Every year, MAS hosts distinguished academics and former senior policymakers under its Eminent Visitor Programme and through other platforms. As part of their engagement, these visitors meet with MAS' senior management, deliver lectures, and conduct in-house seminars and discussion sessions with MAS staff.

In FY 2015/16, MAS welcomed Professor Paul Romer (New York University) and Dr Claudio Borio (Bank for International Settlements). In their lectures, both visitors challenged the conventional frameworks used in macroeconomic analysis. Professor Romer argued that academic researchers have increasingly invoked mathematical concepts with no observable analogues in the real world, and that such "mathiness" was impeding the progress of macroeconomics as a science. Dr Borio's lecture explored how prevailing macroeconomic frameworks needed to be adjusted to account for the interactions between financial and business cycles. Professor Romer's lecture was moderated by Professor Lawrence Christiano (Northwestern University), who also served as MAS Term Professor in Economics and Finance in FY 2015/16 (see Box 7).

Prof Paul Romer (right) delivers his lecture, moderated by Prof Lawrence Christiano (left)

MAS, together with the NUS Business School and the University of Chicago's Booth School of Business, also invited Professors Barry Eichengreen (University of California at Berkeley) and Hélène Rey (London Business School) to participate in the 2015 Asian Monetary Policy Forum (see Box 8). Professor Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, and an eminent authority on economic history and international economics. Professor Rey is well-known for her work on financial imbalances and the international monetary system.

Following past practice, MAS invited the Eminent Visitors, Term Professors, and other academics to contribute articles to its Macroeconomic Review. In 2015, Dr Donald Kohn (Brookings Institution), former Vice-Chair of the Board of Governors of the US Federal Reserve System, wrote about the nexus between monetary and macroprudential policies. Professor Ichiro Sugimoto (Soka University of Japan) presented newly constructed estimates of Singapore's GDP and its components for the period 1900-60 in a Special Feature for the Review, and analysed the broad trends in the colonial economic data. Professor Anthony Tay (SMU) also contributed an article on density forecasting in macroeconomics.