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cellspacing=0 cellpadding=0 width=625 style='width:468.75pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'><!--<div id="topstuff" style="text-align:center"> -->Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=EASE14">here</a>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>25th Annual </span></b><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>East Asian Seminar on Economics</span></b><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br> </span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt'>Unconventional Monetary Policy</span></i><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span class=SpellE><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Takatoshi</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'> Ito and Andrew Rose, Organizers<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>June 20-21, 2014<br> Tokyo, Japan<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;color:black;mso-themecolor:text1;mso-fareast-language: JA'>Local Sponsors:<span style='mso-spacerun:yes'>  </span>Tokyo Center for Economic Research and Canon Institute for Global Studies</span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman";color:black; mso-themecolor:text1'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;color:black;mso-themecolor:text1;mso-fareast-language: JA'>Additional support from </span><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman";mso-fareast-language:JA'>Tsutomu Watanabe and <span class=SpellE>Kosuke</span> Aoki, Center for Advanced Research in Finance, University of Tokyo</span><span style='font-size:11.0pt;color:black; mso-themecolor:text1;mso-fareast-language:JA'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:8'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> <b style='mso-bidi-font-weight:normal'><u>Program</u></b><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><a href="partlist.pdf">Participant List</a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'></td> </tr> </table> <table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 style='margin-left:-5.4pt;border-collapse:collapse;border:none;mso-yfti-tbllook: 1184;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-border-insideh:none;mso-border-insidev: none'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=744 colspan=2 valign=top style='width:7.75in;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><u><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Friday, June 20:<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></u><span style='font-size:11.0pt;mso-fareast-language:IT'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Breakfast at <span class=SpellE>Marunouchi</span> Hotel<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-language:IT'>Venue Day 1<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>Canon Institute for Global Studies</span></b><span style='font-size:11.0pt'><br> 11th Floor, <span class=SpellE>ShinMarunouchi</span> Building<br> 5-1 <span class=SpellE>Marunouchi</span> 1-chome, Chiyoda-<span class=SpellE>ku</span><br> Tokyo 100-6511<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>9:00 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "MS Gothic";color:black;mso-themecolor:text1'>Welcome Remarks and Speech:<br> Toshihiko Fukui, President of CIGS and Former Governor of the Bank of Japan</span><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic";mso-fareast-language: JA'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>9:15 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt; mso-fareast-font-family:"MS Gothic";mso-fareast-language:JA'>Takatoshi</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic";mso-fareast-language: JA'> Ito, National Graduate Institute for Policy Studies and NBER<br> <i style='mso-bidi-font-style:normal'><a href="Ito.pdf">We Are All QE-<span class=SpellE>sians</span> Now</a><br> </i></span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'><br> Discussants:</span></i><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><span style='mso-spacerun:yes'>  </span><br> Mark Spiegel, Federal Reserve Bank of San Francisco<br> Kazuo Ueda, University of Tokyo<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>10:15 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Break<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>10:30 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Lars <span class=SpellE>Svensson</span>, Stockholm School of Economics and NBER<br> </span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt'><a href="Svensson.pdf">Inflation Targeting and Leaning Against the Wind: A Case Study</a><br> <br> </span></i><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Discussants:</span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><span style='mso-spacerun:yes'>  </span><br> <span class=SpellE>Ippei</span> Fujiwara, Keio University</span><span style='font-size:11.0pt'><br> <span class=SpellE>Chalongphob</span> <span class=SpellE>Sussangkarn</span>, TDRI<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>11:30 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;background:white'>Anna <span class=SpellE>Cieslak</span>, Northwestern University<br> Adair Morse, </span><span style='font-size:11.0pt'>University of California at Berkeley and NBER<br> Annette <span class=SpellE>Vissing</span>-Jorgensen, University of California at Berkeley and NBER<br> <i style='mso-bidi-font-style:normal'><a href="Cieslak_Morse_Vissing-Jorgensen.pdf">Stock Returns over the FOMC Cycle</a><br> <br> </i></span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Discussants:</span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><span style='mso-spacerun:yes'>  </span><br> </span><span class=SpellE><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman";mso-fareast-language:JA'>Kosuke</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman";mso-fareast-language: JA'> Aoki, University of Tokyo</span><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'><br> Lars <span class=SpellE>Svensson</span>, Stockholm School of Economics and NBER<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>12:30 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Lunch<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>2:00 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>John Fernald, Federal Reserve Bank of San Francisco<br> Mark Spiegel, Federal Reserve Bank of San Francisco<br> Eric Swanson, Federal Reserve Bank of San Francisco<br> </span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-language:JA'><a href="Fernald_Spiegel_Swanson.pdf">Monetary Policy Effectiveness in China: Evidence from a FAVAR Model</a><br> <br> </span></i><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Discussants</span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>: <br> </span><span class=SpellE><span style='font-size:11.0pt'>Ryuzo</span></span><span style='font-size:11.0pt'> <span class=SpellE>Miyao</span>, Bank of Japan<i style='mso-bidi-font-style:normal'><br> </i></span><span style='font-size:11.0pt;mso-fareast-language:JA'>Yosuke Takeda, Sophia University<i style='mso-bidi-font-style:normal'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></i></span><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman";mso-fareast-language: JA'>Break<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>3:30 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span class=SpellE><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Woon</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'> <span class=SpellE>Gyu</span> Choi, Bank of Korea<br> <span class=SpellE>Taesu</span> Kang, Bank of Korea<br> <span class=SpellE>Byongju</span> Lee, Bank of Korea<br> <span class=SpellE>Geun</span>-Young Kim, Bank of Korea<br> </span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:Batang;mso-bidi-font-weight:bold'><a href="Choi_Lee_Kang_Kim.pdf">U.S. Monetary Policy Normalization and EME Policy<span style='mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font: minor-fareast;mso-bidi-font-weight:normal'> </span>Mix from a Global Liquidity Perspective</a><br> <br> </span></i><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Discussants</span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>:<br> Felipe <span class=SpellE>Medalla</span>, </span><span class=SpellE><span style='font-size:11.0pt'>Bangko</span></span><span style='font-size:11.0pt'> <span class=SpellE>Sentral</span> ng <span class=SpellE>Pilipinas</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> Perry <span class=SpellE>Warjiyo</span>, Deputy Governor, Bank of Indonesia<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>4:30 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "MS Gothic";mso-fareast-language:JA'>Randall <span class=SpellE>Morck</span>, </span><span style='font-size:11.0pt'>University of Alberta and NBER</span><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic";mso-fareast-language: JA'><br> M. <span class=SpellE>Deniz</span> <span class=SpellE>Yavuz</span>, Purdue University<br> Bernard Yeung, National University of Singapore<i style='mso-bidi-font-style: normal'><br> <a href="Morck_Yavuz_Yeung.pdf">State-Controlled Banks and the Effectiveness of Monetary Policy</a><br> <br> </i></span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Discussants:<br> </span></i><span class=SpellE><em><span style='font-size:11.0pt;font-style: normal;mso-bidi-font-style:italic'>Etsuro</span></em></span><em><span style='font-size:11.0pt;font-style:normal;mso-bidi-font-style:italic'> <span class=SpellE>Shioji</span></span></em><em><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:major-fareast; font-style:normal;mso-bidi-font-style:italic'>,</span></em><span class=st><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt'> </span></i></span><span class=SpellE><span class=st><span style='font-size:11.0pt'>Hitotsubashi</span></span></span><span class=st><span style='font-size:11.0pt'> University</span></span><span style='font-size:11.0pt'><br> <span class=SpellE>Chalongphob</span> <span class=SpellE>Sussangkarn</span>, TDRI</span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic";mso-fareast-language: JA'>Adjourn<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>6:15 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Dinner <br> Club Kanto<br> 19F, Tokyo <span class=SpellE>Ginko</span> <span class=SpellE>Kyokai</span> Building<br> </span><span style='font-size:11.0pt'>1-3-1, <span class=SpellE>Marunouchi</span> 1-chome,Chiyoda-ku<br> Tokyo 100-0005</span><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br> <br> Welcome Remarks:<br> </span><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic"; mso-fareast-language:JA'>Toshihiko Fukui, </span><span style='font-size:11.0pt; mso-fareast-font-family:"MS Gothic";color:black;mso-themecolor:text1'>President of CIGS and Former Governor of the Bank of Japan</span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><u><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Saturday, June 21:<br> </span></u><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> <br> <br> Venue Day 2<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br> <br> Breakfast at <span class=SpellE>Marunouchi</span> Hotel<br> <br> </span><span class=SpellE><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt'>Fukuracia</span></b></span><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt'> Tokyo Station</span></b><span style='font-size:11.0pt'><br> 2-6-1, <span class=SpellE>Otemachi</span>, Chiyoda-<span class=SpellE>ku</span><br> </span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Tokyo 100-0004<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>9:00 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt'>Gu</span></span><span style='font-size:11.0pt'> Jin, Hong Kong University of Science and Technology<br> Tao Zhu, Hong Kong University of Science and Technology<br> <i style='mso-bidi-font-style:normal'><a href="Jin_Zhu.pdf">Non Neutrality of Money in Dispersion: Hume Revisited</a></i></span><i style='mso-bidi-font-style: normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> <br> Discussants:<br> </span></i><span class=SpellE><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Akinari</span></span><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'> Horii, CIGS<br> Felipe <span class=SpellE>Medalla</span>, </span><span class=SpellE><span style='font-size:11.0pt'>Bangko</span></span><span style='font-size:11.0pt'> <span class=SpellE>Sentral</span> ng <span class=SpellE>Pilipinas</span></span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></i><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>10:00 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Break<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>10:30 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Leo <span class=SpellE>Krippner</span>, Reserve Bank of New Zealand and CAMA<br> <i style='mso-bidi-font-style:normal'><a href="Krippner.pdf">Measuring the Stance of Monetary Policy in Conventional and Unconventional Environments</a></i></span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt;mso-fareast-font-family: Batang;mso-bidi-font-weight:bold'><br> </span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> <i style='mso-bidi-font-style:normal'>Discussants:<br> </i>Martin <span class=SpellE>Berka</span>, University of Auckland<span style='mso-spacerun:yes'>   </span><a href="Berka_EASE2014_discussion_Krippner.pdf">SLIDES</a><br> Kozo Ueda, <span class=SpellE>Waseda</span> University<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>11:30 am<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-bidi-font-weight:bold'>Chung-Shu Wu, Chung-Hua Institution for Economic Research<br> </span><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic"; mso-fareast-language:JA'>Jin-Lung Lin<i style='mso-bidi-font-style:normal'>, </i></span><span style='font-size:11.0pt;mso-bidi-font-weight:bold'>National Dong-<span class=SpellE>Hwa</span> University<br> Chun-<span class=SpellE>Neng</span> Peng, Chung-Hua Institution for Economic Research<br> Hsiang-Yu Chin, National <span class=SpellE>Chengchi</span> University</span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt;mso-fareast-font-family: "MS Gothic";mso-fareast-language:JA'><br> </span></i><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-language:JA'><a href="Wu_Lin__Peng_Chin.pdf">Capital Flows and Unconventional Monetary Policy</a></span></i><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic";mso-fareast-language: JA'><br> </span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> <i style='mso-bidi-font-style:normal'>Discussants</i>:<br> <span class=SpellE>Dongchul</span> Cho, Korea Development Institute<br> Kazuo Ueda, University of Tokyo<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>12:30 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Lunch<br> <br> <strong><span style='font-weight:normal;mso-bidi-font-weight:bold'>Keynote Speaker</span></strong>:<span style='mso-spacerun:yes'>  </span></span><span style='font-size:11.0pt;mso-fareast-language:JA'>Haruhiko Kuroda, Governor, the Bank of Japan</span><span style='font-size:11.0pt'><br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>2:00 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Manuel <span class=SpellE>Bertoloto</span>, <span class=SpellE>PriceStats</span><br> Alberto <span class=SpellE>Cavallo</span>, MIT and NBER<br> Roberto <span class=SpellE>Rigobon</span>, MIT and NBER<br> <i style='mso-bidi-font-style:normal'><a href="Bertoloto_Cavallo_Rigobon.pdf">Using Online Prices to Anticipate Official CPI Inflation</a><br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></i><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>2:30 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman";mso-fareast-language:JA'>Kota Watanabe, Meiji University<br> Tsutomu Watanabe, University of Tokyo<br> </span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt; mso-fareast-font-family:"MS Gothic";mso-fareast-language:JA'><a href="Watanabe_Watanabe.pdf">Estimating Daily Inflation Using Scanner Data: A Progress Report</a></span></i><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font: major-fareast'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></i><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><u><span style='font-size:11.0pt'>Panel Discussion on Daily CPI and Real Time Monitoring by the Central Bank</span></u><span style='font-size:11.0pt'><br> <span class=SpellE>Takatoshi</span> Ito (Moderator)<br> <br> Roberto <span class=SpellE>Rigobon</span>, </span><span style='font-size: 11.0pt;mso-fareast-font-family:"Times New Roman"'>MIT and NBER</span><span style='font-size:11.0pt'><br> Tsutomu Watanabe, University of Tokyo<br> <span class=SpellE>Naohito</span> Abe, <span class=SpellE>Hitotsubashi</span> University<br> </span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Masahiro Higo, Bank of Japan<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>3:45 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Break<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:25'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>4:15 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Ippei</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'> Fujiwara, Keio University<br> Yoshiyuki <span class=SpellE>Nakazono</span>, Yokohama City University</span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt'><br> </span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Kozo Ueda, <span class=SpellE>Waseda</span> University</span><i style='mso-bidi-font-style: normal'><span style='font-size:11.0pt'><br> </span></i><span style='font-size:11.0pt'><a href="https://sites.google.com/site/yoshiyukinakazono/manuscript0518.pdf"><i>Policy Regime Change against Chronic Deflation? Policy Option under a Long-Term Liquidity Trap </i></a></span><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br> <br> <i style='mso-bidi-font-style:normal'>Discussants</i>:<br> Martin <span class=SpellE>Berka</span>, University of Auckland<span style='mso-spacerun:yes'>  </span><a href="Berka_EASE2014_discussion_Fujiwara.pdf">SLIDES</a><br> </span><span class=SpellE><span style='font-size:11.0pt;mso-fareast-font-family: "MS Gothic";mso-fareast-language:JA'>Takatoshi</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"MS Gothic";mso-fareast-language: JA'> Ito, National Graduate Institute for Policy Studies and NBER</span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:26'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>5:15 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Adjourn<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:27'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Buffet Party <u><o:p></o:p></u></span></p> </td> </tr> <tr style='mso-yfti-irow:28'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span class=SpellE><span style='font-size:11.0pt'>Fukuracia</span></span><span style='font-size:11.0pt'> Tokyo Station<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:29'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> <tr style='mso-yfti-irow:30'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> <tr style='mso-yfti-irow:31'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> <tr style='mso-yfti-irow:32'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> <tr style='mso-yfti-irow:33'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> <tr style='mso-yfti-irow:34'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> <tr style='mso-yfti-irow:35'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> <tr style='mso-yfti-irow:36'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:37;mso-yfti-lastrow:yes'> <td width=135 valign=top style='width:101.55pt;padding:0in 5.4pt 0in 5.4pt'></td> <td width=609 valign=top style='width:456.45pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> </table> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='margin-left:-5.4pt;border-collapse:collapse;mso-yfti-tbllook:1184; mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=751 valign=top style='width:563.4pt;border:none;border-top:solid windowtext 1.0pt; mso-border-top-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span lang=FR style='font-size:11.0pt;mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-ansi-language:FR'><br> Standing Co-Organizer Institutions:<br> <br> National Bureau of <span class=SpellE>Economic</span> <span class=SpellE>Research</span>, Inc<span class=GramE>.</span><br> Tokyo Center for <span class=SpellE>Economic</span> <span class=SpellE>Research</span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=751 valign=top style='width:563.4pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span class=SpellE><span lang=FR style='font-size:11.0pt; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin; mso-ansi-language:FR'>Australian</span></span><span lang=FR style='font-size: 11.0pt;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin; mso-ansi-language:FR'> National <span class=SpellE>University</span></span><span lang=FR style='font-size:11.0pt;mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin;mso-ansi-language:FR;mso-fareast-language:IT'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=751 valign=top style='width:563.4pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span lang=FR style='font-size:11.0pt;mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-ansi-language:FR'>China Center for <span class=SpellE>Economic</span> <span class=SpellE>Research</span></span><span lang=FR style='font-size:11.0pt;mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin;mso-ansi-language:FR;mso-fareast-language:IT'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=751 valign=top style='width:563.4pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span lang=FR style='font-size:11.0pt;mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-ansi-language:FR'>Chung-Hua Institution for <span class=SpellE>Economic</span> <span class=SpellE>Research</span></span><span lang=FR style='font-size:11.0pt;mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin;mso-ansi-language:FR;mso-fareast-language:IT'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=751 valign=top style='width:563.4pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span lang=FR style='font-size:11.0pt;mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-ansi-language:FR'>Hong Kong <span class=SpellE>University</span> of Science and <span class=SpellE>Technology</span></span><span lang=FR style='font-size:11.0pt;mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin;mso-ansi-language:FR;mso-fareast-language:IT'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=751 valign=top style='width:563.4pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span class=SpellE><span lang=FR style='font-size:11.0pt; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin; mso-ansi-language:FR'>Korea</span></span><span lang=FR style='font-size:11.0pt; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin; mso-ansi-language:FR'> <span class=SpellE>Development</span> Institute</span><span lang=FR style='font-size:11.0pt;mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin;mso-ansi-language:FR;mso-fareast-language:IT'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=751 valign=top style='width:563.4pt;padding:0in 5.4pt 0in 5.4pt'> <p class=MsoNormal><span lang=FR style='font-size:11.0pt;mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-ansi-language:FR'>National <span class=SpellE>University</span> of Singapore<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span lang=FR style='font-size:11.0pt;mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-ansi-language:FR;mso-fareast-language: IT'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7;mso-yfti-lastrow:yes'> <td width=751 valign=top style='width:563.4pt;border:none;border-bottom:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt'></td> </tr> </table> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> 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