CPBS 2020 Pacific Basin Research Conference

The Pacific Basin Research Conference brings researchers and policymakers together to discuss economic and policy
issues related to the Pacific Basin region and emerging market economies. This year’s conference features four
high-quality papers, with topics including exchange rate dynamics, China’s local government financing and bond
markets, and the transmission of monetary policy through stock market spillovers in an inter-connected global
economy.

Thursday, November 19

Moderator
Zheng Liu, Vice President and Director of Center for Pacific Studies, Federal Reserve Bank of San Francisco

Welcoming Remarks
Sylvain Leduc, Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco

Session 1: The Exchange Rate Insulation Puzzle

Giancarlo Corsetti, University of Cambridge and CEPR

Keith Kuester, University of Bonn and CEPR

Gernot J. Muller, University of Tubingen and CEPR

Sebastian Schmidt, European Central Bank and CEPR

Discussant: Charles Engel, University of Wisconsin-Madison

Download paper (pdf, 2.9 mb)

Session 2: Stock Market Spillovers via the Global Production Network: Transmission of
U.S. Monetary
Policy

Julian di Giovanni, Federal Reserve Bank of New York

Galina Hale, University of California Santa Cruz and Federal Reserve Bank of San Francisco (on
leave)

Discussant: Michael Weber, University of Chicago Booth School of Business

Download paper (pdf, 2.1 mb)

Keynote Address: COVID-19 and Business Failures

Pierre-Olivier Gourinchas, Professor of Economics, University of California, Berkeley

Introduction by Sylvain Leduc, Director of Research and Executive Vice President, Federal Reserve
Bank of San Francisco

View recording for conference day one

Friday, November 20, 2020

Moderator

Mark Spiegel, Senior Policy Advisor, Federal Reserve Bank of San Francisco

Session 3: How Does Local Government Financing Affect Bond Market in China: Evidence
from Municipal Corporate
Bond

Keqi Chen, PBC School of Finance, Tsinghua University

Yi Huang, The Graduate Institute of Geneva and CEPR

Kathy Yuan, London School of Economics

Hao Zhou, PBC School of Finance, Tsinghua University

Discussant: Zhiguo He, University of Chicago Booth School of Business

Download paper (pdf, 641 kb)

Session 4: Dominant Currencies: How Firms Choose Currency Invoicing and Why It
Matters

Mary Amiti, Federal Reserve Bank of New York

Oleg Itskhoki, Princeton University

Jozef Konings, University of Liverpool Management School

Discussant: Linda Goldberg, Federal Reserve Bank of New York

Download paper (pdf, 793 kb)

View recording for conference day two

Scheduled session speakers in bold.