Media Releases
Published Date: 26 May 2022

9th Asian Monetary Policy Forum to Address the Conduct of Monetary Policy in the Current Challenging Environment

Singapore, 26 May 2022…The 9th Asian Monetary Policy Forum (AMPF) will take place in Singapore today and tomorrow, bringing together leading policymakers and academics to focus on issues confronting the conduct of monetary policy in today’s complex environment. After two years of meeting virtually, the hosts are delighted to welcome many attendees in person, while the event’s hybrid format will continue to allow remote participation.

2   The Forum opening dinner, to be held today, will be addressed by Professor Viral Acharya, C.V. Starr Professor of Economics at the New York University and academic advisor to the Fed New York and Philadelphia. A renowned financial economist and seasoned policymaker as the Reserve Bank of India Deputy Governor from 2017-2019, Professor Archaya will discuss the normalisation of US monetary policy and the impact on emerging markets, providing his considered assessment on whether “this time is really different”.

3   The formal sessions tomorrow will open with an address by Dr Bo Li, Deputy Managing Director of the International Monetary Fund. Dr Li will will speak on the complex confluence of factors affecting monetary policy, emphasising the need for further deliberation and research on the links between monetary policy, asset prices and financial stability.

4   Eminent macro and financial economist, Professor Ricardo Reis (Arthur Williams Phillips Professor of Economics at the London School of Economics) will present a Commissioned Paper on the topic, "Has monetary policy cared too much about the wrong measure of r*?”.  Professor Andres Velasco, Dean of the School of Public Policy at the London School of Economics, and Professor Annette Vissing-Jorgensen, Senior Adviser at the Fed, will serve as discussants. 

5   A keynote speech will be delivered over luncheon by Professor Emi Nakamura, Chancellor’s Professor of Economics from the University of California, Berkely. Professor Nakamura will be discussing “Inflation, Monetary Policy and the Philips Curve”.

6   Following on, Professor Eric French, Montague Burton Professor of Industrial Relations and Labour Economics, University of Cambridge, and Professor John C. Haltiwanger, Distinguised University Professor and Dudley and Louisa Dullard Professor of Economics, University of Maryland, will deliberate on labour market policies and the potential for scarring after Covid-19.

7   The AMPF is an annual flagship event co-sponsored by the Asian Bureau of Financial and Economics Research (ABFER), the University of Chicago Booth School of Business, the National University of Singapore (NUS) Business School, and the Monetary Authority of Singapore (MAS). Since its inception in 2014, the AMPF has emerged as a valuable platform for eminent academics and participants to discuss the evolving monetary policy challenges confronting Asian policymakers, with the aim of raising the intellectual level of discourse still higher.

8   Professor Steven J. Davis, William H. Abbott Distinguished Service Professor of International Business and Economics at the University of Chicago Booth School of Business, remarked, “Chicago Booth is delighted to again support the Asian Monetary Policy Forum in partnership with NUS Business School, ABFER and MAS. This year’s event takes place against a backdrop of high inflation, high government debt, recurrent COVID outbreaks, war in Europe, and concerns around the long-term growth outlook. Faced with these challenging circumstances, we need inspired analyses that inform decision making by central banks and other policy makers. I am confident that this year’s forum, as in years past, will deliver a strong dose of the requisite analysis.”
 
9   Professor Bernard Yeung, President of ABFER, said, “This year's AMPF features globally renowned experts' penetrating insights on monetary policy during turbulent time and on labor market policies amid the pandemic, particularly from perspectives relevant to Asia.  We are extremely thankful to the experts for their commissioned work on these important topics. We are glad that we are able to hold face-to-face meetings, augmented with using virtual technology to connect with a larger audience. We anticipate a very exciting and stimulating conversation among the presenters, the live participants and the online audience.  ABFER is most grateful to Chicago Booth, MAS, and NUS Business School for their partnership and the team for making the hybrid arrangement possible.”

10   Professor Andrew K. Rose, Distinguished Professor and Dean, NUS Business School said, “In these turbulent times, the Asian Monetary Policy Forum continues to provide a valuable platform for dialogue between leading academics and policymakers, promoting a deeper understanding of how monetary policy can contribute to financial stability across Asia and around the world. NUS Business School is pleased to support this event and we are grateful for the close partnership with our co-organisers ABFER, Chicago Booth School of Business, and the MAS.” 

11   Mr. Edward S. Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, who will provide the introductory remarks to the Forum, said, “The confluence of factors bearing on the current macroeconomic and financial conjuncture calls for careful identification of the nature of the shocks, robust assessment of the appropriate policy response, and comprehensive analysis of factors impinging on the the sustainable growth path ahead. Together with Chicago Booth, ABFER and NUS, MAS is pleased to advance the policy research agenda into these issues through AMPF2022.”
 
12   More information on AMPF and conference details can be found at https://www.abfer.org/events/abfer-events/asian-monetary-policy-forum/290:ampf2022 .   

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About the ABFER

ABFER aims to create a virtual and independent network of high-quality academics akin to the National Bureau of Economic Research and Centre for Economic Policy Research, as well as hold conferences and workshops. Its objectives include:

  • To promote Asia-Pacific oriented financial and economic research at local, regional and international levels;
  • To connect globally prominent academic researchers, practitioners and public policy decision-makers on Asia-Pacific related financial and economic issues; and
  • To enhance the research capabilities and development of strong clusters of finance and economic research groups in academic institutions and other institutions in Singapore and Asia-Pacific.

For more information, please visit http://abfer.org .

About The University of Chicago Booth School of Business

Founded in 1898, The University of Chicago Booth School of Business is the second-oldest business school in the United States. With campuses in Chicago, London and Hong Kong, our mission is to create knowledge with enduring impact, and educate current and future leaders. The school is steadfast in its commitment to global engagement, leveraging the power of diverse perspectives to generate new ideas and create new opportunities for research and education. Chicago Booth has distinguished itself with nine Nobel laureates, and is proud to claim more than 54,000 alumni known throughout the business world as leaders who bring people together, solve problems, and drive meaningful change.

About NUS Business School

NUS Business School is known for providing management thought leadership from an Asian perspective, enabling its students and corporate partners to leverage global knowledge and Asian insights. The school has consistently received top rankings in the Asia-Pacific region by independent publications and agencies. 

The school is accredited by AACSB International (Association to Advance Collegiate Schools of Business) and EQUIS (European Quality Improvement System), and is a member of the GMAC Council, Executive MBA Council, Partnership in Management (PIM) and CEMS (Community of European Management Schools) – endorsements and affiliation with organisations of high repute in the education circle that attest to the school’s highest standards for business education. For more information, please visit http://bschool.nus.edu.sg .

About Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructures. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.For more information, please visit http://www.mas.gov.sg