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| Thursday, June 6 | |
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Topic: Global Shocks and Policy Responses
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Co-organized by National Bureau of Economic Research, Bank for International Settlements, Hong Kong Institute for Monetary and Financial Research, Business School of the Hong Kong University of Science and Technology
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| 8:30 am |
Registration and Welcome Coffee
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| 9:10 am |
Welcoming Remarks: Darryl Chan, Deputy Chief Executive of the Hong Kong Monetary Authority
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| 9:15 am |
Session Chair: Takeo Hoshi, University of Tokyo
Keynote Speech: Global Financial Cycle Speaker: Helene Rey, London Business School and NBER |
| 10:15 am |
Coffee Break
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| 10:29 am |
Session 1: Firm Behaviours under Monetary Policy Shocks
Session Chair: Edwin Lai, Hong Kong University of Science and Technology |
| 10:30 am |
Asymmetric Exchange Rate Pass-through between Unexpected Yen Appreciation and Depreciation: The Case for Japanese Machinery Exports
Discussants:
Yiliang Li, University of International Business and Economics Kyuchul Jung, Korean Development Institute |
| 11:45 am |
Lunch
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| 1:00 pm |
Global Monetary Policy Shocks, Financial Frictions, and Export Prices
Discussants:
James Yetman, Bank for International Settlements Tianyu Wang, Tsinghua University |
| 2:15 pm |
Lumpy R&D and the Great Twins: Great Moderation and Great Recession
Discussants:
Chin-Wen Yang, Chung-Hua Institute for Economic Research Yao Amber Li, Hong Kong University of Science & Technology |
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Session 2: Supply Shocks: Macroeconomic Implications and Policy Responses
Session Chair: Ilhyock Shim, Bank for International Settlements |
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| 3:30 pm |
Coffee Break
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| 3:45 pm |
Energy Shocks as Keynesian Supply Shocks: Implications for Fiscal Policy
Discussants:
Juanyi (Jenny) Xu, Hong Kong University of Science & Technology Paul Luk, Hong Kong Monetary Authority |
| 5:00 pm |
The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Evidence and Theory
Discussants:
Enisse Kharroubi, Bank for International Settlements Ernest Liu, Princeton University and NBER |
| 6:15 pm |
Adjourn
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| 6:45 pm |
Dinner (upon invitation)
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| Friday, June 7 | |
| 9:00 am |
Welcome Coffee
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| 9:30 am |
Session Chair: Benjamin Faber, University of California, Berkeley and NBER
Keynote Speech: Global Trends and Challenges: Service-Led Growth, Inequality, and Environmental Sustainability Speaker: Fabrizio Zilibotti, Yale University and NBER |
| 10:30 am |
Coffee Break
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| 10:44 am |
Session 3: Economic Analysis of International Power and Pandemic Control
Session Chair: Jinill Kim, Korea University |
| 10:45 am |
International Power
Discussants:
David Cook, Hong Kong University of Science & Technology Robin Gong, Hong Kong University of Science & Technology |
| 12:00 pm |
Lunch
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| 1:30 pm |
Economic Analysis of COVID-19 Non-Pharmaceutical Interventions in the Context of World Trade
Discussants:
Kiyotaka Sato, Yokohama National University Zheng Michael Song, Chinese University of Hong Kong |
| 2:45 pm |
Coffee Break
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| 2:46 pm |
Session 4: Stability and Capital Flows in Global Financial Markets
Session Chair: Giorgio Valente, Hong Kong Institute for Monetary and Financial Research |
| 3:00 pm |
Credit Ratings in Sovereign Bond Markets
Discussants:
Dora Xia, Bank for International Settlements Jie (Jay) Cao, The Hong Kong Polytechnic University |
| 4:15 pm |
Coffee Break
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| 4:30 pm |
Global Volatility and Firm-Level Capital Flows
Discussants:
Ilhyock Shim, Bank for International Settlements Ippei Fujiwara, Keio University |
| 5:45 pm |
Closing Remarks
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| 6:30 pm |
Dinner (upon invitation)
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Local Contact: Ms. Selina Cheung (spscheung@hkma.gov.hk)
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This seminar is sponsored by the NBER, ADBI, BIS HK, CAMA (Australia), CCER, CIER (Taiwan), HKUST, KDI, Singapore NUS Business School, TCER and Tsinghua University.
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