Moon Oulatta

Faculty

Visiting Assistant Professor in Economics and Management
  • Bibliography

Before embarking on my journey to graduate school, I worked in the financial sector, more precisely, in consumer banking. This latter experience prepared me to better understand the structure of the US banking system and the role of the capital market in fastening economic development at the local level. I learned the commercialization of different banking and investing products. I worked directly with personal bankers and investment specialists to promote refinancing options for mortgages and coordinated sales of investment products and fixed-income assets (for example, treasury bills and certificate of deposits). On the operational side of consumer banking, I learned the operating system of Bank of America's retail banking, took periodic advanced banking regulation exams, and directly performed the day to day operations of a retail banker. I received an award for perfect accuracy on operational banking practices in April 2011: just four months after I joined bank of America. Then, I was promoted to a higher security level in banking operations, right before I made the decision to leave the bank for graduate school. I finished my PhD in just four years with a concentration in macroeconometrics and monetary economics. In the early years of my career as an economist, I worked in consulting and as a part-time faculty member.

My work is centered on macroprudential policies, financial stability, and the role of monetary policy in minimizing macroeconomic volatility in emerging and advanced in economies. Recently, on October 23, 2022, my paper titled “Monetary Policy and Asset Returns in Vietnam” was accepted at Vietnam Economist Annual Meeting (Hanoi, 2022). This paper assesses the significance of the asset price channel of monetary policy in Vietnam. I estimate a New Keynesian (DSGE) model using Bayesian techniques and successfully match the relevant empirical results with a large-scale factor-augmented vector autoregression model (FAVAR). I find robust empirical evidence of a significant asset price channel of monetary policy in Vietnam: impulse responses of stock returns to monetary policy shocks (both positive and negative) are significant and consistent with standard macroeconomic theory. This is the first study in literature to provide empirical evidence of the impact of adverse and expansionary monetary policy shocks on different sectors of the Hanoi and Ho Chi Minh Stock exchanges by relying on an FAVAR model. More importantly, the results highlight the relative importance of incorporating a rich-data environment in identifying monetary policy shocks. The study demonstrates that the FAVAR model provides consistent and more meaningful impulse responses in contrast to the widely used small-scale recursive VARs.

  • Working Papers (Under Peer Review on Elsevier): 

Commodity Price Uncertainty and Bank Lending: Evidence from Leading Cocoa Exporters: most studies prioritize the mean-effect of commodity prices (first-moment shocks) in explaining financial developments in developing countries. Contrastingly here, this manuscript highlights the equal importance of the uncertainty-effect of commodity prices (second-moment shocks) in shaping financial conditions in developing countries. Using the top cocoa-exporting countries as a case study, this paper illustrates a new bank lending channel through which the uncertainty vis-à-vis the spread in international cocoa prices leads to a severe contraction in commercial loans supply in Brazil, Cameroon, Colombia, Côte d'Ivoire, Dominican Republic, Ecuador, Ghana, Indonesia, Mexico, Nigeria, Peru, and Uganda; hence the ``beguiling coincidence''. The magnitude of the empirical results found here amplify the necessity for policymakers in the top cocoa-exporting countries to consider this new bank lending channel as an important source of lending frictions when assessing and designing macro-prudential polices aimed to mitigate banking crises in their respective countries.

Education

PhD, Economics


Courses Taught

E/M-108 (Principles of Microeconomics) and E/M-360 (Managerial Economics)

Past
Synonym Title Times Taught Terms Taught
E/M-270 Business Finance 4 2022/SP and 2021/FA
E/M-388 Econometrics 2 2022/SP and 2021/FA