Thursday, November 16, 2017 – Friday, November 17, 2017
Federal Reserve Bank of San Francisco
101 Market Street
San Francisco94105
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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
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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Download slides (Devereux) (pdf, 933 kb)
Download discussion slides (Eichenabum) (pdf, 603 kb)
Download discussion slides (Engel) (pdf, 543 kb)
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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Download discussion slides (Aizenman) (pdf, 350 kb)
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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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Download remarks (pdf, 103 kb)
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)
Download slides (Iacoviello) (pdf, 382 kb)
Download discussion slides (Rose) (pdf, 382 kb)
Download discussion (Rose) (pdf, 148 kb)
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
Download paper (Avdjiev-Hale) (pdf, 583 kb)
Download slides (Hale) (pdf, 343 kb)
Download discussion slides (Ostry) (pdf, 405 kb)
Download discussion (Ostry) (pdf, 98 kb)
Download discussion slides (Kalemli-Ozcan) (pdf, 477 kb)
Download discussion (Kalemil-Ozcan) (pdf, 111 kb)
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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