Tsinghua Workshop in International Finance and Monetary Policy
May 25 - 26, 2017, Tsinghua University, Beijing, China
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Tsinghua-St. Louis Fed Monetary Policy in a Global Setting: China and the United States

April 08-09, 2015
SEM, Tsinghua University



Wednesday, April 8    

Morning Session (each session includes 30 minutes for talk and 5 minutes Q&A)

Moderator: Stephen Williamson (Federal Reserve Bank of St. Louis)

8:40-9:00:        Opening Remarks:

                        Yingyi Qian (Dean of SEM & Member of Monetary Policy Board, PBoC),

                        Lei Lu (Director General, Research Bureau, PBoC; Secretary General, China Society for Finance&Banking)

9:00-9:30         Yudong Yao (Director General, Research Institute, PBoC):

                           "Thoughts on International Monetary System Reform"

9:30-9:35         Q&A


9:50-10:20       James Bullard (CEO and President of St. Louis Fed)

10:20-10:25     Q&A


10:25-10:55     Jun Ma (PBoC Chief Economist)

10:55-11:00     Q&A


11:00-11:30     Christopher Waller (Research Director, St. Louis Fed)

11:30-11:35     Q&A  



Afternoon session (45 minutes for presenters, 10 minutes for discussants, and 5 minutes for Q&A)

Moderator: Stephen Williamson (Federal Reserve Bank of St. Louis)

13:30-14:15     Saki Bigio(Columbia University):

                          "A Monetary Theory of Liquidity Traps"

14:15-14:25     Discussant: Jonathan Chiu (Bank of Canada)

14:25-14:30     Q&A


14:30-15:15     Todd Keister (Rutgers University) :

                          "A Liquidity Regulation and the Implementation of Monetary Policy"

15:15-15:25     Discussant: Chris Waller (Research Director, St. Louis Fed)

15:25-15:30     Q&A


15:45-16:30     Bill Dupor (Federal Reserve Bank of St. Louis) :

                          "A Cup Runneth Over: Fiscal Policy Spillovers from the 2009 Recovery Act"

16:30-16:40     Discussant: Troy Davig (Research Director and Senior Vice President, Federal Reserve Bank of Kansas Fed)

16:40-16:45     Q&A


16:45-17:30     Vincenzo Quadrini (University of Southern California):

                          "Bank Liabilities Channel"

17:30-17:40     Discussant: Yi Wen (Federal Reserve Bank & Tsinghua University)

17:40-17:45     Q&A



Thursday, April 9   

Morning session:

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

8:40-9:25         Steve Williamson (St. Louis Fed):

                          "Scarcity of Safe Assets, Inflation, and the Policy Trap"

9:25-9:35         Discussant: Yang Lu (Hong Kong University of Science & Technology)

9:35-9:40         Q&A


9:50-10:35       Francesco Lippi (Einaudi Institute for Economics and Finance):

                          " Robust implications of menu cost models"

10:35-10:45     Discussant: Nicholas Trachter (Richmond Fed)

10:45-10:50     Q&A


10:50-11:35     Saroj Bhattarai (University of Texas Austin):

                          " International Effects of Quantitative Easing on Emerging Market Economies"

11:35-11:45     Discussant: Paolo Pesenti (New York Fed)

11:45-11:50     Q&A