9TH ASIAN MONETARY POLICY FORUM
Venue: Horizon Pavilion, Level 5
"Fed Normalization and the Emerging Markets: Is This Time (Really) Different?"
Venue: Horizon Pavilion, Level 5
Shangri-La Rasa Sentosa, 101 Siloso Road, Sentosa, Singapore 098970
Professor Andrés Velasco, Dean, School of Public Policy, London School of Economics and Political Science
Professor Annette Vissing-Jorgensen, Senior Adviser, Federal Reserve Board
Professor Bernard Yeung, Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore and President of ABFER
"Inflation, Monetary Policy and the Phillips Curve"
Professor Eric French, Montague Burton Professor of Industrial Relations and Labour Economics, University of Cambridge
Professor John C. Haltiwanger, Distinguished University Professor; Dudley and Louisa Dillard Professor of Economics, Department of Economics, University of Maryland
Professor Steven J. Davis, William H. Abbott Distinguished Service Professor of International Business and Economics, University of Chicago Booth School of Business and Senior Fellow at the Hoover Institution, EXCO Member and Senior Fellow of ABFER
Chronological Order of Speakers
Professor Viral Acharya
C.V. Starr Professor of Economics, Department of Finance, Stern School of Business, New York University; Academic Advisor, Federal Reserve Banks of New York and Philadelphia; RBI Deputy Governor, 2017-2019
Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia. He was a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. He is a Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, a Research Affiliate at the Center for Economic Policy Research (CEPR), and Research Associate of the European Corporate Governance Institute (ECGI).
His primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector, its regulation and its genesis in government-induced distortions, an inquiry that cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences.
Professor Andrew K. Rose
Dean and Distinguished Professor, NUS Business School, National University of Singapore, Exco Member and Senior Fellow of ABFER
Professor Andrew K Rose is Dean of NUS Business School. He is also a Research Associate of the National Bureau of Economic Research (based in Cambridge, MA), a Research Fellow of the Centre for Economic Policy Research (based in London, England), and a Senior Fellow of the Asian Bureau of Finance and Economic Research (based in Singapore). He received his PhD from the Massachusetts Institute of Technology, his MPhil from Nuffield College, University of Oxford, and his BA from Trinity College, University of Toronto.
Professor Rose has published over 150 papers and over 90 articles in refereed economics journals, including the American Economic Review, the Quarterly Journal of Economics, the Review of Economic Studies, and the Journal of Finance. His research addresses issues in international trade, finance, and macroeconomics, and has received more than 40,000 citations. His teaching is in the areas of international macroeconomics; he has won two teaching awards.
Prior to joining NUS, Professor Rose served as Associate Dean for Academic Affairs and Chair of the Faculty 2010-2016 at Berkeley’s Haas School of Business, and was the managing editor of the Journal of International Economics 1995-2001. He was the founding director of the Clausen Center for International Business and Policy at Haas and the Risk Management Institute at the National University of Singapore. He has organised over 50 academic conferences.
Professor Rose is interested in the theory and practice of economic policy, and most of his work is applied and driven by “real world” international phenomena. He has worked on six continents and at a number of international economic agencies, including: the International Monetary Fund, the World Bank, and the Asian Development Bank. He has also worked at a number of national agencies, central banks and universities, including Australia, Canada, England, Europe, Hong Kong, Singapore, and the United States.
Mr Edward S. Robinson
Deputy Managing Director (Economic Policy) and Chief Economist, Monetary Authority of Singapore and Member of ABFER Council
Mr Edward S. Robinson 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.
Dr Bo Li
Deputy Managing Director, International Monetary Fund
Dr Bo LI assumed the role of Deputy Managing Director at the IMF on August 23, 2021. He is responsible for the IMF’s work on about 90 countries as well as on a wide range of policy issues.
Before joining the IMF, Dr Li worked for many years at the People’s Bank of China, most recently as Deputy Governor. He earlier headed the Monetary Policy, Monetary Policy II, and Legal and Regulation Departments, where he played an important role in the reform of state-owned banks, the drafting of China’s anti-money-laundering law, the internationalization of the renminbi, and the establishment of China’s macroprudential policy framework.
Outside of the PBoC, Dr Li served as Vice Mayor of Chongqing—China’s largest municipality, with a population of over 30 million—where he oversaw the city’s financial-sector development, international trade, and foreign direct investment. Dr Li was also Vice Chairman of the All-China Federation of Returned Overseas Chinese. He started his career at the New York law firm of Davis Polk & Wardwell, where he was a practicing attorney for five years.
Dr Li holds a Ph.D. from Stanford University and an M.A. from Boston University, both in economics, as well as a J.D., magna cum laude, from Harvard Law School. He received his undergraduate education from Renmin University of China in Beijing.
Professor Ricardo Reis
Arthur Williams Phillips Professor of Economics, Department of Economics, London School of Economics and Political Science
Ricardo Reis is the A.W. Phillips Professor of Economics at the London School of Economics. Recent honors include the 2021 Yrjo Jahnsson medal, the 2017 BdF/TSE junior prize, and the 2016 Bernacer prize. Professor Reis is an academic consultant at the Bank of England, the Riksbank, and the Federal Reserve system, he directs the Centre for Macroeconomics in the UK, and serves on the council or as an advisor of multiple organizations. He has published widely on macroeconomics. His main areas of research are inflation, inflation expectations, unconventional monetary policies and the central bank’s balance sheet, disagreement and inattention, business cycle models with inequality, automatic stabilizers, public debt sustainability, monetary-fiscal interactions, sovereign-bond backed securities, and the role of capital misallocation in the European slump and crisis. His public service includes writing a weekly column for the Portuguese press and developing European Safe Bonds (ESBies). Professor Reis received his PhD from Harvard University, and was previously on the faculty at Columbia University and Princeton University.
Professor Andrés Velasco
Dean, School of Public Policy, London School of Economics and Political Science
Andrés Velasco is Professor of Public Policy and Dean of the School of Public Policy at the London School of Economics and Political Science.
In 2017-19 he was a member of the G20 Eminent Persons Group. During 2015-16 he co-chaired the Global Panel on the Future of the Multilateral Lending Institutions. In 2013-16 he was a member of the Global Oceans Commission.
Mr. Velasco ran for the presidency of Chile in the June 2013 primaries. He also was the Minister of Finance of Chile between March 2006 and March 2010. During his tenure he was recognized as Latin American Finance Minister of the Year by several international publications. His work to save Chile´s copper windfall and create a rainy-day fund was highlighted in the Financial Times, the Economist, the Wall Street Journal and Bloomberg, among many others.
In 2013-17 Mr. Velasco served as Professor of Professional Practice in International Development at the School of International and Public Affairs, Columbia University. In 2000-06 he was Sumitomo-FASID Professor of International Finance and Development at the Harvard Kennedy School. Earlier he was Associate Professor of Economics and Director of the Center for Latin American and Caribbean Studies at New York University.
He received a B.A. in economics and philosophy and an M.A. in international relations from Yale University. He holds a Ph.D. in economics from Columbia University and was a postdoctoral fellow in political economy at Harvard University and the Massachusetts Institute of Technology.
He is the author of nearly one hundred academic articles, several academic books and two novels. He was president of the Latin American and Caribbean Economic Association (LACEA) from 2005 to 2007. In February 2006 he received the Award for Excellence in Research from the Inter-American Development Bank.
He has served as a consultant to the International Monetary Fund, the World Bank, the Inter-American Development Bank, and to governments, central banks and private businesses around the world. He has served on corporate boards and international advisory boards for several international firms.
Professor Annette Vissing-Jorgensen
Senior Adviser, Federal Reserve Board
Annette Vissing-Jorgensen is a Senior Adviser for Research & Policy at the Federal Reserve Board. Previously she held positions as a professor at University of California Berkeley, Northwestern University and University of Chicago. Her research focuses on asset pricing and monetary policy. Annette is a member of the American Academy of Arts and Sciences and a fellow of the Econometric Society. She has served as academic advisor to the Riksbank and a member of the academic advisory panel of the Federal Reserve Bank of San Francisco. She has been associate editor of the Journal of Finance and served as elected director of the American Finance Association and the European Finance Association. Her academic awards include the Journal of Finance Brattle prize and two outstanding paper awards from the Swiss Finance Institute. Annette received her B.A. from Aarhus University, M.Sc. from Warwick University and Ph.D. from MIT.
Professor Bernard Yeung
Stephen Riady Distinguished Professor in Finance and Strategic Management, NUS Business School, National University of Singapore and President of ABFER
Bernard Yeung is Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore Business School. He is also the President of the Asian Bureau of Finance and Economic Research. He was Dean of NUS Business School from June 2008 to May 2019. Before joining NUS, 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. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.
Professor Yeung has published widely in academic journals covering topics in Finance, Economics, and Strategy; his writing also appears in top-tier media publications such as The Financial Times, Economist, and The Wall Street Journal.
He won the Public Administration Silver Medal (2018) in Singapore, Irwin Outstanding Educator Award (2013) from the Academy of Management and is an elected Fellow of the Academy of International Business.
Professor Yeung was a member of the Economic Strategies Committee in Singapore (2009), a member of the Social Science Research Council (SSRC) in Singapore (2016-2018) and a member of the Financial Research Council of the Monetary Authority of Singapore (2010 -2013).
Professor Yeung sits on the 3rd Advisory Board of the Antai College of Economics and Management at Shanghai Jiao Tong University, the Advisory Council of the Economics and Management School of Wuhan University and the Advisory Committee of the Institute of Economics, Academia Sinica. Professor Yeung also serves as an independent Non-Executive Director of the Bank of China (BOC) Aviation Limited since 2016.
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.
Professor Emi Nakamura
Chancellor's Professor of Economics, University of California, Berkeley
Emi Nakamura is the Chancellor's Professor of Economics in the Berkeley Economics department. Her research focuses on monetary and fiscal policy, business cycles and macroeconomic measurement. She is a co-editor of the American Economic Review, a member of the American Academy of Arts and Sciences and co-director of the Monetary Economics program at the National Bureau of Economic Research. She serves on the Congressional Budget Office’s Panel of Economic Advisers and the Executive Committee of the American Economics Association. She is a recipient of the John Bates Clark medal, the Elaine Bennett Research Prize, the NSF Career Grant, and the Sloan Research Fellowship. She holds a PhD from Harvard University and an A.B. from Princeton University, and taught at the Columbia economics department and business school before joining the Berkeley economics department in 2018.
Professor Eric French
Montague Burton Professor of Industrial Relations and Labour Economics, University of Cambridge
Eric French is the Montague Burton Professor of Industrial Relations and Labour Economics at the University of Cambridge, Co-director, ESRC Centre for the Microeconomic Analysis of Public Policy, Institute for Fiscal Studies, and is a Fellow at the Institute for Fiscal Studies and Centre for Economic Policy Research.
French's research interests include: household behavior over the lifecycle; the impact of government and private pensions on savings and labor supply; the impact of health insurance on medical spending, savings, and labor supply; the impact of disability insurance programs on labor supply; the impact of the minimum wage on employment and spending of minimum wage households; and dynamic structural modelling.
French's research has been published in Econometrica, the Review of Economic Studies, American Economic Review, Journal of Political Economy, Handbook of Labor Economics, Handbook of the Economics of Population Aging, Annual Review of Economics, Review of Economics and Statistics, the Journal of Labor Economics, International Economic Review, Journal of Applied Econometrics, Journal of Human Resources, Economic Journal, Fiscal Studies, American Economic Journal: Policy, Lancet, and other publications.
Previously he was a Professor of Economics at University College London, and prior to that, senior economist and research advisor on the microeconomics team in the economic research department at the Federal Reserve Bank of Chicago. He has also had visiting positions teaching at the Department of Economics and the Business School at Northwestern University, and has also been a visiting scholar at the Federal Reserve Bank of Minneapolis, Cowles (Yale), and the Social Security Administration. French received a B.A. in economics from the University of California–Berkeley, and M.S. and Ph.D. degrees in economics from the University of Wisconsin–Madison.
Professor John C. Haltiwanger
Distinguished University Professor; Dudley and Louisa Dillard Professor of Economics, Department of Economics, University of Maryland
John C. Haltiwanger is a Distinguished University Professor in the Department of Economics at the University of Maryland. He is also the first recipient of the Dudley and Louisa Dillard Professorship in 2013. He received his Ph.D. from the Johns Hopkins University in 1981. After serving on the faculty of UCLA and Johns Hopkins, he joined the faculty at Maryland in 1987. In the late 1990s, he served as Chief Economist of the U.S. Census Bureau. He is a Research Associate of the National Bureau of Economic Research, and a Fellow of the Society of Labor Economics and the Econometric Society. He has played a major role in developing and studying U.S. longitudinal firm-level data. Using these data, he has developed new statistical measures and analyzed the determinants of firm-level job creation, job destruction and economic performance. The statistical and measurement methods he has helped develop to measure and study firm dynamics have been increasingly used by many statistical agencies around the world. His research has been recognized in his being awarded the Julius Shiskin Award for economic statistics in 2013, the Roger Herriott Award for innovation in federal statistics in 2014, the Global Entrepreneurship Research Award in 2020, and Society of Labor Economics Award for Contributions to Data and Measurement in 2021. He has published more than 100 academic articles and numerous books including Job Creation and Destruction (with Steven Davis and Scott Schuh, MIT Press).
Professor Steven J. Davis
William H. Abbott Distinguished Service Professor of International Business and Economics, University of Chicago Booth School of Business, Senior Fellow at the Hoover Institution and Exco Member & Senior Fellow of ABFER
Steven J. Davis studies business dynamics, hiring practices, job loss, the effects of economic uncertainty 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 senior fellow at the Hoover Institution, research associate of the National Bureau ofEconomic Research, senior academic fellow with the Asian Bureau of Finance and Economic Research, advisor to the U.S. Congressional Budget Office, visiting scholar at the Federal Reserve Bank of Atlanta, senior adviser to the Brookings Papers on Economic Activity, and past editor of the American Economic Journal: Macroeconomics. He is also an elected fellow of the Society of Labor Economists.
Davis is known for his influential work using longitudinal data on firms and establishments to explore job creation and destruction dynamics and their relationship to economic performance. He is a co-creator of the Economic Policy Uncertainty Indices, and he co-organizes the Asian Monetary Policy Forum, held annually in Singapore. He 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.
In commercial consulting activities, Davis has developed new labor market indicators, advised a leading financial institution on its capital planning decisions and the macroeconomic outlook, and consulted and testified as an expert witness in many litigation matters. In antitrust matters, he has testified and consulted on market definition, dominance, competitive relationships, exclusionary practices, price discrimination and collusive conduct. In mortgage lending and consumer finance matters, he has testified and consulted on class certification, liability and damages. He has also offered testimony and analysis on damages in breach of contract, credit market discrimination, and other issues. Engagements include matters involving auto loans and leases, containerboard and corrugated products, microprocessors, mortgage loans, pharmaceuticals, software products and markets, trade shows, viatical and life settlements, and workers’ compensation insurance.
Davis has written for the Atlantic, Bloomberg View, Financial Times, Forbes, Los Angeles Times, Wall Street Journal and other popular media. He has appeared on BBC, Bloomberg TV, Channel News Asia, CNBC, CNN, Fox News, NBC Network News, and the U.S. Public Broadcasting System, among others.