PhD defence of Wei Li on Thursday 4 February 2016

On Thursday 4 February 2016 Wei Li will defend his PhD thesis entitled 'Essays on Empirical Monetary Policy'. Supervisor is Professor Casper de Vries (Erasmus School of Economics). Other members of the Doctoral Committee are Professor Job Swank (Erasmus School of Economics), Professor Sylvester Eijffinger (Tilburg University) and Professor Keith Kuester (University of Bonn).

About Wei Li

Wei Li obtained his bachelor degree in Technology and Instruments for Measurement and Control from Xi'an University of Technology (2006). He graduated from MPhil in Economics at Tinbergen Institute in 2011. In the same year, he started his doctoral research in the field of monetary economics at Erasmus School of Economics.

Abstract of 'Essays on Empirical Monetary Policy'

This thesis studies the identification of monetary policy and its macroeconomic and banking effects. The first two essays look into identification issues of conventional monetary policy. The first essay shows that the conventional estimation of Taylor rules becomes invalid when monetary shocks are serially correlated. We propose two estimation methods that allow for the presence of serial correlation in monetary shocks. The second essay attempts to explain the price puzzle associated with a popular monetary shock measure: A tightening Fed funds futures rate surprise significantly raises the price level. I find that contamination of Fed funds futures rate surprises is a reason for the puzzle. A simple cleaning that controls for information differences between the Fed and the market solves the price puzzle. The last essay turns to unconventional monetary policy, estimating the impact of quantitive easing on cross-border bank credit supply. I find that quantitive easing on cross-border banking plays an important role in the international spillovers of quantitive easing.

More information

Wei Li conducted his doctoral research at the Tinbergen Institute. The Tinbergen Institute is a joint research institute of Erasmus School of Economics, Erasmus University Rotterdam, Faculty of Economics and Business, University of Amsterdam and Faculty of Economics and Business Administration of VU University Amsterdam.

For more information about this ceremony, please contact Ronald de Groot, Communication Officer of the Erasmus School of Economics phone +31 10 408 1762 or by e-mail: