Tsinghua Workshop in International Finance and Monetary Policy
May 25 - 26, 2017, Tsinghua University, Beijing, China
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Monetary Policy in a Global Setting: China and the United States Second Annual Conference

April 15-16, 2013
SEM, Tsinghua University



Monday, April 15    

Moderator: Bill Gavin (Federal Reserve Bank of St. Louis)

8:50-9:00:        Opening Remarks: Yingyi Qian (Dean of SEM, Tsinghua University)

9:00-9:40         Roger Farmer (UCLA):

                           "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     Glenn Rudebusch (Federal Reserve Bank of San Francisco):

                           "Estimating Shadow-Rate Term Structure Models with Near-Zero Yields"

10:55-11:15     Discussant: Leo Krippner (Reserve Bank of New Zealand)


10:15-10:55     Steve Williamson (Washington University in St. Louis):

                           "Unconventional Monetary Policy and the Term Premium"

10:55-11:15     Discussant: Qing Liu (Tsinghua University)


12:15-13:30     Lunch


13:30-14:10     Mario Crucini (Vanderbilt University):

                           "Measuring International Business Cycles by Saving for a Rainy Day"

14:10-14:30     Discussant: Nelson Mark (University of Notre Dame)


14:30-15:10     R. Anton Braun (Federal Reserve Bank of Atlanta):

                           "Why Don’t Prices Respond Sooner to a Prospective Sovereign Debt Crisis?"

15:10-15:30     Discussant: Fernando Martin (Federal Reserve Bank of St. Louis)


15:30-15:45     Break


15:45-16:25     Kei-Mu Yi (Federal Reserve Bank of Minneapolis):

                           "Structural Change in an Open Economy"

16:25-16:45     Discussant: Mark Spiegel (Federal Reserve Bank of San Francisco)


14:30-15:10     Jing Wu (Tsinghua University):

                           "Withstanding Great Recession like China"

15:10-15:30     Discussant: Mathias Trabrandt (Board of Governors of the Federal Reserve System)



Tuesday, April 16   

Moderator: Yi Wen (Federal Reserve Bank & Tsinghua University)

9:00-9:40         Susanto Basu (Boston College):

                           "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     Yongs Shin (Federal Reserve Bank of St. Louis and Washington University in St. Louis)

                           "The Duel of the Dual Mandate"

10:55-11:15     Discussant: Bill Gavin (Federal Reserve Bank of St. Louis)


10:15-10:55     Bing Li (Tsinghua University):

                           " Characterizing Monetary Policy Behavior in China: A Bayesian DSGE Approach"

10:55-11:15     Discussant: Min Ouyang (Tsinghua University)


12:15-13:30     Lunch


13:30-14:10     John Williams (President and CEO, Federal Reserve Bank of San Francisco):

                           "Excessive Optimism, Leverage, and Boom and Bust Cycles"

14:10-14:30     Discussant: Michael Dotsey (Federal Reserve Bank of Philadelphia)



Policy Sessions

14:30-15:00     Zhihong Ji (Director General, Research Bureau of PBOC)

15:00-15:05     Q&A


15:05-15:35     Charles Plosser (President and CEO, Federal Reserve Bank of Philadelphia)

15:35-15:40     Q&A


15:40-15:55     Break    


15:55-16:25     Mei Jin (Deputy Secretary General, Monetary Policy Committee)

16:25-16:30     Q&A


15:05-15:35     David Altig (Federal Reserve Bank of Atlanta):

                           "Assessing ‘Substantial Improvement’ in Labor Markets"

15:35-15:40     Q&A


15:05-15:35     Christopher Waller (Federl Reserve Bank of St. Louis)

15:35-15:40     Q&A