• Box 5: Inaugural Asian Monetary Policy Forum


Since 2009, MAS has sponsored a Term Professorship in Economics and Finance at the National University of Singapore (NUS). In 2014, Professors John Taylor (Stanford University) and Ronald Masulis (University of New South Wales) were appointed Term Professors. Aside from interacting with faculty and students at the NUS, they also shared their insights on monetary policy, the US economy and corporate governance with MAS.

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 2014/15, MAS welcomed a number of eminent former central bankers: Mr Masaaki Shirakawa (30th Governor of the Bank of Japan), Dr Duvuuri Subbarao (22nd Governor of the Reserve Bank of India), and Dr Donald Kohn (former Vice-Chair of the Board of Governors of the US Federal Reserve System). They shared their insights and experiences on various aspects of central banking, including monetary and macroprudential policies. MAS also hosted Professors Charles Engel (University of Wisconsin-Madison) and Michael Spence (Nobel Laureate, New York University) in May 2014. Their lectures were beneficial in updating economists from MAS and the rest of the public sector on the latest research on the global economy and exchange rates.

MAS also invited some of the Term Professors and Eminent Visitors to contribute articles to MAS' Macroeconomic Review. In 2014, Professor Philip Lane (Trinity College Dublin) wrote about international capital flows while Professor John Taylor gave his views on how the US should re-normalise its monetary policy settings. Local academics were also invited to contribute articles to the Review. Associate Professor Davin Chor (NUS) and Professor Hoon Hian Teck (Singapore Management University) contributed articles, respectively, on Singapore's position in global supply chains and the Government's use of wage subsidies to facilitate macroeconomic adjustments.

In 2014, MAS expanded its collaboration with academics from the local universities through the MAS Macroeconomic Modelling Workshop. This workshop allowed the Economic Policy Group at MAS to share its suite of macroeconomic models for the first time with researchers in academia and industry, and provided an important platform for further meaningful collaboration. Documentation on the models themselves was also released on the MAS website.