3rd Asian Monetary Policy Forum




The 3rd Asian Monetary Policy Forum (AMPF) will be held on 27 May 2016 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 the 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 26 May 2016 with a keynote speech and joint dinner with ABFER. The following day on 27 May 2016, the program will kick off in the morning with an opening key note address followed by a commissioned paper session. This is followed by a lunchtime dialogue with a prominent policymaker. The afternoon agenda is a closed door moderated discussion comprising senior participation from central bankers, academic researchers, and private sector analysts.


5:45 - 7:30 pm
ABFER Industry Panel and Roundtable

Venue: Katong Ballroom

“Long-term Investing with the Ebb and Flow of Low Returns”

Professor Joseph Cherian, Practice Professor of Finance and Director, NUS/CAMRI

Professor Darrell Duffie, Dean Witter Distinguished Professorship of Finance, Senior Fellow, Stanford Institute for Economic Policy Research and Professor of Economics (by courtesy), School of Humanities and Sciences, Stanford University

Mr Huang Jing, Managing Executive Director, Harvard Center Shanghai

Dr Prakash Kannan, Senior Vice President, Economics & Investment Strategy and Head, Total Portfolio Management, Government of Singapore Investment Corporation

Mr Teo Eng Cheong, CEO, International, Surbana Jurong

Mr Atsushi Yoshikawa, Advisor, Nomura Securities Co., Ltd

7:30 - 9:30 pm
Joint Dinner for ABFER and AMPF

Venue: Island A Ballroom

Welcome Remarks

Professor Tan Chorh Chuan, President, National University of Singapore

Keynote Speech:

Professor Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University

“Fissures in the Global Financial System”

Download slides 

Q&A Session Moderator:

Dr Wei Shang-Jin, Chief Economist, Asian Development Bank

8:15 - 8:45 am

Venue: Tower B Ballroom

8:45 - 8:55 am
Welcome Remarks
Mr Edward Robinson, Assistant Managing Director and Chief Economist, Monetary Authority of Singapore

10:05 - 10:20 am
10:20 - 12:00nn
Open Discussion of Commissioned Paper:

Chair: Professor Bernard Yeung, Dean of NUS Business School & President of ABFER

Professor Stephen Cecchetti, Professor of International Economics and Senior Director for Programs, Brandeis University International Business School
Download Slides  

Professor Takatoshi Ito, Professor of International and Public Affairs, The Columbia University
Download Slides  

12:00 - 1:45 pm
Lunch Dialogue with Mr Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore

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

1:45 - 2:00 pm
2:00 - 3:30 pm
Panel Discussion

Mr David Marsh,Managing Director and Co-Founder of the Official Monetary and Financial Institutions Forum

Mr Ravi Menon,Managing Director, Monetary Authority of Singapore

Dr Eli Remolona, Chief Representative, Bank for International Settlements Representative Office for Asia and the Pacific

Dr Frederic Neumann, Managing Director and Co-Head Asian Economic Research, HSBC Holdings PLC

Professor Yu Yongding, Director, China's Academy of Social Sciences

3:30 pm
Closing Remarks

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

3:35 pm

Updated 18 May 2016. Program subjected to change.


  • DPM Tharman Shanmugaratnam

    DPM Tharman Shanmugaratnam


    Parliament of Singapore
    Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Singapore

    DPM Tharman Shanmugaratnam has served as Deputy Prime Minister in the Singapore Cabinet since May 2011. He was also appointed Coordinating Minister for Economic and Social Policies on 1 Oct 2015. He is in addition Chairman of the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator.

    He was appointed by his international peers as Chairman of the International Monetary and Financial Committee (IMFC), the key policy forum of the IMF, for an extended period of four years from March 2011, and was its first Asian chair.

    Among his current responsibilities, he leads the SkillsFuture initiative, which seeks to build the skills of the future among Singaporeans, and empower them to learn at every stage of life.

    He has spent his career in public service, in roles mainly around economic policy and education. He served as Minister for Finance for eight years, from Dec 2007 to Sep 2015. He was Minister for Education for five years, from 2003-2008. He spent much of his earlier professional life at the MAS, where he was the Managing Director before entering politics in 2001.

    He did his schooling in Singapore, before studying at the London School of Economics and Cambridge University for undergraduate and masters degrees in Economics. He later obtained a masters in Public Administration at Harvard University, where he was named a Lucius N Littauer Fellow.

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  • Mr Edward Robinson

    Mr Edward Robinson


    Assistant Managing Director and Chief Economist, Monetary Authority of Singapore

    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.

  • Dr Zhu Min

    Dr Zhu Min


    Deputy Managing Director, International Monetary Fund

    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.

  • Professor Olivier Blanchard

    Professor Olivier Blanchard


    C. Fred Bergsten Senior Fellow, Peterson Institute for International Economics

    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.

  • Professor Bernard Yeung

    Professor Bernard Yeung


    Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore and President, Asian Bureau of Finance and Economic Research (ABFER)

    Bernard Yeung is the 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 has featured in more than 100 research publications covering topics in finance, strategy, foreign direct investment, international trade, international macroeconomics, institutional economics, sustainability, and economic history. His articles have appeared in journals in the fields of economics, finance, strategic management, international business, and accounting, as well as in top-tier media publications such as The Financial Times and The Wall Street Journal. He has contributed chapters in many leading books and written working papers.

    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.

    In addition, Professor Yeung has served on various committees and international advisory boards. He was a member of the Economic Strategies Committee in Singapore chaired by Mr Tharman Shanmugaratnam, Minister for Finance (2009). The committee was given the task of developing strategies for Singapore to build capabilities and maximise opportunities as a global city. Professor Yeung is also a member of several other committees, including the Management Advisory Committee of SPRING Singapore and the Financial Research Council of the Monetary Authority of Singapore.

    Professor Yeung sits on the International Advisory Board of the Korea University Business School, the Intellectual Property of Singapore, the Institute of System Science Management Board, and the Strategic Recruitment Advisory Committee at NUS. He is the Dean Director on the Graduate Management Admission Council (GMAC) Board. He was also a member of the Maintenance of Accreditation Committee (MAC) and 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.

  • Professor Stephen Cecchetti

    Professor Stephen Cecchetti


    Professor of International Economics and Senior Director for Programs, Brandeis University International Business School

    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.

  • Professor Takatoshi Ito

    Professor Takatoshi Ito


    Professor of International and Public Affairs, Columbia University

    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.

  • Professor Steven J. Davis

    Professor Steven J. Davis


    William H. Abbott Professor of International Business and Economics, University of Chicago Booth School of Business
    Exco Member & Senior Fellow, Asian Bureau of Finance and Economic Research (ABFER)

    Steven J. Davis is the William H. Abbott Professor of International Business and Economics at the University of Chicago Booth School of Business. He studies business dynamics, labor markets, economic fluctuations, and public policy. He is past editor of the American Economic Journal: Macroeconomics, elected fellow of the Society of Labor Economists, senior academic fellow with the Asian Bureau of Finance and Economics Research, research associate with the National Bureau of Economic Research, advisor to the U.S. Congressional Budget Office, and consultant to the Federal Reserve Bank of Atlanta.

    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 at www.PolicyUncertainty.com and the DHI Hiring Indicators at http://dhihiringindicators.com. He co-organizes the Asian Monetary Policy Forum, held annually in Singapore. In 2013, he received the Addington Prize in Measurement 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 addition to his scholarly work, Davis has written for the Atlantic, Bloomberg View, Financial Times, Forbes, Los Angeles Times, and the Wall Street Journal and appeared on Bloomberg TV, Channel News Asia, CNBC, CNN, Fox News, NBC Network News and the U.S. Public Broadcasting System.

  • Mr David Marsh

    Mr David Marsh


    Managing Director and Co-Founder, Official Monetary and Financial Institutions Forum

    David 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.

  • Mr Ravi Menon

    Mr Ravi Menon


    Managing Director, Monetary Authority of Singapore

    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


    Managing Director and Co-Head Asian Economic Research, HSBC Holdings PLC

    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.

  • Dr Eli M Remolona

    Dr Eli M Remolona


    Chief Representative, BIS Representative Office for Asia and the Pacific

    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.

  • Professor Yu Yongding

    Professor Yu Yongding


    Director, China's Academy of Social Sciences

    Yu Yongding is an Academician with Chinese Academy of Social Sciences, Member of the Advisory Committee of National Planning of the Commission of National Development and Reform of the PRC, and Member of National Political Consultative Conference. He was Director-General of Institute of World Economics and Politics (1998-2010), Member of the Monetary Policy Committee of the People's Bank of China (2004-2006) and President of China Society of World Economy (2003-2011). He was born in 1948, and holds PhD degree in economics from the University of Oxford.

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