Monetary Policy in a Global Setting:
China and the United States
Second Annual Conference

Organized by
Federal Reserve Bank of San Francisco
Federal Reserve Bank of St. Louis
National Institute for Fiscal Studies at Tsinghua University

April 15-16, 2013
School of Economics and Management
Tsinghua University
Beijing, China

Agenda: We expect this conference will comprise 30-40 attendees, including speakers. The purpose of the conference is to promote dialogue among monetary policymakers and advisors from the People's Bank of China and the Federal Reserve System in the United States as well as academic experts on issues involving monetary policy, economic growth, and global financial crises.

Preliminary Program

April 15 (8:50am–5:40pm, Moderator: Bill Gavin, Federal Reserve Bank of St. Louis)

8:50am–9:00am: Opening Remarks, Gongsheng Pan, Deputy Governor of the People's Bank of China (PBOC)

9:00-9:40
1.  Roger Farmer, UCLA
Title: The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work in the Real World
9:40-10:00 Discussant: Tao Zhu, Hong Kong UST

10:00-10:15 Break

10:15-10:55
2.  Glenn Rudebusch, Federal Reserve Bank of San Francisco
Title: Estimating Shadow-Rate Term Structure Models with Near-Zero Yields
10:55-11:15 Discussant: Leo Krippner, Reserve Bank of New Zealand

11:15-11:55
3.  Steve Williamson, Washington University in St. Louis
Title: Unconventional Monetary Policy and the Term Premium
11:55-12:15 Discussant: Qing Liu, Tsinghua University

12:15–1:30 Lunch

1:30-2:10
4.  Mario Crucini, Vanderbilt University
Title: Exploring General Equilibrium: China’s Economic Gravity
2:10-2:30 Discussant: Nelson Mark, University of Notre Dame

2:30-3:10
5.  R. Anton Braun, Federal Reserve Bank of Atlanta
Title: Why Don’t Prices Respond Sooner to a Prospective Sovereign Debt Crisis?
3:10-3:30 Discussant: Fernando Martin, Federal Reserve Bank of St. Louis

3:30-3:45 Break

3:45-4:25
6.  Kei-Mu Yi, Federal Reserve Bank of Minneapolis
Title: Structural Change in an Open Economy
4:25-4:45 Discussant: Mark Spiegel, Federal Reserve Bank of San Francisco

4:45-5:25
7.  Jing Wu, Tsinghua University
Title: Withstanding Great Recession Like China
5:25-5:45 Discussant: Mathias Trabrandt, Board of Governors of the Federal Reserve System

6:00-8:00 Dinner

April 16 (9:00am-5:55pm, Moderator: Yi Wen)

9:00-9:40
8.  Susanto Basu, Boston College
Title: Uncertainty Shocks in a Model of Effective Demand
9:40-10:00 Discussant: Zheng Liu, Federal Reserve Bank of San Francisco

10:00-10:15 Break

10:15-10:55
9.  Yongs Shin, Federal Reserve Bank of St. Louis and Washington University in St. Louis,
Title: The Dual of the Dual Mandate
10:55-11:15 Discussant: Bill Gavin, Federal Reserve Bank of St. Louis

11:15-11:55
10.  Bing Li, Tsinghua University
Title: Characterizing Monetary Policy Behavior in China: A Bayesian DSGE Approach
11:55-12:15 Discussant: Min Ouyang

12:15-1:30 Lunch

1:30-2:10
11.  John Williams, President and CEO, Federal Reserve Bank of San Francisco
Title: Excessive Optimism, Leverage, and Boom and Bust Cycles
2:10-2:30 Discussant: Michael Dotsey, Federal Reserve Bank of Philadelphia

Policy Sessions

2:30-3:00
12.  Official from PBOC: TBA
Title: TBA
3:00-3:05 Q&A

3:05-3:35
13.  Charles Plosser, President and CEO, Federal Reserve Bank of Philadelphia
Title: TBA
3:35-3:40 Q&A

3:40-3:55 Break

3:55-4:25
14.  PBOC Policy Advisor: TBA
Title: TBA
4:25-4:30 Q&A

4:30-5:00
15.  David Altig, Federal Reserve Bank of Atlanta
Title: TBA
5:00-5:05 Q&A

5:05-5:25
16.  Christopher Waller, Federal Reserve Bank of St. Louis
Title: TBA
5:25-5:30 Q&A

6:00-8:00 Dinner, hosted by Gang Yi, Deputy Governor, PBOC

Conference Organizers:
Chong-En Bai, Tsinghua University
William Gavin, Federal Reserve Bank of St. Louis
Mark Spiegel, Federal Reserve Bank of San Francisco
Yi Wen, Federal Reserve Bank of St. Louis and Tsinghua University


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