Tsinghua Workshop in International Finance and Monetary Policy
May 25 - 26, 2017, Tsinghua University, Beijing, China
Call for Papers Conference Organization Previous Conferences Contact


Tsinghua-St. Louis Fed Monetary Policy and Financial Stability Conference

May 21-22, 2016
SEM, Tsinghua University



Saturday, May 21   

Morning Closed-door Session: China-U.S. Monetary Policy

Moderator: Hao Zhou (Tsinghua PBC School of Finance)

8:50-9:00         Welcoming Remarks

9:00-10:20       "Keynote Address":

                        Gang Yi (Deputy Governor, The People’s Bank of China),

                         Donald Kohn (FPC Member, Bank of England)

                           "Negative Interest Rate Policy"


                        Xiaoling Wu (Chairwoman and Dean, Tsinghua PBC School of Finance;

                                                former Deputy Governor, the People’s Bank of China):

                           "More on Slow Normalization or No Normalization?"


                        James Bullard (CEO and President, Federal Reserve Bank of St. Louis)


10:20-10:35     Coffee Break


10:35-12:05     "Policy Panel": Yanqing Yang (Head, China Business News Research Institute)


                        Jun Ma (Chief Economist, The People’s Bank of China),

                        Christopher Waller ( Executive Vice President, Federal Reserve Bank of St. Louis),

                        David Altig ( Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta):

                           "China’s Macro-economic Situation"


                        John Rogers (Senior Economic Adviser, Board of Governors of the Federal Reserve System),

                        Darrell Duffie (Dean Witter Distinguished Professor, Stanford Graduate School of Business),

                        Haibin Zhu (Chief China Economist, J.P.Morgan),

                        Chong-en Bai (Associate Dean and Mansfield Freeman Chair Professor, Tsinghua SEM,

                                                 Monetary Policy Committee of the People’s Bank of China):

                           "Monetary Policy Uncertainty"

12:05-12:20     Haifeng He (Director, Institute of Financial Policy of Chinese Academy of Social Sciences):

                           "2016 China Financial Policy Report"


12:00-1:30    Lunch    



Afternoon session:

Moderator: Yi Wen (St. Louis Fed and Tsinghua University)

14:00-14:55     Nicolas Petrosky-Nadeau ( Federal Reserve Bank of San Francisco):

                          "Labor and Credit Market Frictions Over the Business Cycle"

                        Discussant: Ji Zhang (Tsinghua PBC School of Finance)


14:55-15:10     Coffee Break


15:10-16:05     Pablo D'Erasmo (Federal Reserve Bank of Philadelphia):

                          "Capital Requirements in a Quantitative Model of Banking Industry Dynamics"

                        Discussant: Gianni de Nicolo (International Monetary Fund)


16:05-17:00     Tao Zha (Federal Reserve Bank of Atlanta):

                          "Was China’s Rising Shadow Banking a Problem?"

                        Discussant: Hong Yan (Shanghai Jiao Tong University)


17:00-17:15     Coffee Break


16:05-17:00     Ed Nosal (Federal Reserve Bank of Chicago):

                          "Who Wants to be a Middleman? "

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

18:30               Dinner




Sunday, May 22    

Morning session:

8:45-9:40         Ed Nosal (Federal Reserve Bank of Chicago):

                          "Incomplete Credit Markets and Monetary Policy"

                        Discussant: Pedro Gomis Porqueras (Deakin University, Australia)


9:40-10:35       Jonathan Chiu (Victoria University of Wellington, New Zealand):

                          "Livin' on the Edge with Ratings: Liquidity, Efficiency and Stability"

                        Discussant: Christopher Waller (Federal Reserve Bank of St. Louis)


10:35-10:50     Coffee Break


10:50-11:45     Kartik Athreya (Federal Reserve Bank of Richmond):

                          "Stock Market Investment: The Role of Human Capital "

                        Discussant: Yi Wen (St. Louis Fed and Tsinghua University)


10:50-11:45     Shouyong Shi (Pennsylvania State University):

                          "Limited Participation, Asset Distribution and Monetary Policy"

                        Discussant: Erica Li (Cheung Kong Graduate School of Business)


12:40-14:00     Lunch    


15:00-20:00     Sightseeing (free participation)