of world oil price shocks on an oil-exporting economy. I apply Bayesian techniques to estimate an open economy DGE model with an embedded oil sector to the Canadian and U.S. data. The predictions of the model are successful in replicating the a-theoretical VAR-based impulse response functions. The use of the estimated model allows us to quantify the relative importance of oil price shocks and to conduct policy analysis, by means of counterfactual experiments, within a rational expectation framework.  

In the third chapter (joint with Alok Johri), I develop a DGE model of the U.S. economy in which firms expend resources to create IC used as an additional input in their production technology. The estimated version of the model is successful in accounting for the dynamic features of aggregate corporate earnings and provides important insights on IC investments. (Revised and Resubmit at Review of Economic Dynamics) In addition, the model has implications about the volatility of asset prices and measured mark-ups. As financial frictions, asset pricing and IC are areas of active research, it would be of interest to know what the model predicts about the fluctuations in stock prices at presence of financial frictions. I am also at work revising a related paper that explores the links between learning-by-doing and the IC model.

Beyond my thesis, my research also includes a regional panel causality analysis on foreign direct investment (FDI) and its determinants in China. This study (joint with Luke Chan, Xing Li and Dean Mountain) employs a systematic approach for delineating both short- and long-run flows of causality involving FDI and a comprehensive set of FDI’s possible determinants. The paper has been submitted to Journal of International Money and Finance.

 

 

 

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