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Moderator:  Calla Wiemer (calla.wiemer@acaes.us)

Economics of the Pandemic, 2020 (Part III): Monetary Policy

 

Asia's response to the pandemic has rested largely on fiscal policy with monetary policy playing a facilitating role to varying degree. Fiscal policy is the subject of the second post in this series. The first post looks at factors influencing the impact of the pandemic on GDP growth, specifically, infection incidence, mobility loss due to transmission mitigation measures, and export decline.

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PAST Research Fair on Central Banking in the Time of the Pandemic

When:  13-14 July 2021, Philippine time (GMT+8)

Sponsor:  Central Bank of the Philippines

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Is It Tantrum Time Again?

   

In May 2013, Ben Bernanke, Chairman of the US Federal Reserve Bank, hinted at the possibility of the Fed reducing (“tapering”) its purchases of government bonds sooner than previously expected, leading to a reassessment of the likely path of US monetary tightening. Market turbulence and economic volatility in emerging market countries (EMs), including those in Asia, quickly followed. Capital inflows turned to outflows, leading interest rates to rise, asset prices to decline and—despite a run-down of foreign reserves—exchange rates to depreciate. This event came to be known as the Taper Tantrum.

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Abenomics: A Retrospective

With the August 28 announcement by Prime Minister Abe of his intention to step down from his position within weeks, his record in a number of areas will inevitably face scrutiny and evaluation. Here, I lay out, in brief, my views on his government’s macroeconomic policies, which quickly became known as Abenomics. Like most governments, his had both successes and missed opportunities. But Japan clearly has changed as a result of his economic policies. And the debate around Abenomics anticipated issues that remain highly relevant in the current global policy debate.

The context

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PAST Workshop on Monetary Policy, Banking and Finance, and Central Banking

When:  6 August 2020, 12:30-6:45pm Tokyo time (GMT+9)

Sponsors: Asian Development Bank Institute; Central Bank of Sri Lanka; Asia-Pacific Applied Economics Association

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