New Form of Online Doctoral Program under the Current International Situation Concerning Covid-19

by , 2020-07-27

 From July 7th to July 15th 2020, the School of Economics ofZhejiang University successfully held an online doctoral program - Oversea Master Class: Academic Frontier Workshop. Professor Randall Wright from the University of Wisconsin-Madison was invited to give talks on new monetaristic economics. Professor Randall Wright is the creator and leading economist of new monetarism theory. The program was carried out in an innovative form of ZOOM teleconferences, composed of a total of six in-depth lectures, attracting 39 PhD students from the School of Economics to participate.

In the seminars, Professor Wright depicted the theoretical framework of new monetaristic economics (NME) step by step. The goal of the program is to explore the research concepts and practices of NME in currency, credit, banking, asset markets and liquidity. On money-related topics, Professor Wright began with endogenous institution of monetary exchange given incentive problems in the spirit of mechanism design, and then explained to the students the role of money, the viability and essential conditions of monetary exchange, and the monetary equilibrium analysis. He then covered bargaining theory and direct search theory. At the end of the program, Professor Wright introduced models around credit and banking, information and liquidity. He introduced the demand model of money, then explained how to solve the model by using the Euler equation. He then discussed the stability, existence, and uniqueness of the equilibrium solution, analyzing the policy meaning of the model under different coefficients and exploring the policy influences through quantitative analysis.

This is the first attempt of School of Economics to move doctoral international exchange from the traditional offline ground to the new online ground under the current international situation concerning Covid-19. The School is striving to keep international exchange stopless even under uncontrollable global environment. Overcoming physical borders, the online program provided great platform for PhD students to learn cutting-edge research topics from world-class economist without going out of the country.

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