Dr Bo Yang
Visiting Research Fellow
Qualifications: BA (Hull), MSc (Queen Mary, University of London), PhD (Surrey)
Dr. Bo Yang is a Lecturer at Xi'an Jiaotong (XJTU, Suzhou, China) and a part-time Research Fellow in the School of Economics at the University of Surrey. He graduated from the University of Hull in 2003 and completed his MSc degree in Financial Economics with a Distinction at Queen Mary, University of London.
Following the completion of his PhD at the University of Surrey on the topic of DSGE modelling in 2008, Bo was appointed by the universities of Surrey and London Metropolitan as a Research Officer to support the research activities of the EU-funded project "MONFISPOL".
He has published in the Economic Journal, the Review of International Economics and the Oxford Handbook of the Indian Economy.
Bo’s research interests mainly include macroeconometrics, monetary policy, Bayesian econometrics and computational economics, focusing on the applications and quantitative analysis of macroeconometric models.
- 'The credibility problem revisited: Thirty years on from Kydland and Prescott'.
Review of International Economics, 16 (4), pp. 728-746.
Macroeconomics research has changed profoundly since the Kydland-Prescott seminal paper. In order to address the Lucas Critique, modeling is now based on micro-foundations treating agents as rational utility optimizers. Bayesian estimation has produced models which are more data-consistent than those based simply on calibration. With micro-foundations and new linear-quadratic techniques, normative policy based on welfare analysis is now possible. In the open economy, policy involves a "game" with policymakers and private institutions or private individuals as players. This paper attempts to reassess the Kydland-Prescott contribution in the light of these developments. © 2008 The Authors Journal compilation © 2008 Blackwell Publishing Ltd.