2015 Asia Economic Policy Conference

Thursday, November 19 - Friday, November 20, 2015
Federal Reserve Bank of San Francisco

Policy Challenges in a Diverging Global Economy

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Thursday, November 19

Introductory Remarks
John C. Williams, President and Chief Executive Officer, Federal Reserve Bank of San Francisco

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Opening Address
Stanley Fischer, Vice Chairman, Board of Governors of the Federal Reserve System

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Session 1: Emerging Markets and the Effects of U.S. Monetary Policy
Chair: Reuven Glick, Group Vice President, Federal Reserve Bank of San Francisco

Author:
Sebastian Edwards, Henry Ford II Professor of International Economics, University of California, Los Angeles

Discussants:
Woon Gyu Choi, Deputy Governor and the Director General of the Economic Research Institute, Bank of Korea Deputy
Linda Tesar, Professor of Economics, University of Michigan

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Download discussion (Choi) (pdf, 318 kb)
Download discussion (Tesar) (pdf, 80 kb)
Download general discussion (pdf, 83 kb)

Session 2: Macroprudential Policies from a Global Perspective

Authors:
Stephen Cecchetti, Professor of International Economics, Brandeis University
Paul Tucker, Senior Fellow at the Kennedy School of Government, Harvard University

Discussants:
Linda Goldberg, Vice President of Financial Intermediation, Federal Reserve Bank of New York
Fabio Ghironi, Paul F. Glaser Endowed Professor in Economics, University of Washington

Download paper (Cecchetti-Tucker) (pdf, 321 kb)
Download discussion (Goldberg) (pdf, 73 kb)
Download discussion (Ghironi) (pdf, 129 kb)
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Dinner (4th floor, Market Street Dining Room)

Introduction: Glenn Rudebusch, Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco
Keynote Address: The Recent Change in China’s Population Policy and Its Implications for China and the World Economy
Shang-Jin Wei, Chief Economist, Asia Development Bank and N.T. Wang Professor of Chinese Business and Economy, Columbia University

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Friday, November 20

Session 3: International Coordination
Chair: Fernanda Nechio, Senior Economist, Federal Reserve Bank of San Francisco

Author:
Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth, Harvard University

Discussants:
Charles Engel, Donald Hester Professor of Economics University of Wisconsin, Madison
Joshua Aizenman, Dockson Chair in Economics and International Relations, University of Southern California

Download paper (Frankel) (pdf, 319 kb)
Download discussion (Engel) (pdf, 103 kb)
Download discussion (Aizenman) (pdf, 97 kb)
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Session 4: The Renminbi’s Ascendance in Global Finance: How Far Along and How Far Can It Go?
Chair: Zheng Liu, Senior Research Advisor, Federal Reserve Bank of San Francisco

Author:
Eswar Prasad, Tolani Senior Professor of Trade Policy, Cornell University

Discussants:
Menzie Chinn, Professor of Public Affairs and Economics, University of Wisconsin-Madison
Stijn Claessens, Senior Adviser in the International Finance Division, Board of Governors of the Federal Reserve System

Download paper (Prasad) (pdf, 549 kb)
Download discussion (Chinn) (pdf, 330 kb)
Download discussion (Claessens) (pdf, 112 kb)
Download general discussion (pdf, 89 kb)

Session 5: China’s Growth Prospects
Chair: Mark Spiegel, Vice President of International Research and Director of Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco

Author:
Loren Brandt, Noranda Chair Professor in International Trade and Economic, University of Toronto

Discussants:
David Dollar, Senior Fellow in the John L. Thornton China Center, Brookings Institution
Tao Zha, Executive Director of the Center for Quantitative Economic Research, Federal Reserve Bank of Atlanta and Samuel Candler Dobbs Professor of Economics, Emory University

Download paper (Brandt) (pdf, 335 kb)
Download discussion (Dollar) (pdf, 67 kb)
Download discussion (Zha) (pdf, 226 kb)
Download general discussion (pdf, 83 kb)

Policymakers’ Panel
Sayuri Shirai, Member of the Policy Board, Bank of Japan
Joon-Ho Hahm, Member of the Policy Board, Bank of Korea
Perry Warjiyo, Deputy Governor, Bank of Indonesia

Download text (Shirai) (pdf, 440 kb)
Download text (Hahm) (pdf, 445 kb)
Download text (Warjiyo) (pdf, 181 kb)
Download general discussion (pdf, 73 kb)

Dinner (4th floor, Market Street Dining Room)

Closing Remarks: Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science, University of California, Berkeley

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Introduction: John C. Williams, President and Chief Executive Officer, Federal Reserve Bank of San Francisco
Keynote Address: Maury Obstfeld, Economic Counsellor and Director of Research, International Monetary Fund and Professor and former Chair of the Department of Economics, University of California, Berkeley

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Contributors (pdf, 140 kb)
Conference participants (pdf, 57 kb)