The Central Bank’s View on COVID-19: Hold a special ON/OFF-LINE Lecture by Deputy Governor of the Bank of Korea & Department of Quantitative Applied Economics, SKKU
The department of Quantitative Applied Economics, SKKU invited the deputy governor of the Bank of Korea, Gyu Il Chung to hold a special lecture on ‘COVID-19 Crisis and Policy Response by the Central Bank’ on June 27 (Sat). Il Joong Kim(Dean, College of Economics), Hee Joon Han(Dean, Department of Quantitative Applied Economics), Sung Hyun Kim(Dean, Graduate School of Economics) and quant students attended this special lecture.
[Image1] College of Economics, Dean’s office, promised to donate prevention and development fund
(from left to right) Sung Hyun Kim(Dean, Graduate School of Economics), Il Joong Kim(Dean, College of Economics), Gyu Il Chung(Deputy Governor of the Bank of Korea), Hee Joon Han(Dean, Department of Quantitative Applied Economics)
The deputy governor discussed the COVID-19 crisis and policy response, starting with the general theory on central bank theory. It elaborated that it is necessary to properly prioritize the central bank’s two policy objectives, financial stability and price stability, depending on the characteristics of the timing of economic conditions from the Great Depression in the early 20th century to the so-called Great Inflation, Great Moderation, and Great Recession to the “Great Lockdown” caused by the COVID-19.
He compared the impact on supply, demand, and private cash flow from the aspects of the COVID-19 crisis and its ripple effects on the financial/foreign exchange market and the policy responses of the Bank of Korea and the U.S. Fed to each sector.
[Image2] Gyu Il Chung, the deputy governor, explaining ‘COVID-19 Crisis and Policy Response’
This event is significant because the highest authority in the related policy field gave the timely lecture based on data under the on-going COVID-19 situation. The deputy governor Chung has joined the Bank of Korea since 1987 and was an alumnus of the department of Economics, SKKU.
He has received a Ph.D. from the University of California and has written a number of academic articles. He also has been active in academic research as well as in the policy sector. On that day, Gyu Il Chung gave a lot of advice and encouragement to his junior colleagues. In addition, he expressed his deep affection for his alma mater by visiting the dean’s office and promised to donate development fund as well as lecture fees.
This special lecture was conducted in a large lecture room as part of College of Economics’ recent effort to build an ON/OFF-LINE simultaneous platform. Several full-time & part-time professors and graduate students of economics asked questions through WEBEX, and professors on business trips also participated to continue the discussion. Through this procedure, it has been confirmed that three-way communication between presenters(offline) and participants(online & offline) can also take place normally in the large classroom.
[Image3] View of ON/OFF-LINE special lecture in the large classroom
Through this special lecture, which was conducted ON/OFF-LINE simultaneously, we were able to secure high face-to-face attendance rates, questions and answers among face-to-face and non-face-to-face participants, and presenter’s freedom of physical movements over the past three months. The ‘untact’ situation due to the COVID-19 reaffirmed that it can be routine as an effective communication platform.
[Image4] Gyu Il Chung, the deputy governor, conducting Q&A with ON-LINE participant