2019

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Seminars

23/05/2019 - 24/05/2019

"Monetary Policy and Heterogeneity"

Hong Kong Monetary Authority and Federal Reserve Bank of New York

"Monetary Policy and Heterogeneity"

23 May 2019 (Thursday) - 24 May 2019 (Friday)

Harbour Room, 56/F, Two International Finance Centre, 8 Finance Street, Central

Programme

Thursday, May 23, 2019

8:30 a.m – 9:00 a.m.

Registration and Welcome Coffee

9:00 a.m. – 9:10 a.m.

Welcoming Remarks
Norman TL Chan, Chief Executive, Hong Kong Monetary Authority

9:10 a.m. – 10:00 a.m.

Remarks
James Bullard, President and Chief Executive Officer, Federal Reserve Bank of St. Louis

10:00 a.m.–10:30 a.m.

Coffee Break

10:30 a.m.–12:00 n.n.

Session 1
Chair: James Yetman, Bank for International Settlements

Title: Monetary Policy in Incomplete Market Models: Theory and Evidence
Marcus Hagedorn, University of Oslo
Iourii Manovskii, University of Pennsylvania
Kurt Mitman, Institute for International Economic Studies *

Discussant: Pengfei Wang, Hong Kong University of Science and Technology

Title: Quantitative Easing
Wei Cui, University College London *
Vincent Sterk, University College London

Discussant: Gianluca Violante, Princeton University

12:00 n.n. – 2:00 p.m.

Luncheon and Speech (By invitation)
Sayuri Shirai, Professor of Keio University, Former Bank of Japan Board Member

2:00 p.m. – 3:30 p.m.

Session 2
Chair: David Cook, Hong Kong University of Science and Technology

Title: Computing the Distribution: Adaptive Finite Volume Methods for Economic Models with Heterogeneous Agents
SeHyoun Ahn, Norges Bank *

Discussant: Keshav Dogra, Federal Reserve Bank of New York

Title: Employment and the Collateral Channel of Monetary Policy
Saleem Bahaj, Bank of England *
Angus Foulis, Bank of England
Gabor Pinter, Bank of England
Paolo Surico, London Business School and CEPR

Discussant: Giuseppe Moscarini, Yale University

3:30 p.m. – 4:00 p.m.

Coffee Break

4:00 p.m. – 5:30 p.m.

Session 3
Chair: Ilhyock Shim, Bank for International Settlements

Title: A Theory of Housing Demand Shocks
Zheng Liu, Federal Reserve Bank of San Francisco
Pengfei Wang, Hong Kong University of Science and Technology *
Tao Zha, Emory University and Federal Reserve Bank of Atlanta

Discussant: Yulei Luo, The University of Hong Kong

Title: Mortgage Prepayment and Path-Dependent Effects of Monetary Policy
David Berger, Northwestern University
Konstantin Milbradt, Northwestern University *
Fabrice Tourre, Copenhagen Business School
Joseph Vavra, University of Chicago

Discussant: Fatih Karahan, Federal Reserve Bank of New York

5:30 p.m. – 6:10 p.m.

Keynote Speech
Title: The Job Ladder: Inflation vs Reallocation
Giuseppe Moscarini, Yale University

6:10 p.m.

Conference Dinner (By invitation)

Friday, May 24, 2019

8:30 a.m – 9:00 a.m.

Registration and Welcome Coffee

9:00 a.m. – 9:40 a.m.

Keynote Speech
Gianluca Violante, Princeton University

9:40 a.m. – 11:00 a.m.

Session 4: Heterogeneous Agents Models at the New York Fed
Chair: Cho-hoi Hui, Hong Kong Monetary Authority

Title: Estimating HANK Models
Sushant Acharya, Federal Reserve Bank of New York
Marco Del Negro, Federal Reserve Bank of New York *
Keshav Dogra, Federal Reserve Bank of New York

Title: Monetary Policy, Heterogeneity and the Housing Channel
Aaron Hedlund, University of Missouri
Fatih Karahan, Federal Reserve Bank of New York *
Kurt Mitman, Institute for International Economic Studies
Serdar Ozkan, University of Toronto

11:00 a.m.–11:20 a.m.

Coffee Break

11:20 a.m.–12:30 p.m.

Session 5
Chair: Frank Packer, Bank for International Settlements

Title: The first twenty years of the European Central Bank: Monetary Policy
Philipp Hartmann, European Central Bank *
Frank Smets, European Central Bank

Discussant: Paolo Pesenti, Federal Reserve Bank of New York

12:30 p.m. – 2:00 p.m.

Luncheon (By invitation)

2:00 p.m. – 4:00 p.m.

Panel discussion
Chair: Lillian Cheung, Hong Kong Monetary Authority and Hong Kong Institute for Monetary Research

Panelists:
Beverly Hirtle, Federal Reserve Bank of New York
Yiping Huang, Beijing University
Andrew Filardo, Bank for international Settlements
Hiroaki Miyamoto, International Monetary Fund

4:00 p.m.

Adjourn

-End -

* Presenter

12/04/2019 - 13/04/2019

4th International Finance and Macroeconomics Conference

Hong Kong Institute for Monetary Research and Hong Kong University of Science and Technology, Department of Economics

4th International Finance and Macroeconomics Conference

“Open Economy Macroeconomics in the Age of Normalization”

Harbour Room, 56/F, Two International Finance Centre, Central (Day 1);
HKUST Campus, Main Academic Building, Lecture Theater H, Clearwater Bay (Day 2)

12 April 2019 (Friday) - 13 April 2019 (Saturday)

Programme

12 April, 2019 (Friday)

Venue

Harbour Room, 56/F, Two International Finance Centre, Central

8:30 - 8:50am

Registration and Welcome Coffee

8:50 - 9:00am

Opening Remarks
Lillian Cheung, Executive Director (Research), Hong Kong Monetary Authority and Director, Hong Kong Institute for Monetary Research

9:00 - 10:15am

Keynote Speech
Session Chair: Ippei Fujiwara, Keio University and Australian National University

"Modelling Portfolio Flows"
Frank Warnock, University of Virginia, Darden School of Business

Discussant: James Yetman, Bank for International Settlements

10:15 -10:45am

Coffee Break

10:45 - 12:45pm

Session 1
Session Chair: Hongyi Chen, Hong Kong Institute for Monetary Research

“Uncertainty and Economic Activity: A Multi-Country Perspective”
Ambrogio Cesa-Bianchi, Bank of England*
M. Hashem Pesaran, University of Southern California and University of Cambridge
Alessandro Rebucci, Johns Hopkins University

“Global Effective Lower Bound and Unconventional Monetary Policy”
Jing Cynthia Wu, University of Notre Dame
Ji Zhang, Tsinghua University PBCSF*

12:45 - 2:00pm

Conference Lunch (By invitation)

2:00 - 4:00pm

Session 2
Session Chair: Simon Kwan, Federal Reserve Bank of San Francisco

“International Linkages and the Changing Nature of International Business Cycles”
Wataru Miyamoto, University of Hong Kong*
Thuy Lan Nguyen, Santa Clara University

“Production Network and International Fiscal Spillovers”
Michael Devereux, University of British Columbia*
Karine Gente, Aix-Marseille University
Changhua Yu, Peking University

4:00 - 4:30pm

Coffee Break

4:30 - 5:30pm

Session 3
Session Chair: Jinill Kim, Korea University

“The cross section of the Great Moderation: What drives central bank performance in the long term?”
Livio Stracca, European Central Bank*

5:30pm

Conference adjourns

6:00pm

Conference Dinner (By invitation)

* Presenter

13 April, 2019 (Saturday)

Venue

HKUST Campus, Main Academic Building, Lecture Theater H, Clearwater Bay

8:30 - 9:00am

Registration and Welcome Coffee

9:00 - 10:15am

Keynote Speech
Jenny Xu, Hong Kong University of Science and Technology

"A Fisherian Approach to Explaining & Preventing Financial Crises: Quantitative Implications from the Sudden Stops Literature."
Enrique Mendoza, University of Pennsylvania

Discussant: Pengfei Wang, Hong Kong University of Science and Technology

10:15 -10:45am

Coffee Break

10:45 - 12:45pm

Session 1
Session Chair: David Cook, Hong Kong University of Science and Technology

“Optimal Macroprudential Policy and Asset Price Bubbles”
Nina Biljanovska, International Monetary Fund*
Lucyna Górnicka, International Monetary Fund
Alexandros Vardoulakis, Federal Reserve Board

“The Elusive Gains from Inward-Looking Monetary Policy”
Martin Bodenstein, Federal Reserve Board *
Giancarlo Corsetti, University of Cambridge
Luca Guerrieri, Federal Reserve Board

12:45 - 2:00pm

Conference Lunch (By invitation)

2:00 - 4:00pm

Session 2
Session Chair: Eric Lam, Hong Kong Institute for Monetary Research

“Labor Mobility and Exchange Rate Regime in Open Economies”
David Cook, Hong Kong University of Science and Technology
Haichao Fan, Fudan University
Jenny Xu, Hong Kong University of Science and Technology*

“Euro Area and U.S. External Adjustment: The Role of Commodity Prices and Emerging Market Shocks”
Massimo Giovannini, European Commission
Stefan Hohberger, European Commission
Robert Kollmann, Universite Libre de Bruxelles*
Marco Ratto, European Commission
Werner Roeger, European Commission
Lukas Vogel, European Commission

4:00 - 4:15pm

Concluding Remarks

4:15pm

Conference Ends

* Presenter

The International Macroeconomics and Finance Conference is an annual event. It was previously held in Hong Kong (HKIMR/HKUST), Seoul (Korea University) and Tokyo (Keio University).

Organizing Committee:
David Cook, Hong Kong University of Science and Technology
Michael Devereux, University of British Columbia
Ippei Fujiwara, Keio University and Australian National University
Jinill Kim, Korea University
Kwanho Shin, Korea University, Hitotsubashi Institute for Advanced Study (HIAS)
Giorgio Valente, Hong Kong Institute for Monetary Research
Jenny Xu, Hong Kong University of Science and Technology

10/01/2019 - 11/01/2019

The Tenth Annual International Conference on the Chinese Economy

Hong Kong Institute for Monetary Research, Research Institute of Finance of Development Research Center of the State Council and The People's Bank of China

The Tenth Annual International Conference on the Chinese Economy

“China Financial Reform and Economic Transformation”

10 January 2019 (Thursday) - 11 January 2019 (Friday)

Auditorium, 56/F, Two International Finance Centre, Central, Hong Kong

Program

10 January 2019

08:30 – 09:00

Registration and Welcome Coffee

09:00 – 09:10

Welcoming Remarks
Norman TL Chan, Chief Executive, Hong Kong Monetary Authority

09:10 – 10:00

Keynote Speech
Yiming Wang , Vice President (Vice Minister), Development Research Center of the State Council, China

10:00 – 10:30

Coffee Break

10:30 – 12:30

Policy Forum: Financing for Economic Transformation
Chair:
Lillian Cheung, Executive Director (Research), Hong Kong Monetary Authority and Director, Hong Kong Institute for Monetary Research

Speakers:
Chengjun Zhou, Deputy Director-General, Research Bureau, the People’s Bank of China

Zhenyu Wu, Director General, Research Institute of Finance, Development Research Center of the State Council

Dong He, Deputy Director, Monetary and Capital Markets Department, International Monetary Fund

Tao Wang, Head of Asia Economics Research, UBS Investment Bank

Q&A

12:30 – 13:40

Conference Luncheon (by invitation only)

13:40 – 15:20

Session 1: Financial Institution Reform
Chair:
Giorgio Valente, Senior Economist, Hong Kong Institute for Monetary Research

Speakers:
Zhiwu Chen, Director, Asia Global Institute and Victor and William Fung Professor in Economics, the University of Hong Kong
[Institutional Infrastructure for Financial Reforms]

Xiaoping Li, Deputy Director, International Department, the People’s Bank of China
[Further Opening-up of Financial Sector]

Commentator:
Gene Ma, Head of China Research, Institute of International Finance

Q&A

15:20 – 15:50

Coffee Break

15:50 – 17:30

Session 2: Local Government Debt and Deleveraging
Chair:
Adam Cagliarini, Senior Representative in China, Reserve Bank of Australia

Speakers:
Xiaojing Zhang, Deputy Director General, National Institution for Finance and Development
[From Deleveraging to Stabilizing Leverage]

Kebing Wang, Deputy Director General, Budget Department, Ministry of Finance, P.R. China
[Local Government Debt Management and Risk Prevention]

Commentator:
Tao Wang, Head of Asia Economics Research, UBS Investment Bank

Q&A

18:00

Conference Dinner (by invitation)

11 January 2019

08:30 – 09:00

Registration and Coffee

09:00 – 10:40

Session 3: Bank Lending and Economic Transformation
Chair:
Elisa Sales, Representative in China, Bank of Italy

Speakers:
Chen Lin, Associate Dean, Faculty of Business and Economics, the University of Hong Kong and Stelux Professorship in Finance, the University of Hong Kong
[The Real Effects of FinTech Credit]

Alex Cheng, Senior Economist, Hong Kong Monetary Authority
[Are SOE Reforms in China Going Anywhere? Evidence from Corporate Borrowing Constraints]

Commentator:
Huaiqing Zhang, Senior Economist, Research Bureau, the People’s Bank of China

Q&A

10:40 – 11:10

Coffee Break

11:10 – 12:50

Session 4: Driving Forces of China’s Innovation
Chair:
Hunter Clark, Assistant Vice President, Federal Reserve Bank of New York

Speakers:
Kang Shi, Associate Professor, Department of Economics, the Chinese University of Hong Kong
[Innovation by Exporting: Evidence from Firm-level Patenting in China]

Xuan Tian, Associate Dean, Chair Professor of Finance, Tsinghua University PBC School of Finance
[Finance and Innovation: A New Framework]

Commentator:
Bohui Zhang, Presidential Chair Professor, Executive Associate Dean, School of Management and Economics, The Chinese University of Hong Kong, Shenzhen

Q&A

12:50 – 14:00

Conference Luncheon (by invitation)

14:00 – 16:00

Panel Discussion: Implications of Financial Reform on Economic Transformation: A Market View
Chair:
Jason Wu, Head of Economic Research, Hong Kong Monetary Authority

Speakers:
Helen Qiao, Chief Greater China Economist, Head of Asia Economics Research, Bank of America Merrill Lynch

Zhiwei Zhang, Chief China Economist, Deutsche Bank

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

MK Tang, Chief China Economist, Goldman Sachs

Q&A

16:00

Closing Remarks

- End -

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