SERVING THE PUBLIC,

ENGAGING STAKEHOLDERS

WORKING WITH INDUSTRY
PARTNERSHIP WITH ACADEMIA

Since 2009, MAS has sponsored a Term Professorship in Economics and Finance at the National University of Singapore (NUS). The professorship programme seeks to enhance Singapore's financial and economic research infrastructure and contribute to a vibrant research community and culture at local universities. In 2013, Professors Benjamin Friedman (Harvard University), Darrell Duffie (Graduate School of Business, Stanford University) and Douglas Diamond (Booth School of Business, University of Chicago) were appointed Term Professors. They interacted with faculty and students at the NUS and shared their insights on global economic and regulatory developments with senior management at MAS. In addition, they delivered public lectures on issues of relevance to public policy.

Over the programme's five-year span, the Term Professorship in Economics and Finance has successfully facilitated the exchange of research ideas and interests in applied economics and finance in Singapore. In March 2014, MAS reaffirmed its commitment to sponsor the professorship in Economics and Finance at the NUS for another five years, commencing 1 April 2014.

During the year, MAS also hosted other academics and former senior policymakers under its Eminent Visitor Programme. In addition to meeting with MAS' senior management, Eminent Visitors usually conduct in-house seminars, lectures and discussion sessions with MAS staff. In August 2013, MAS welcomed Mr Masaaki Shirakawa, 30th Governor of the Bank of Japan, who shared his insights and experience on central banking. In addition, MAS hosted Professor Andrew Rose (University of California, Berkeley) in June and Professor Philip Lane (Trinity College Dublin) in November. Their lectures were beneficial in updating economists from MAS and the rest of the government, as well as others from the financial industry and academia, on the latest developments in research on international economics and finance.

Separately, MAS also consulted with local academics, such as Professor Ilian Mihov (INSEAD) and Associate Professor Martin Bodenstein (NUS). Professor Mihov completed a study formalising Singapore's exchange rate-centred monetary policy framework in the New Keynesian framework, while Associate Professor Bodenstein worked with MAS to estimate a New Keynesian Philips Curve for Singapore.

MAS invited some of the Term Professors and Eminent Visitors to contribute articles to MAS' Macroeconomic Review. MAS also began the process of inviting local academics to contribute an article in each issue of the Review, on an applied topic of relevance to policymakers in Singapore.