Global Research Forum: International macroeconomics and finance

Welcome address

Luis de Guindos, Vice-President, European Central Bank

Session 1: Central banks and international bank funding

Chair: Livio Stracca, European Central Bank

Banking, trade and the making of a dominant currency

Gita Gopinath, International Monetary Fund and Jeremy Stein, Harvard University
Discussant: Cédric Tille, The Graduate Institute, Geneva

Financial crises, dollarization and lending of last resort in open economies

Guido Lorenzoni, Northwestern University and Luigi Bocola, Stanford University
Discussant: Tommaso Monacelli, Bocconi University

Central bank swap lines

Saleem Bahaj, Bank of England and Ricardo Reis, London School of Economics
Discussant: Fabiola Ravazzolo, Federal Reserve Bank of New York

Breakdown of covered interest parity: mystery or myth?

Alfred Wong and Jiayue Zhang, Hong Kong Monetary Authority
Discussant: Dagfinn Rime, BI Norwegian Business School

Lunch

Session 2: International capital flows and financial stability

Chair: Paola Donati, European Central Bank

A model of fickle capital flows and retrenchment

Ricardo Caballero and Alp Simsek, Massachusetts Institute of Technology
Discussant: Signe Krogstrup, International Monetary Fund

International spillovers and local credit cycles

Şebnem Kalemli-Özcan, University of Maryland, Yusuf Soner Baskaya, Central Bank of Turkey, Julian di Giovanni, Universitat Pompeu Fabra and Mehmet Fatih Ulu, Central Bank of Turkey
Discussant: Ozge Akinci, Federal Reserve Bank of New York

Coffee break

International coordination of macro-prudential and monetary policies

Enisse Kharroubi and Giovanni Lombardo, Bank for International Settlements
Discussant: Ester Faia, Goethe University, Frankfurt

Modeling your stress away

Friederike Niepmann and Viktors Stebunovs, Federal Reserve Board
Discussant: Christoffer Kok, European Central Bank

Reception

Dinner (by invitation only)

Session 3: Rethinking financial stability in domestic and international settings

Chair: Beth Anne Wilson, Federal Reserve Board

Keynote speech

Luc Laeven, European Central Bank

Rethinking financial stability

Sujit Kapadia, European Central Bank, David Aikman, Bank of England, Andrew Haldane, Bank of England and Marc Hinterschweiger, Bank of England
Discussant: Charles Goodhart, London School of Economics

Coffee break

Global financial cycles and risk premiums

Moritz Schularick, University of Bonn, Òscar Jordà, Federal Reserve Bank of San Francisco, Alan Taylor, University of California and Felix Ward, University of Bonn
Discussant: Mohammad Jahan-Parvar, Federal Reserve Board

The global financial cycle: structural drivers and transmission channels

Maurizio Habib, European Central Bank and Fabrizio Venditti, Banca d’Italia
Discussant: Anusha Chari, University of North Carolina

Lunch

Panel

Moderator: Benoît Cœuré, Member of the Executive Board, European Central Bank
Panellists: Vítor Constâncio, former Vice-President, European Central Bank, Linda Goldberg, Federal Reserve Bank of New York and Gian Maria Milesi-Ferretti, International Monetary Fund, Tara Rice (BlackRock) and Nicolas Véron (Bruegel and at Peterson Institute for International Economics)

Adjourn