2021 Asia Economic Policy Conference: Macroeconomic Policy and Global Economic Recovery

The Federal Reserve Bank of San Francisco Center for Pacific Basin Studies will hold its 2021 Asia Economic Policy Conference (AEPC) on November 18–19, 2021 in San Francisco. The theme of the conference is “Macroeconomic Policy and Global Economic Recovery.”

Keynote Speaker
Richard Clarida, Vice Chair, Board of Governors of the Federal Reserve System

Conference Organizers

Zheng Liu and Mark M. Spiegel

Program Committee

John Fernald, Reuven Glick, Thuy Lan Nguyen, and Mauricio Ulate

Agenda

Thursday, November 18

Welcoming remarks

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

Session 1

Chair: Zheng Liu, Vice President of International Research and Director of Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco

The effects of U.S. Monetary Policy on International Mutual Fund Investment

Gabriele Ciminelli, Asia School of Business in collaboration with MIT Sloan
John Rogers, Professor, Fudan University; Wenbin Wu, Fanhai International School of Finance
Discussants: Eric Swanson, Professor, University of California, Irvine
Marco Pinchetti, Research Economist, International Directorate of the Bank of England

General Discussion

Download paper (Rogers) (pdf, 6.2 mb)

Session 2

Chair: Zheng Liu, Vice President of International Research and Director of Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco

The Macroeconoics of a Pandemic: A Minimalist Framework

Authors: Luis Felipe Céspedes, Universidad de Chile
Roberto Chang, Rutgers University and NBER
Andrés Velasco, London School of Economics and CEPR
Discussants: Martin Eichenbaum, Charles Moskos Professor, Northwestern University
Jesus Fernandez-Villaverde, Professor, University of Pennsylvania

General Discussion

Download paper (Chang) (pdf, 729 kb)

Break

Session 3

Chair: Zheng Liu, Vice President of International Research and Director of Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco

Firm Dynamics and SOE Transformation During China’s Economic Reform

Authors: Shijun Gu, Central University of Finance and Economics
Chengcheng Jia, Federal Reserve Bank of Cleveland
Discussants: Peter Klenow, Ralph Landau Professor of Economics, Stanford University
Loren Brandt, Noranda Chair Professor of International Trade and Economics at the University of Toronto

General Discussion

Download paper (Jia) (pdf, 1.01 mb)

Adjourn

Friday, November 19

Introduction

Mary Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco

Keynote Address

Richard Clarida, Vice Chair, Board of Governors of the Federal Reserve System

Session 4

Chair: Mark Spiegel, Senior Policy Advisor, Federal Reserve of San Francisco

Financial ‘Side Effects’ of QE and Conventional Monetary Policy Compared

Authors: Martin Weale, Professor, King’s Business School
Tomasz Wieladek, T. Rowe Price International Economist, T. Rowe Price Group, Inc.
Discussants: Cynthia Wu, Dillon Hall Associate Professor, University of Notre Dame
Michael Bauer, Professor, Universität Hamburg

General Discussion

Download paper (Wieladek) (pdf, 6.9 mb)

Session 5

Chair: Mark Spiegel, Senior Policy Advisor, Federal Reserve of San Francisco

Fiscal Multipliers in the COVID-19 Recession

Authors: Alan Auerbach, University of California-Berkeley and NBER
Yuriy Gorodnichenko, University of California-Berkeley and NBER
Peter B. McCrory, University of California-Berkeley
Daniel Murphy, Darden School of Business, University of Virginia
Discussants: Gabriel Chodorow-Reich, Associate Professor, Harvard University
Sarah Zubairy, Associate Professor, Texas A&M University

General Discussion

Download paper (Gorodnichenko) (pdf, 501 kb)

Conclude