CFA Society of Los Angeles


The Chinese Finance Association







Jointly Presents:


Do Credit Constraints Amplify Macroeconomic Fluctuations?


Friday, April 30th 2010, 12:00 pm – 1:30 pm


Speaker: Dr. Zheng Liu

Research Advisor, Federal Reserve Bank of San Francisco


Omni Hotel Los Angeles, 251 S. Olive Street, Los Angeles, CA 90012


Event Chairs:
Vera Lin, CFA/Chair of Asia Pacific Community of Interest
Yang Tian/The Chinese Finance Association



In his research paper: "Do Credit Constraints Amplify Macroeconomic Fluctuations?" Dr. Liu examines the relationship between credit constraints and macroeconomic fluctuations.


In this paper, Dr. Liu proposes a financial mechanism that amplifies small economic shocks and transforms these shocks into large business cycle fluctuations.


The model contains two key features that are relevant for the U.S. economy and may also be relevant to other countries such as China:


(1) productive agents are credit constrained, so their ability to finance investment and production is constrained by the value of collateral assets;


(2) shocks to asset demand (such as housing demand shocks) directly impact on the value of collateral assets and, through credit constraints, trigger a financial multiplier that amplifies     macroeconomic fluctuations.


Findings in his paper may also shed light on our understanding of some of the economic issues in China. 




Dr. Zheng Liu is currently a research advisor at Federal Reserve Bank of San Francisco.  Before joining the Fed, Dr. Liu was a tenured associated professor in Economics at Emory University.  He obtained a Ph.D. degree in Economics at the University of Minnesota.  Dr. Liu specializes in Macroeconomics and Monetary Economics and has published extensively in academic journals such as the American Economic Review and the Journal of Monetary Economics.  Dr. Liu’s recent research focuses on connections between financial friction and real sectors in the economy.


Along with other leading economists and finance professionals of Chinese descent in the U.S., Dr. Zheng Liu was a founding member of TCFA (The Chinese Finance Association) in 1994. In 1996, Dr. Liu co-organized the international conference “China: Towards a Modern Financial System” in Beijing, with attendees including ZHU Rongji (then-Premier), ZHOU Xiaochuan, DAI Xianglong, and LIU Mingkang (current and two previous Governors of the People’s Bank of China, respectively), among others.



Time:   Friday, April 30th 2010


11:30 am – 12:00 pm, Networking/Check-in

            12:00 pm – 12:30pm, Lunch

            12:30 pm – 1:30pm, Presentation (45 to 50 min. presentation followed by Q&A)


Location: Omni Hotel Los Angeles

      251 S. Olive Street, Angeles, CA 90012

                  Located at the California Plaza            



Parking:          $12.00 event parking at Omni Hotel

$ 8.00 at Joe’s Auto Parks (140 S. Olive St. Los Angeles, CA 90012)



CFALA Keynote Presentation:


Do Credit Constraints Amplify Macroeconomic Fluctuations?


CFALA Members / TCFA Members:

Pre-Registration: $20 per person ($25 at the door)



Pre-Registration: $38 per person



Registration Links:

CFALA Members:  $20.00 (Click Here)

Non-members: $38.00 (Click Here)

Or go to 

TCFA Members: $20.00 (Click here for website link and TCFA registration) 


By mail:  CFA Society of Los Angeles

   350 S. Grand Ave., Suite 1680, Los Angeles CA 90071


Reservations can also be made by U.S. mail.  Note: Our events sometimes fill to capacity, therefore, pre-registration is very helpful.  You can also register at  No refund of payment unless cancellation is received by CFA LA by Thursday, April 29 2010.  Walk-in registrants will be accommodated as space permits.

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