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    Yin-Wong CHEUNG (Research Fellow)

    City University of Hong Kong
    (Oct 2016 - Apr 2017; June 2011; Dec 2010 ; Nov - Dec 2009; Jun - Nov 2008; Jun - Aug 2005; Mar - Apr 2005; Jun - Sept 2003; Jun - Jul 2002; Dec 2001; Jun - Sept 2000)

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    Yin-Wong CHEUNG (Research Fellow)

    City University of Hong Kong
    (Oct 2016 - Apr 2017; June 2011; Dec 2010 ; Nov - Dec 2009; Jun - Nov 2008; Jun - Aug 2005; Mar - Apr 2005; Jun - Sept 2003; Jun - Jul 2002; Dec 2001; Jun - Sept 2000)
    Research Topic:
    • 2016: Financial market review on infrastructure finance in Hong Kong and policy implications for the Belt-and-Road Initiative
    • 2010 - 2011: Exchange Rate Dynamics and Interest Rate Policy Rules
    • 2009: China’s Capital Flight
    • 2008: The Empirics of China’s Outward Director Investment
    • 2005: Accumulating Large Amount of Foreign Exchange Reserves and the Policy Implications
    Working Papers:
    • The RMB Central Parity Formation Mechanism: August 2015 to December 2016
    • Effects of Capital Flow on the Equity and Housing Markets in Hong Kong
    • Offshore Renminbi Trading: Findings from the 2013 Triennial Central Bank Survey
    • The Renminbi Central Parity: An Empirical Investigation
    • The Nexus of Official and Illicit Capital Flows – The Case of Hong Kong
    • China’s Capital Controls – Through the Prism of Covered Interest Differentials
    • Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules
    • China’s Outward Direct Investment in Africa
    • Renminbi Going Global
    • Measuring Renminbi Misalignment: Where Do We Stand?
    • Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies
    • Renminbising China’s Foreign Assets
    • Capital Flight: China’s Experience
    • A Multiple-Horizon Search for the Role of Trade and Financial Factors in Bilateral Real Exchange Rate Volatility
    • The Empirics of China’s Outward Direct Investment
    • China’s Current Account and Exchange Rate
    • A Factor Analysis of Trade Integration: The Case of Asian and Oceanic Economies
    • Speculative Attacks: A Laboratory Study in Continuous Time
    • A High-Low Model of Daily Stock Price Ranges
    • Return, Trading Volume, and Market Depth in Currency Futures Markets
    • Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios
    • Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences
    • Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses
    • The Overvaluation of Renminbi Undervaluation
    • Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: New Evidence from Dual Exchange Rates in Developing Countries
    • Does the Chinese Interest Rate Follow the US Interest Rate?
    • The Illusion of Precision and the Role of the Renminbi in Regional Integration
    • An Empirical Model of Daily Highs and Lows
    • A Reappraisal of the Border Effect on Relative Price Volatility
    • Cross-Country Relative Price Volatility: Effects of Market Structure
    • An Output Perspective on a Northeast Asia Currency Union
    • Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?
    • The Chinese Economies in Global Context: The Integration Process and Its Determinants
    • Exchange Rates and Markov Switching Dynamics
    • The Suitability of A Greater China Currency Union
    • Testing for Output Convergence: A Re-Examination
    • China, Hong Kong, and Taiwan: A Quantitative Assessment of Real and Financial Integration
    • Dissecting the PPP Puzzle: The Unconventional Roles of Nominal Exchange Rate and Price Adjustments
    • An Analysis of Hong Kong Export Performance
    • East Asian Equity Markets, Financial Crises, and the Japanese Currency
    • Effects of US Inflation on Hong Kong and Singapore
    • Hong Kong Output Dynamics: An Empirical Analysis

    After graduating from the University of Pennsylvania in 1990, Dr Cheung joined the University of California in Santa Cruz. His areas of research include econometrics, applied econometrics, exchange rate dynamics, asset pricing, and output fluctuation. Dr Cheung has published over 60 refereed articles in more than 30 professional journals including Econometric Theory, Game and Economic Behaviour, Journal of Business & Economics Statistics, Journal of Econometrics, Journal of International Economics, and Journal of Finance. He also co-authored a book on financial options (in Chinese). He has served on the editorial boards of three journals and is a research fellow of the CESifo research network. Dr Cheung has had visiting appointments in academic and research institutions in Australia, Hong Kong and Germany. He has presented his research at academic institutions and conferences in the United States, Canada, Germany, Spain, Hong Kong, Taiwan, Australia and New Zealand.

    Personal website: http://www.cb.cityu.edu.hk/staff/yicheung/
    Email: [email protected]
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    Assaf RAZIN (Research Fellow)

    Tel Aviv University
    (Nov - Dec 2010; Nov - Dec 2007; Nov - Dec 2006; Jan 2005; Dec 2003; Aug 2002)

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    Assaf RAZIN (Research Fellow)

    Tel Aviv University
    (Nov - Dec 2010; Nov - Dec 2007; Nov - Dec 2006; Jan 2005; Dec 2003; Aug 2002)
    Research Topic:
    • 2010: Financial Sector Deregulation, Credit Crunches and the Stock Market: New Evidence
    • 2007: Institutional Weakness and Asset Price Volatility
    • 2006: Foreign Direct Investment vs Foreign Portfolio Investment
    • 2005: Growth Effects of the Exchange Rate Regime and the Capital-Account Openness in A Crises-Prone World Market: A Nuanced View
    • 2003: Aggregate Supply and Potential Output
    • 2002: FDI Contribution to Capital Flows and Investment in Capacity
    Working Papers:
    • Equity Prices and Equity Flows: Testing Theory of the Information-Efficiency Tradeoff
    • Composition of International Capital Flows: A Survey
    • Credit Crunch, Creditor Protection, and Asset Prices
    • Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy as an Equilibrium Outcome of Globalization
    • Productivity and Taxes as Drivers of FDI
    • Globalization and Disinflation: The Efficiency Channel
    • Evaluation of Exchange-Rate, Capital-Market, and Dollarization Regimes in the Presence of Sudden Stops
    • Which Countries Export FDI, and How Much?
    • Aggregate Supply and Potential Output
    • FDI Contribution to Capital Flows and Investment in Capacity
    Personal website: http://www.tau.ac.il/~razin/
    Email: [email protected]
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    Michael B. DEVEREUX (Research Fellow)

    University of British Columbia
    (Aug 2009; Nov - Dec 2007; Sept - Oct 2005; Aug - Sept 2004; Jul 2003; Jun - Jul 2002; Jun - Jul 2001; Feb - Jun 2000)

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    Michael B. DEVEREUX (Research Fellow)

    University of British Columbia
    (Aug 2009; Nov - Dec 2007; Sept - Oct 2005; Aug - Sept 2004; Jul 2003; Jun - Jul 2002; Jun - Jul 2001; Feb - Jun 2000)
    Research Topic:
    • 2009: International Financial Propagation
    • 2007: Financial Portfolio for Emerging Market Economies: A DSGE Approach
    • 2005: Financial Market Structure in Open Economy Macro Models
    • 2004: Determinants of Optimal Exchange Rate Policy
    Working Papers:
    • A New Dilemma: Capital Controls and Monetary Policy in Sudden-Stop Economies
    • Leverage Constraints and the International Transmission of Shocks
    • A Portfolio Model of Capital Flows to Emerging Markets
    • Solving for Country Portfolios in Open Economy Macro Models
    • Expectations and Exchange Rate Policy
    • Currency Appreciation and Current Account Adjustment
    • A Portfolio Theory of International Capital Flows
    • Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
    • Exchange Rate Regimes, Specialization and Trade Volume
    • Exchange Rate Policy and Endogenous Price Flexibility
    • Transfer Problem Dynamics: Macroeconomics of the Franco-Prussian War Indemnity
    • Price Setting and Exchange Rate Pass-through: Theory and Evidence
    • Endogenous Exchange Rate Pass-Through when Nominal Prices are Set in Advance
    • Financial Constraints and Exchange Rate Flexibility in Emerging Market Economies
    • International Risk-Sharing and the Exchange Rate: Re-evaluating the Case for Flexible Exchange Rates
    • Mundell Revisited: A Simple Approach to the Costs and Benefits of a Single Currency Area
    • Risk Sharing and the Theory of Optimal Currency Areas: A Re-examination of Mundell 1973
    • Exchange Rates and Monetary Policy in Emerging Market Economies
    • Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility
    Personal website: http://faculty.arts.ubc.ca/mdevereux/mdevereux/Michael_B_Devereux.html
    Email: [email protected]
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    David C. PARSLEY (Research Fellow)

    Owen Graduate School of Management
    Vanderbilt University
    (Feb 2015; May 2009; Mar - Apr 2002; Mar - Jun 2001; Mar - Jun 2000)

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    David C. PARSLEY (Research Fellow)

    Owen Graduate School of Management
    Vanderbilt University
    (Feb 2015; May 2009; Mar - Apr 2002; Mar - Jun 2001; Mar - Jun 2000)
    Research Topic:
    • 2015: Fiscal Policy Shocks and Real Exchange Rates
    • 2009: International Portfolio Holdings: Source and Host Country Influences on Home Bias
    • 2002: News Spillovers in the Sovereign Debt Market
    • 2001: Foreign Exchange Exposure and Exchange Rate Arrangements in East Asia
    • 2000: Accounting for Real Exchange Rate Changes in East Asia
    Working Papers:
    • Return Comovement
    • Sovereign Credit Ratings, Transparency and International Portfolio Flows
    • Evaluating Exchange Rate Management An Application to Korea
    • News Spillovers in the Sovereign Debt Market
    • Foreign Exchange Exposure and Exchange Rate Arrangements in East Asia
    • Pricing in International Markets: A 'Small Country' Benchmark
    • Exchange Rate Pass -Through in a Small Open Economy: Panel Evidence from Hong Kong
    • Accounting for Real Exchange Rate Changes in East Asia

    Prior to his doctoral studies, Professor Parsley worked in consulting and for the Federal Reserve Bank of San Francisco. His research interests are in the fields of international finance and macroeconomics. He has concentrated on the macroeconomics of exchange rates, prices and the relationship between the two. His current research is directed in two main areas: (1) purchasing power parity (PPP) and whether convergence toward purchasing power parity is impacted by the monetary regime, and (2) the economic and time-series characteristics of international market segmentation. Professor Parsley teaches courses in macroeconomics, international trade and commercial policy, international economics, and international business at Vanderbilt University where is an Associate Professor at the Owen Graduate School.

    Personal website: http://www2.owen.vanderbilt.edu/david.parsley/
    Email: [email protected]
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    Andrew ROSE (Research Fellow)

    University of California, Berkeley
    (August 2008; April 2006; August 2002)

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    Andrew ROSE (Research Fellow)

    University of California, Berkeley
    (August 2008; April 2006; August 2002)
    Research Topic:
    • 2008: Meta-analysis of the effect of currency union or The interplay between sovereign debt, trade and aid
    Working Papers:
    • Well-Being in the Small and in the Large
    • Do We Really Know that the WTO Increases Trade?
    • One Reason Countries Pay Their Debts: Renegotiation and International Trade

    Andrew K. Rose is the B.T. Rocca Jr. Professor of International Business in the Economic Analysis and Policy Group, Haas School of Business at the University of California, Berkeley. He is also a Research Associate of the National Bureau of Economic Research (based in Cambridge, MA), and a Research Fellow of the Centre for Economic Policy Research (based in London, England). He received his Ph.D. from the Massachusetts Institute of Technology, his M.Phil. from Nuffield College, University of Oxford, and his B.A. from Trinity College, University of Toronto.

    Rose has published more than fifty papers in economics journals, including the American Economic Review, the Quarterly Journal of Economics, the Review of Economic Studies, and the Journal of Finance. His research addresses issues in international trade, finance, and macroeconomics. His teaching is in the areas of international macroeconomics and econometrics. He has organized more than twenty academic conferences.

    Rose was the managing editor of The Journal of International Economics from 1995 through 2001, and has been the faculty director of the Clausen Center for International Business and Policy at Haas since 1994. He has visited a number of other universities, including Stockholm, Tel Aviv, INSEAD, London School of Economics, and the European University Institute. He has also been a visiting scholar at a number of international and domestic policy agencies, including: IMF, World Bank, US Federal Reserve, US Treasury, UK Treasury, Asian Development Bank, Bank of Israel, Reserve Bank of New Zealand, Bank of Canada, and the Hong Kong Monetary Authority.

    Personal website: http://faculty.haas.berkeley.edu/arose/
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    James YETMAN (Research Fellow)

    Bank for International Settlements
    (April - July 2002 ; August 2007 - April 2008)

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    James YETMAN (Research Fellow)

    Bank for International Settlements
    (April - July 2002 ; August 2007 - April 2008)
    Research Topic:
    • 2007 - 2008: Anatomy of Deflation
    Working Papers:
    • Leverage Constraints and the International Transmission of Shocks
    • Hong Kong Consumer Prices are Flexible
    • Currency Unions, Trade Flows, and Capital Flows
    • Price Setting and Exchange Rate Pass-through: Theory and Evidence

    James Yetman is currently a Senior Economist at the Bank for International Settlements. He completed his undergraduate studies in Economics at the University of Canterbury followed by a Masters from the University of British Columbia and a Ph.D from Queen's University at Kingston, which he completed in 1998. He then worked in the Research Department of the Bank of Canada for three years, on a variety of research projects related to Monetary Policy credibility, learning, testing policy objectives, and the impact of sticky prices on the macroeconomy. He joined the School of Economics and Finance of The University of Hong Kong in August, 2001. Current research questions include investigating why exchange rate pass-through varies so much across different countries, why an economy may wish to enter a currency union, and when a price level target for monetary policy may be preferable to an inflation target.

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    Salih NEFTCI (Research Fellow)

    City University of New York
    (June - July 2005; July - August 2003; December 2002 - January 2003)

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    Salih NEFTCI (Research Fellow)

    City University of New York
    (June - July 2005; July - August 2003; December 2002 - January 2003)
    Research Topic:
    • 2005: The Risks of Reminbi Revaluation and Hong Kong Financial Market Adjustment
    Working Papers:
    • Renminbi Revaluation, Euro Appreciation and Chinese Markets: What Can We Learn From Data?
    • Swap Curve Dynamics in Hong Kong: An Interpretation
    • A Comparison of US and Hong Kong Cap-Floor Volatility Dynamics

    Salih Neftci teaches courses on financial economics at the Graduate Faculty, and is involved in several research groups at the Center for Economic Policy. He is currently at the Graduate School of City University of New York and also has teaching assignments at HEC, Lausanne University. Professor Neftci is the Head of FAME Certificate program and is a visiting professor at eh ISMA Centre, Reading University. He is a leading faculty in courses directed towards advanced market professionals.

    Salih Neftci's current research interests include numerical methods in financial asset pricing and the applications of the theory of extremes to risk management. He has also been involved in the actual functioning of financial markets as a consultant.

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    Hans GENBERG (Research Fellow)

    International Monetary Fund
    (September 2004; August - September 2003; July - September 2002; September 2001)

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    Hans GENBERG (Research Fellow)

    International Monetary Fund
    (September 2004; August - September 2003; July - September 2002; September 2001)
    Research Topic:
    • 2004: Inflation Dynamics in Asia
    Working Papers:
    • Currency Internationalisation: Analytical and Policy Issues
    • Revisiting the Shocking Aspects of Asian Monetary Unification
    • Currency Appreciation and Current Account Adjustment
    • Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?
    • Macroeconomic Volatility, Debt Dynamics, and Sovereign Interest Rate Spreads
    • External Shocks, Transmission Mechanisms and Deflation in Asia
    • Foreign versus domestic factors as source of macroeconomic fluctuations in Hong Kong
    • Inflation in Hong Kong, SAR - In Search of a Transmission Mechanism
    • Monetary Policy in East Asia (and Elsewhere): Does Targeting Inflation Require 'Inflation Targeting'?
    • Inflation Targeting - The Holy Grail of Monetary Policy?

    Dr Genberg is Professor of International Economics at the Graduate Institute of International Studies in Geneva, Switzerland. Since January 1999 he has also been Head of Executive Education at FAME (Financial Asset Management and Engineering) international centre in Geneva.

    A Swedish national, Dr Genberg received his Studentexamen (High School Diploma) in Sweden before pursuing university studies in the United States and obtaining a BA degree in Mathematics from Macalester College as well as MA and PhD degrees in Economics from the University of Chicago. In 1974 he was appointed Charge de Cours at the Graduate Institute of International Studies where he was subsequently promoted to full Professor in 1979.

    Dr Genberg has taught as a visiting professor at the Graduate School of Business of the University of Chicago, and at the Ecole des HEC at the University of Lausanne. He has also held visiting appointments at the International Monetary Fund and the World Bank and carried out consulting assignments for international organisations as well as national governments.

    His teaching and research deals primarily with international finance, monetary and macroeconomics.

    In August 2010 Mr. Genberg joined the Independent Evaluation Office of the International Monetary Fund as an Assistant Director. Before joining the IMF he was a Visiting Advisor for one year at the Representative office for Asia and the Pacific of the Bank for International Settlements after having been Executive Director, Research at the Hong Kong Monetary Authority and Director of the Hong Kong Institute for Monetary Research since February 2005. Before joining the HKMA he was Professor of international economics at the Graduate Institute of International Studies in Geneva, Switzerland. He was also Head of Executive Education at FAME (The International Center for Financial Asset Management and Engineering) in Geneva. A Swedish national, Mr. Genberg holds a Ph.D. degree in Economics from the University of Chicago.

    Mr. Genberg has written widely on issues dealing with international finance, monetary economics and macroeconomics. His publications include Asset Prices and Central Bank Policy and Official Reserves and Currency Management in Asia: Myth, reality and the Future as well as articles in major professional journals such as Econometrica, the Journal of Monetary Economics, the Journal of International Economics.

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    Elena BRANSON (Research Fellow)

    Moscow State University
    (May - June 2003; August - November 2002)

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    Elena BRANSON (Research Fellow)

    Moscow State University
    (May - June 2003; August - November 2002)
    Research Topic:
    • 2003: Threshold Autoregression Model Estimation and Crises in South-east and East Asia
    Working Papers:
    • Application of a Modified TAR Model to CIP deviations in Asian Data
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    William BRANSON (Research Fellow)

    Princeton University
    (May - June 2003; August - November 2002)

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    William BRANSON (Research Fellow)

    Princeton University
    (May - June 2003; August - November 2002)
    Research Topic:
    • 2003: Exchange Rate and Monetary Arrangements in South-east and East Asia
    Working Papers:
    • Monetary and Exchange Rate Policy Coordination in ASEAN+1

    The author of Macroeconomic Theory and Policy and of numerous articles in professional journals, his primary fields of interest are international economics and economic development. He has served on the senior staff of the Council of Economic Advisers, as deputy director of OECD Project Interfutures, and as a consultant at the International Monetary Fund and the World Bank, and has taught as visiting professor at several European universities. Ph.D. Massachusetts Institute of Technology.

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    Joanne CUTLER (Research Fellow)

    (October 2002 - February 2003)

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    Joanne CUTLER (Research Fellow)

    (October 2002 - February 2003)
    Research Topic:
    • 2002 - 2003: The relationship between consumption, wealth and credit in Hong Kong
    Working Papers:
    • The Relationship between Consumption, Income and Wealth in Hong Kong

    Joanne Cutler completed a BSc (LSE, London) in 1987 and an MSc (Birkbeck College, London) in 1994. She is currently on a career break from the Bank of England where she worked as a research adviser in the Monetary Policy Unit. Recent publications include modelling UK labour market participation; estimating UK core inflation; and prospects for the UK housing market.

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    Fuchun JIN (Research Fellow)

    China Center for Economic Research
    Peking University
    (December 2002 - February 2003; July - September 2002; January - May 2001)

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    Fuchun JIN (Research Fellow)

    China Center for Economic Research
    Peking University
    (December 2002 - February 2003; July - September 2002; January - May 2001)
    Research Topic:
    • 2002 - 2003: Macroeconomic Interdependence among Hong Kong, Mainland China and the US: Capital Flow, Property and Stock Market, and Outward Processing
    Working Papers:
    • A Model to Analyze the Macroeconomic Interdependence of Hong Kong with China and the United States

    Fuchun Jin obtained his BSc (1984) in Mathematics from the University of Science and Technology of China (Hefei), and his MA (1987) as well as PhD (1993) in Economics from Ohio State University in the US. He was assistant professor of Economics at Colgate University in the US from 1993 to 1999. He joined the faculty of Peking University in 1999 and is currently associate professor of economics at the China Center for Economic Research at the Peking University. Dr Jin had been a visiting professor to the department of general economics and CentER of Tilburg University in the Netherlands in 1999. His research interests are macroeconomics and international monetary economics.

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    Chung-hua SHEN (Research Fellow)

    National Taiwan University
    (Aug 2013 ; Dec 2002 - Feb 2003)

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    Chung-hua SHEN (Research Fellow)

    National Taiwan University
    (Aug 2013 ; Dec 2002 - Feb 2003)
    Research Topic:
    • 2013: Can Liquidity Creation Predict Distressed Banks?
    • 2002 - 2003: Prediction of Bank Failures Using Macro and Micro Data
    Working Papers:
    • Performance Analysis of Liquidity Indicators as Early Warning Signals
    Personal website: http://newweb.management.ntu.edu.tw/english/fin/teacher_detail.php?menu1=02&menu2=&tid=53#B
    Email: [email protected]
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    Laurence BALL (Research Fellow)

    John Hopkins University
    (July, January 2002; July - August 2001)

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    Laurence BALL (Research Fellow)

    John Hopkins University
    (July, January 2002; July - August 2001)
    Research Topic:
    • 2002: Liquidity traps and money-financed fiscal expansions
    Working Papers:
    • The Fed and the New Economy

    Laurence Ball is Professor of Economics at Johns Hopkins University, where he was appointed in 1994. He previously taught at Princeton and New York Universities, and received his PhD from MIT in 1986. Professor Ball has been a Houblon-Norman Fellow at the Bank of England, a Professorial Fellow in Monetary Economics at the Reserve Bank of New Zealand and Victoria University, and a Visiting Scholar at a number of other central banks. His primary research interests are inflation and monetary policy.

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    Mark CROSBY (Research Fellow)

    University of Melbourne
    (January - February 2002; January - February 2001; January - February 2000)

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    Mark CROSBY (Research Fellow)

    University of Melbourne
    (January - February 2002; January - February 2001; January - February 2000)
    Research Topic:
    • 2002: Explaining Output Correlations in Asia
    Working Papers:
    • Business Cycle Correlations in Asia-Pacific
    • Growth and the Real Exchange Rate - Evidence from Eleven Countries
    • Persistence of Output Fluctuations under Alternative Exchange Rate Regimes
    • Exchange Rate Volatility and Macroeconomic Performance in Hong Kong

    Dr Mark Crosby gained his PhD at Queen's University in 1994 with a specialisation in Monetary Economics and Public Finance and is currently Senior Lecturer at University of Melbourne. From 1993 Dr. Crosby lectured at The University of New South Wales, including graduate-level courses in Macroeconomics and Theory and Monetary Economics at the undergraduate level. He was appointed to a lecturer position at the University of Melbourne in February 1998 and promoted to a senior lecturer position in January 2000.

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    Paul De GRAUWE (Research Fellow)

    University of Leuven
    (September 2002)

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    Paul De GRAUWE (Research Fellow)

    University of Leuven
    (September 2002)
    Research Topic:
    • 2002: The scope of foreign exchange market interventions in non-linear models of the exchange rate
    Working Papers:
    • Intervention in the Foreign Exchange Market in a Model with Noise Traders
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    Harris DELLAS (Research Fellow)

    University of Bern
    (February, September - October 2002)

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    Harris DELLAS (Research Fellow)

    University of Bern
    (February, September - October 2002)
    Research Topic:
    • 2002: Monetary Policy in an Open Economy Under Imperfect Information
    Working Papers:
    • The Global Implications of Regional Exchange Rate Regimes
    • Monetary Policy in Open Economies under Imperfect Information

    Harris Dellas received his Ph.D from the University of Rochester in 1985. He is Professor of Economics and Director of the Institute of Political Economy at the University of Bern, Switzerland. He has previously been on the faculty of the Catholic University of Louvain, the University of Bonn, the University of Maryland and Vanderbilt University. He has also held a number of visiting positions at various European and US universities as well as at several central banks and the IMF. His current research focuses on international monetary arrangements, financial markets and monetary policy.

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    O'lan HENRY (Research Fellow)

    University of Melbourne
    (October - December 2002)

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    O'lan HENRY (Research Fellow)

    University of Melbourne
    (October - December 2002)
    Research Topic:
    • 2002: The impact of short selling on the price-volume relationship in the context of Hong Kong
    Working Papers:
    • The Impact of Short Selling on the Price-Volume Relationship: Evidence from Hong Kong

    O'lan Henry completed his PhD at the University of Reading in 1995. He joined the University of Melbourne as a lecturer in the Department of Economics in July 1995. O'lan is now a senior lecturer in the Department. His research interests are in Empirical Macro and Financial Economics.

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    Boris HOFMANN (Research Fellow)

    University of Bonn
    (September - November 2002)

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    Boris HOFMANN (Research Fellow)

    University of Bonn
    (September - November 2002)
    Research Topic:
    • 2002: The asset prices, financial fragility and deflation: what's is the nexus?
    Working Papers:
    • Bank Lending and Property Prices: Some International Evidence
    • Deflation, Credit and Asset Prices
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    Anne SIBERT (Research Fellow)

    University of London
    (May - June 2002)

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    Anne SIBERT (Research Fellow)

    University of London
    (May - June 2002)
    Research Topic:
    • 2002: Credibility and Flexibility with Monetary Policy Committees
    Working Papers:
    • Credibility and Flexibility with Monetary Policy Committees
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    Lars SVENSSON (Research Fellow)

    Princeton University
    (December 2002)

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    Lars SVENSSON (Research Fellow)

    Princeton University
    (December 2002)
    Research Topic:
    • 2002: Extensions of the Foolproff Way to Escape from a Liquidity Trap
    Working Papers:
    • The Magic of the Exchange Rate: Optimal Escape from a Liquidity Trap in Small and Large Open Economies

    Lars E.O. Svensson is Professor of Economics at Princeton University since the fall of 2001. He has been Professor of International Economics at the Institute for International Economic Studies, Stockholm University, since 1984.He has published extensively in scholarly journals on monetary economics and monetary policy, exchange-rate theory and policy, and general international macroeconomics.He has lectured and visited at universities, central banks and international organizations in many countries.

    He is a member of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences, a member of the Royal Swedish Academy of Sciences, a member of Academia Europae, a foreign member of the Finnish Academy of Science and Letters, a foreign honorary member of the American Academy of Arts and Sciences, a fellow of the Econometric Society, a research associate of the National Bureau of Economic Research, and a research fellow of the Centre for Economic Policy Research, London.

    He is active as advisor to Sveriges Riksbank (the central bank of Sweden) and a member of the Economic Advisory Panel of the Federal Reserve Bank of New York. He regularly consults for international, U.S. and Swedish agencies and organizations. In 2000-2001 he undertook a review of monetary policy in New Zealand, commissioned by the New Zealand government. Recently he has chaired a committee reviewing monetary policy in Norway.

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    Jianjun WEI (Research Fellow)

    Indiana University
    (June - August 2002)

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    Jianjun WEI (Research Fellow)

    Indiana University
    (June - August 2002)
    Research Topic:
    • 2002: Monetary Policy and Financial Regulations in Hong Kong