San Francisco, California – Federal Reserve Bank of San Francisco economists Zheng Liu and Mark Spiegel along with co-author Chun Chang of the Shanghai Advanced Institute of Finance have been awarded the Sun Yefang Award for their paper “Capital Controls and Optimal Chinese Monetary Policy,” published in the Journal of Monetary Economics.
The Sun Yefang Prize in Economic Science rewards outstanding contributions to economic research about China. The prize is considered the highest ranked award for economics in China, and has been awarded biennially by the Chinese Academy of Social Sciences since 1984. The award was established in memory of the distinguished Chinese reformist economist Sun Yefang.
Mr. Spiegel is Vice President in finance and international research, and Mr. Liu is Senior Research Advisor and Director for the Center for Pacific Basin Studies (CPBS). The Center promotes cooperation among central banks in the Pacific Basin and provides insight into and analysis of economic policy issues affecting the region.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.