2017 Asia Economic Policy Conference

Thursday, November 16 - Friday, November 17, 2017
Federal Reserve Bank of San Francisco
101 Market Street
San Francisco 94105

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Thursday, November 16

Introductory Remarks
Mary Daly, Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco

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

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Session 1: Monetary Policy Responses to External Spillovers in Emerging Market Economies

Chair: Mark Spiegel, Vice President, Federal Reserve Bank of San Francisco

Authors: Michael Devereux, Professor of Economics, University of British Columbia
Eric Young, Professor of Economics, University of Virginia
Changhua Yu, Assistant Professor of Economics, Peking University, Beijing, China

Discussants: Martin Eichenbaum, Charles Moskos Professor of Economics, Northwestern University
Charles Engel, Hester Professor of Economics, University of Wisconsin

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Session 2: Searching for Yield Abroad: Risk-Taking through Foreign Investment in U.S. Bonds

Chair: Reuven Glick, Group Vice President, Federal Reserve Bank of San Francisco

Authors: John Ammer, Senior Economic Project Manager, Board of the Governors of the Federal Reserve System
Stijn Claessens, Head of Financial Stability Policy, Monetary and Economic Department, Bank of International Settlements
Alexandra M. Tabova, Senior Economist, Board of the Governors of the Federal Reserve System
Caleb Wroblewski, Research Assistant Board of the Governors of the Federal Reserve System

Discussants: Joshua Aizenman, Professor of Economics, University of Southern California
Pierre-Olivier Gourinchas, Professor of Economics, University of California, Berkeley

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General Discussion

Introduction
Mary Daly,
Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco

Keynote Address
Narayana Kocherlakota,
Lionel W. McKenzie Professor of Economics, University of Rochester

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Friday, November 17

Session 3: Foreign Effects of Higher U.S. Interest Rates

Chair: Zheng Liu, Senior Research Advisor and Director of Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco

Authors: Matteo Iacoviello, Assistant Director, Board of Governors of the Federal Reserve System
Gaston Navarro, Economist, Board of Governors of the Federal Reserve System

Discussants: Andrew Rose, Professor of Economics, Haas School of Business, University of California, Berkeley
James Hamilton, Professor of Economics, University of California, San Diego

Download paper (Iacoviello) (pdf, 148 kb)
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Download discussion slides (Rose) (pdf, 382 kb)
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Download discussion slides (Hamilton) (pdf, 403 kb)
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Session 4: U.S. Monetary Policy and Fluctuations in International Bank Lending

Chair: Fernanda Nechio, Research Advisor, Federal Reserve Bank of San Francisco

Authors: Stefan Avdjiev, Senior Economist and Deputy Head of International Banking and Financial Statistics, Bank for International Settlements
Galina Hale, Research Advisor, Federal Reserve Bank of San Francisco

Discussants: Jonathan D. Ostry, Deputy Director, International Monetary Fund
Sebnem Kalemli-Ozcan, Neil Moskowitz Professor of Economics, University of Maryland, College Park

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Download discussion slides (Kalemli-Ozcan) (pdf, 477 kb)
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General Discussion

Session 5: The Varying Shadow of China’s Banking System

Chair: Zheng Liu, Senior Research Advisor and Director of Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco

Author: Xiaodong Zhu, Professor of Economics, University of Toronto

Discussants: Zhiguo He, Professor of Finance, University of Chicago Booth School of Business
Hanming Fang, Professor of Economics, University of Pennsylvania

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Download discussion slides (He) (pdf, 358 kb)
Download discussion slides (Fang) (pdf, 543 kb)

General Discussion

Policymakers’ Panel:

Chair: Mark Spiegel, Vice President, Federal Reserve Bank of San Francisco

Lillian Cheung, Executive Director of Research Department, Hong Kong Monetary Authority
Robert Koopman, Chief Economist, World Trade Organization
Guofeng Sun, Director General, Research Institute, People’s Bank of China

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General Discussion

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
Carmen Reinhart,
Minos A. Zombanakis Professor, John F. Kennedy School of Government, Harvard University

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