Friday, November 18, 2016
Center for Pacific Basin Studies
Janet L. Yellen Conference Center, Federal Reserve Bank of San Francisco
San Francisco, CA
Welcoming Remarks
John C. Williams, President and Chief Executive Officer, Federal Reserve Bank of San Francisco
Session 1: Global Imbalances and Currency Wars at the ZLB
Ricardo J. Caballero, Massachusetts Institute of Technology
Emmanuel Farhi, Harvard University
Pierre-Olivier Gourinchas, University of California, Berkeley
Discussants:
Charles Engel, University of Wisconsin‑Madison
Arvind Krishnamurthy, Stanford Graduate School of Business
Download paper (Gourinchas) (pdf, 2 mb)
Download slides (Gourinchas) (pdf, 2 mb)
Download discussion slides (Engel) (pdf, 63 kb)
Download discussion slides (Krishnamurthy) (pptx, 286 kb)
Session 2: Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals
Eugenio Cerutti, International Monetary Fund
Stijn Claessens, Board of Governors of the Federal Reserve System
Damien Puy, International Monetary Fund
Discussants:
Friederike Niepmann, Board of Governors of the Federal Reserve System
Francis Warnock, University of Virginia Darden School of Business
Download paper (Claessens) (pdf, 1 mb)
Download slides (Claessens) (pptx, 5 mb)
Download discussion slides (Niepmann) (pdf, 510 kb)
Download discussion slides (Warnock) (pdf, 699 kb)
Session 3: Unemployment, Sovereign Debt, and Fiscal Policy in a Currency Union
Javier Bianchi, Federal Reserve Bank of Minneapolis
Pablo Ottonello, Columbia University
Ignacio Presno, Board of Governors of the Federal Reserve System
Sylvain Leduc, Bank of Canada
Vivian Yue, Emory University | Federal Reserve Bank of Atlanta
Download paper (Presno) (pdf, 433 kb)
Download slides (Presno) (pdf, 616 kb)
Download discussion slides (Leduc) (pptx, 4 mb)
Download discussion slides (Yue) (pdf, 818 kb)
Session 4: The Great Wall of Debt: Real Estate, Corruption, and Chinese Local Government Credit Spreads
Andrew Ang, Columbia University
Jennie Bai, Federal Reserve Bank of New York
Hao Zhou, PBC School of Finance, Tsinghua University
Discussants:
Joshua Aizenman, University of Southern California | NBER
Jasper Hoek, Board of Governors of the Federal Reserve System
Download paper (Bai) (pdf, 467 kb)
Download discussion slides (Hoek) (pptx, 131 kb)
Download discussion slides (Aizenman) (pdf, 599 kb)
Session 5: What We Learn from China’s Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks’ Role in Entrusted Lending
Kaiji Chen, Emory University
Jue Ren, Emory University
Tao Zha, Federal Reserve Bank of Atlanta | Emory University
Discussants:
Dean Corbae, University of Wisconsin‑Madison
Kinda Hachem, University of Chicago Booth School of Business
Download paper (Zha) (pdf, 542 kb)
Download slides (Zha) (pdf, 278 kb)
Download discussion slides (Corbae) (pdf, 216 kb)
Download discussion slides (Hachem) (pdf, 460 kb)
Keynote Address: Governor Jerome Powell, Board of Governors of the Federal Reserve System
Download slides (Powell) (pdf, 936 kb)
Scheduled session speakers in bold.