On the afternoon of April 9, 2024, at the invitation of Assistant Professor Liu Yijiao from the School of Business, Dr. Li Zehao, an associate researcher and assistant professor at the Chinese University of Hong Kong (Shenzhen), conducted a special lecture for the Class of '23 Marketing students in room D3-205 of the Business School. Dr. Li, who earned his Ph.D. in Economics from the University of Wisconsin-Madison, specializes in business cycle theories, financial frictions, and monetary policy.

During the lecture, Dr. Li provided an in-depth analysis of the potential impacts of U.S. monetary policy on global interest rates and presented a series of thought-provoking viewpoints. He noted that changes in U.S. monetary policy not only directly affect the economic conditions within the United States but also influence the global economic landscape through alterations in global interest rates. Specifically, he highlighted the short-term impact of the Federal Open Market Committee (FOMC) announcement dates on global sovereign yields and the critical information these impacts reveal.

In his research, Dr. Li developed a dynamic term structure model with moving endpoints to investigate the impact of U.S. monetary policy on global yield curves. Their findings indicate that U.S. monetary policy has driven a long-term decline in global interest rates by lowering expected rates. This discovery is crucial for understanding global economic trends and formulating relevant policies.

Through this lecture, the attending students gained a deeper understanding of the global economic situation and a clearer insight into the influence of U.S. monetary policy. Dr. Li Zehao's research outcomes provide valuable perspectives and ideas that will help in comprehending future economic policies and market behaviors.

Written by: Guan Yuyan

Illustrations/Translation: Zhou Kelin

Reviewed by: Liu Yijiao