4th Asian Monetary Policy Forum, 2017

Asian Monetary Policy Forum

The 4th Asian Monetary Policy Forum (AMPF) will be held on 26 May 2017 at the Shangri-La Hotel, Singapore. The forum brings together an exclusive group of high-level central bankers, academics and private sector analysts to share perspectives on pressing monetary policy issues in Asia. The AMPF is organized under the auspices of ABFER, with support from the University of Chicago Booth School of Business, the National University of Singapore Business School, and the Monetary Authority of Singapore (MAS).

The AMPF will commence on 25 May 2017 with a keynote speech and joint dinner with ABFER. The following day, on 26 May 2017, the program will kick off in the morning with an opening keynote address followed by a commissioned paper session. The afternoon agenda is a closed door moderated discussion comprising senior participation from prominent policymaker, central bankers, academic researchers, and private sector analysts.


25 May 2017 (Thursday)

Time Session Details Venue
7:30pm – 9:30pm

Joint Dinner for ABFER and AMPF

Welcome Remarks

Keynote Speech
Professor Raghuram G. Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business

Q&A Session

Professor Steven Davis, William H. Abbott Professor of International Business and Economics, The University of Chicago Booth School of Business

Jurong & Tanglin Ballroom


26 May 2017 (Friday)

Time Session Details Venue
8:15am – 8:45am

AMPF Registration

Island Ballroom Foyer

8:45am – 8:55am

Welcome Remarks

Jurong Ballroom

8:55am – 9:25am

Conference Keynote Address

Dr. Willem Buiter, Chief Economist, Citigroup

Jurong Ballroom

9:25am – 10:05am

Commissioned Paper

Professor Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth, Harvard University

“Managed Floating Today”

Jurong Ballroom

10:05am – 10:20am

Tea Break

Island Ballroom Foyer

10:20am – 12:00pm

Discussion of Commissioned Paper

Chair: Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor, NUS Business School and President, ABFER

Professor Andrew K. Rose, Bernard T. Rocca Professor, Haas School of Business, University of California, Berkeley

Professor Assaf Razin, Professor Emeritus, Tel Aviv University

Jurong Ballroom

12:00pm – 2:00pm

Lunch & Networking

Jurong Ballroom

2:00pm – 3:30pm

Panel Discussion

Mr. Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore

Dr. Jacob A. Frenkel, Chairman of JP Morgan Chase International

Professor Raghuram G. Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business

Professor Steven Davis, William H. Abbott Professor of International Business and Economics, University of Chicago Booth School of Business

Jurong Ballroom


Closing Remarks





(Updated 23 March 2017. Programme subjected to change.)



Date: May 26, 2017

Location: Shangri-La Hotel Singapore

Attendance at the 4th AMPF is by invitation only and is non transferrable

The dress code for the event is Business Formal

Please also note that the event will be governed by the Chatham House Rule

For enquiries contact info@abfer.org

Dr Zhu Min

Mr Min ZHU assumed the position of Deputy Managing Director on July 26, 2011. Previously he served as Special Advisor to the Managing Director of the International Monetary Fund from May 3, 2010 to July 25, 2011.

Mr Zhu, a native of China, was a Deputy Governor of the People’s Bank of China. He was responsible for international affairs, policy research, and credit information. Prior to his service at China’s central bank, he held various positions at the Bank of China where he served as Group Executive Vice president, responsible for finance and treasury, risk management, internal control, legal and compliance, and strategy and research. Mr. Zhu also worked at the World Bank and taught economics at both Johns Hopkins University and Fudan University.

Mr Zhu received a Ph.D and an M.A. in economics from Johns Hopkins University, an M.P.A. from the Woodrow Wilson School of Public and International Affairs at Princeton University, and a B.A. in economics from Fudan University.


Olivier Blanchard joined the Peterson Institute for International Economics as the first C. Fred Bergsten Senior Fellow in October 2015. A citizen of France, Blanchard has spent most of his professional life in Cambridge, MA. After obtaining his PhD in economics from the Massachusetts Institute of Technology (MIT) in 1977, he taught at Harvard University, returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the economic counselor and director of the Research Department of the International Monetary Fund. He remains Robert M. Solow Professor of Economics emeritus at MIT.

He is a macroeconomist, who has worked on a wide set of issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, and to forces behind the recent global financial crisis. In the process, he has worked with numerous countries and international organizations. He is the author of many books and articles, including two textbooks in macroeconomics, one at the graduate level with Stanley Fischer and the other at the undergraduate level.

He is a past editor of the Quarterly Journal of Economics and the NBER Macroeconomics Annual and founding editor of American Economic Journal: Macroeconomics. He is a fellow and past council member of the Econometric Society, past vice president of the American Economic Association, and a member of the American Academy of Sciences.


Stephen G. Cecchetti Stephen G. Cecchetti is the Professor of International Economics at the Brandeis International Business School. He previously taught at Brandeis from 2003 to 2008. Before rejoining Brandeis in 2014, he completed a five-year term as economic adviser and head of the monetary and economic department at the Bank for International Settlements in Basel, Switzerland. During his time at the Bank for International Settlements, Cecchetti participated in the numerous post-crisis global regulatory reform initiatives. This work included involvement with both the Basel Committee on Banking Supervision and the Financial Stability Board in establishing new international standards for ensuring financial stability. He has also taught at the New York University Leonard N. Stern School of Business and, for 15 years, was a member of the department of economics at The Ohio State University.

In addition to his other appointments, Cecchetti served as executive vice president and director of research at the Federal Reserve Bank of New York from 1997–1999; editor of the Journal of Money, Credit, and Banking from 1992–2001; and has been a Research Associate of National Bureau of Economic Research since 1989, as well as a research fellow of the Centre for Economic Policy Research since 2008.

Cecchetti’s research interests include monetary policy, the economics of financial regulation, macroeconomic theory, and price and inflation measurement. He has published widely in academic and policy journals, and is the author of a leading textbook in money and banking.

Cecchetti coauthors with Kim Schoenholtz a blog at www.moneyandbanking.com. ×

Mr Edward Surendran RobinsonMr Edward Robinson, Monetary Authority of Singapore, Assistant Managing Director and Chief Economist

He has been with the MAS since 1992 and has been involved in macroeconometric modeling and is responsible for heading a team engaged in the continuing developmental work for the suite of MAS models, which are used for policy analysis. He has also been involved in other areas of economic policy work including in various inter-agency work groups which looked at the structural challenges facing the Singapore economy. He served on the Board of the Singapore Competition Commission between 2005 and 2007. He studied economics and applied econometrics at Monash University and the University of Melbourne. ×

Stephen G. Cecchetti Takatoshi Ito joined the faculty of SIPA as a professor of international and public affairs in January 2015. An internationally renowned economist, Ito is an expert on international finance, macroeconomics, and the Japanese economy who served from 2006 to 2008 as a member of the Prime Minister’s Council on Economic and Fiscal Policy. He also held senior positions in the Japanese Ministry of Finance and at the International Monetary Fund. Ito served as dean of the University of Tokyo’s Graduate School of Public Policy for the past two years and as professor at Japan’s National Graduate Institute for Policy Studies. He has served as a visiting professor at both Columbia and Harvard and taught at other institutions. He earned his PhD in economics at Harvard University.

Ito has had distinguished academic and research appointments such as president of the Japanese Economic Association in 2004; fellow of the Econometric Society, since 1992; research associate at the National Bureau of Economic Research since 1985; and faculty fellow at the Centre for Economic Policy Research, since 2006. He was editor-in-chief of Journal of the Japanese and International Economies, and is co-editor of Asian Economic Policy Review. In an unusual move for a Japanese academic, Ito was also appointed in the official sectors, as senior advisor in the Research Department, International Monetary Fund (1994-97) and as deputy vice minister for international affairs at the Ministry of Finance, Japan (1999-2001). He served as a member of the Prime Minister’s Council on Economic and Fiscal Policy (2006-2008). In 2010, he was a co-author of a commissioned study of the Bank of Thailand’s 10th year review of its inflation targeting regime. He frequently contributes op-ed columns and articles to the Financial Times and Nihon Keizai Shinbun.

He is an author of many books including The Japanese Economy (MIT Press, 1992), The Political Economy of the Japanese Monetary Policy (1997) and Financial Policy and Central Banking in Japan (2000) (both with T. Cargill and M. Hutchison, MIT Press), An Independent and Accountable IMF (with J. De Gregorio, B. Eichengreen, and C. Wyplosz, 1999). He is also the author of more than 130 academic (refereed) journal articles in journals such as Econometrica, American Economic Review, and Journal of Monetary Economics and chapters in books on international finance, monetary policy, and the Japanese economy. His research interests includes capital flows and currency crises, microstructures of foreign exchange rates, and inflation targeting. He was awarded the National Medal with Purple Ribbon in June 2011 for his excellent academic achievement.


steven davisProfessor Davis studies business dynamics, worker mobility, job loss, labor market institutions, economic fluctuations, public policy and other topics.  His research appears in the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics and other leading scholarly journals.  He is a former editor of the American Economic Journal: Macroeconomics and an elected fellow of the Society of Labor Economists. He is also a research associate of the National Bureau of Economic Research, senior academic fellow with the Asian Bureau of Finance and Economics Research, advisor to the U.S. Congressional Budget Office, and visiting scholar and consultant, respectively, with the Federal Reserve Banks of Atlanta and Chicago.

Davis is known for his influential work using longitudinal data on firms and establishments to explore job creation and destruction dynamics and to study their relationship to economic performance. He is also a co-creator of the Economic Policy Uncertainty Indices and the DHI Hiring Indicators, and he co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Davis has received research grants from the Alfred P. Sloan Foundation, Ewing Marion Kauffmann Foundation, John D. and Catherine T. MacArthur Foundation, and other organizations, including several grants from the U.S. National Science Foundation.  In 2013, he received the Addington Prize in Measurement, awarded by the Fraser Institute for Public Policy, for his research on “Measuring Economic Policy Uncertainty.” 

His teaching experience includes Ph.D. courses in macroeconomics and labor economics at the University of Chicago, the Massachusetts Institute of Technology, and the University of Maryland; MBA courses in macroeconomics, money and banking, business strategy, and financial institutions for Chicago Booth; and executive MBA courses in macroeconomics for Chicago Booth in Barcelona, London, and Singapore.  Davis has also taught undergraduate courses in microeconomics, econometrics, and money and banking at Brown University and the Massachusetts Institute of Technology.

Davis has written for the Atlantic, Bloomberg View, Financial Times, Forbes, Wall Street Journal and other popular media, and his research has been cited in many prominent newspapers and magazines around the world.  He has made television appearances on Channel News Asia, CNBC, CNN, Fox News, NBC Network News, and the U.S. Public Broadcasting System, among others.


bernardProfessor Bernard Yeung is the President of ABFER as well as Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management at National University of Singapore (NUS) Business School. Before joining NUS in June 2008, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University (NYU) Stern School of Business. He has also served as the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management, and Advisory Professor at the East China Normal University. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.

Professor Yeung’s research work covers topics in finance, economics, and management. His articles have appeared in journals in the fields of economics, finance, strategic management, international business, and accounting, as well as in mass media such as The Financial Times and The Wall Street Journal.

He has also won several scholarly honours and awards for academic excellence, including the Irwin Outstanding Educator Award (2013) from the Business Policy and Strategy (BPS) division of the Academy of Management; the Excellence in Teaching Award (Executive Education) by Stern School of Business at NYU and Teacher Excellence Award (doctoral programmes) by University of Michigan Business School.

Professor Yeung has served on various committees and international advisory boards. Currently, he is a member of the Social Science Research Council (SSRC) in Singapore. He was a member of the Economic Strategies Committee in Singapore (2009) and also a member of the Financial Research Council of the Monetary Authority of Singapore.

Professor Yeung currently also sits on the 3rd Advisory Board of the Antai College of Economics and Management at Shanghai Jiao Tong University, the Research Advisory Council of the Centre for Advanced Financial Research and Learning (CAFRAL), Reserve Bank of India, a member of the Economics and Management School of Wuhan University Advisory Council and on the International Academic Panel (IAP) at Singapore Institute of Management (SIM).

He was the Dean Director on the Graduate Management Admission Council (GMAC) Board, and a member Asia Advisory Task force (AATF) of the Association to Advance Collegiate Schools of Business (AACSB). He is also an elected Fellow of the Academy of International Business (AIB).

Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.


david marshDavid Marsh is Managing Director and Co-Founder of OMFIF. He is Senior Adviser to asset management company Soditic and Chairman of the Advisory Board of independent investment bank London & Oxford Capital Markets. Previously, he worked for City merchant bank Robert Fleming, corporate finance boutique Hawkpoint and German management consultancy Droege.
Marsh is a Board Member of Henderson Eurotrust, the British Chamber of Commerce in Germany and the Institute for Corporate Cultural Affairs, Deputy Chairman of the German-British Forum and visiting Professor at Sheffield University and King's College London. He was made Commander of the British Empire in 2000 and was awarded the German Order of Merit (Bundesverdienstkreuz) in 2003.

He started his career at Reuters in 1973 having graduated with a BA in chemistry from Queen's College Oxford. Between 1978 and 1995 he worked for the Financial Times in France and Germany, latterly as European Editor in London. Marsh has written five books: 'Europe's Deadlock: How the Crisis Could Be Solved - And Why It Won't Happen' (revised edition 'Europe's Deadlock: How the Crisis Could Be Solved - And Why It Still Won't Happen’ (2016); 'The Euro – The Politics of the New Global Currency' (2009 – re-released in 2011 as 'The Battle for the New Global Currency'); 'Germany and Europe – The Crisis of Unity' (1994); 'The Bundesbank – The Bank that Rules Europe' (1992); and 'Germany – Rich, Bothered and Divided' (1989).

He is a frequent media commentator in Europe and the US.


ravi menonMr Ravi Menon was appointed Managing Director of the Monetary Authority of Singapore (MAS) in 2011. He was previously Permanent Secretary at the Ministry of Trade & Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF).

Mr Menon began his career at MAS in 1987.  During his 16 years in MAS, he was involved in monetary policy; econometric forecasting; organisational development; banking regulation and liberalisation; and integrated supervision of complex financial institutions.  Mr Menon spent a year at the Bank for International Settlements in Basel, as a member of the secretariat to the Financial Stability Forum. A recipient of the Public Administration Medal (Gold), Mr Menon has served on a variety of boards in the public, private, and people sectors in Singapore. On the international front, Mr Menon is a member of the Financial Stability Board Steering Committee and chairs the International Monetary and Financial Committee Deputies process. Mr Menon holds a Master in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore.


Dr. Frederic Neumann Dr. Frederic Neumann is Managing Director and serves as Co-Head of Asian Economic Research at HSBC Holdings plc. He is responsible for both developed and emerging markets in the region, based in Hong Kong. Prior to this, Dr. Neumann taught graduate level courses at several US universities on Asian sovereign risk analysis, international financial markets, international monetary policy, and Southeast Asian political culture. He also served as a consultant on Asian economic and political affairs to the World Bank, and various government agencies. Dr. Neumann is also a former Research Associate of the Peterson Institute for International Economics in Washington, DC. He is a former Fulbright scholar and holds a Ph.D. in International Economics and Asian Studies.


Eli Remolona Eli Remolona is Chief Representative for Asia and the Pacific of the BIS. He also serves as the Secretary of the Asian Consultative Council, which consists of the governors of the 12 leading central banks in the region. He is also Associate Editor of the International Journal of Central Banking.

Until 2008, he was Head of Economics for Asia and the Pacific of the BIS. Eli joined the BIS in 1999 and for six years served as Head of Financial Markets in Basel and Editor of the BIS Quarterly Review.

Before that, he was Research Officer of the Federal Reserve Bank of New York, where he worked for 14 years.

Dr Remolona has a Ph.D. in economics from Stanford University.