2025 Asia Economic Policy Conference: Monetary Policy in the Age of New Technologies and Structural Changes

Date

Thursday, Nov 20, 2025 – Friday, Nov 21, 2025

Location

Federal Reserve Bank of San Francisco
San Francisco, CA

ADDITIONAL INFORMATION

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Topics

Pacific Basin

Thursday, November 20

Introductory Remarks

Speaker:

Zheng Liu, Senior Policy Advisor and Director of the Center for Pacific Basin
Studies, Federal Reserve Bank of San Francisco

Opening Keynote

Speaker:

Maurice Obstfeld, C. Fred Bergsten Senior Fellow, Peterson Institute for International Economics

Session 1: Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effects

Chair:

Zheng Liu, Senior Policy Advisor and Director of the Center for Pacific Basin
Studies, Federal Reserve Bank of San Francisco

Authors:

Jesús Fernández-Villaverde, Professor of Economics, University of Pennsylvania

Tomohide Mineyama, Senior Economist, International Monetary Fund
Dongho Song, Associate Professor, Johns Hopkins University

Discussants:

Dario Caldara, Assistant Director, Board of Governors of the Federal Reserve System

General Discussion

Session 2: Heaven or Earth? The Evolving Role of Global Shocks for Domestic Monetary Policy

Chair:

Zheng Liu, Senior Policy Advisor and Director of the Center for Pacific Basin
Studies, Federal Reserve Bank of San Francisco

Authors:

Kristin Forbes, Jerome and Dorothy Lemelson Professor of Management and Global Economics, Massachusetts Institute of Technology

Jongrim Ha, Senior Economist,World Bank Group
M. Ayhan Kose, Deputy Chief Economist, World Bank Group

Discussants:

Eric Swanson, Professor, University of California, Irvine

General Discussion

Session 3: U.S. Monetary Spillovers to Emerging Markets: Both Policy Drivers and Vulnerabilities Matter

Chair:

Sanjay Singh, Research Advisor, Federal Reserve Bank of San Francisco

Authors:

Shaghil Ahmed,Deputy Director,Board of Governors of the Federal Reserve System

Ozge Akinci, Head of International Studies, Federal Reserve Bank of New York
Albert Queralto, Chief, Global Modeling Studies, International Finance, Board of Governors of the Federal Reserve System

Discussants:

Francis Warnock, James C. Wheat, Jr. Professor, Darden Business School, University of Virginia

General Discussion

Session 4: Transitory and Permanent Import Tariff Shocks in the United States: An Empirical Investigation

Chair:

Thuy-Lan Nguyen, Research Advisor, Federal Reserve Bank of San Francisco

Authors:

Stephanie Schmitt-Grohé, Executive Director, Program for Economic Research, Columbia University

Martín Uribe, Robert A. Mundell Professor of Economics, Columbia University

Discussants:

Adrien Auclert, Associate Professor, Stanford University

General Discussion

Dinner

Introductory Remarks

Speaker:

Mauricio Ulate, Research Advisor, Federal Reserve Bank of San Francisco

Keynote Address

Speaker:

Andrés Rodríguez-Clare, Edward G. and Nancy S. Jordan Professor of
Economics, University of California, Berkeley

Friday, November 21

Session 5: The Central Bank’s Dilemma: Look Through Supply Shocks or Control Inflation Expectations?

Chair:

Sanjay Singh, Research Advisor, Federal Reserve Bank of San Francisco

Authors:

Paul Beaudry, Professor, University of British Columbia

Thomas J. Carter,Senior Policy Advisor, Bank of Canada
Amartya Lahiri, Professor, University of British Columbia

Discussants:

Martin Eichenbaum, Charles Moskos Professor, Northwestern University

General Discussion

Session 6: Who Benefits from Financial Development? The Interaction of Finance and Trade

Chair:

Sanjay Singh, Research Advisor, Federal Reserve Bank of San Francisco

Authors:

Mehran Ebrahimian, Assistant Professor, Stockholm School of Economics
Hamid Firooz, Assistant Professor, North Carolina State University

Discussants:

Chenzi Xu, Assistant Professor, University of California, Berkeley

General Discussion

Session 7: Decoding China’s Industrial Policies

Chair:

Thuy-Lan Nguyen, Research Advisor, Federal Reserve Bank of San Francisco

Authors:

Hanming Fang, Norman C. Grosman Professor, University of Pennsylvania

Ming Li, Assistant Professor, The Chinese University of Hong Kong, Shenzhen
Guangli Lu, Assistant Professor, The Chinese University of Hong Kong, Shenzhen

Discussants:

Loren Brandt, Noranda Chair Professor of International Trade and Economics, University of Toronto

General Discussion

Organizing Committee:
Zheng Liu, Federal Reserve Bank of San Francisco
Thuy-Lan Nguyen, Federal Reserve Bank of San Francisco
Sanjay Singh, Federal Reserve Bank of San Francisco