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Conference Program
Thursday, November 13, 2014
12:00 p.m.
Registration and Informal Lunch, Dining Room E
12:45 p.m.
Welcoming Remarks
Janet L. Yellen, Chair, Federal Reserve Board
Session I - International Reserves and Capital Flows
Chair: Livio Stracca (European Central Bank)
1:15 p.m.
International Reserves and Rollover Risk
Javier Bianchi (University of Washington and NBER), Juan Carlos Hatchondo (Federal Reserve Bank of Richmond), and Leonardo Martinez* (International Monetary Fund)
Discussant: Illenin Kondo (Federal Reserve Board)
International Reserves Before and After the Global Crisis: Is there no End to Hoarding?
Joshua Aizenman (University of Southern California), Yin-Wong Cheung (City University of Hong Kong), Hiro Ito* (Portland State University)
Discussant: Arnaud Mehl (European Central Bank)
3:00 p.m.
Coffee Break
3:45 p.m.
The Safety Trap
Ricardo Caballero (Massachusetts Institute of Technology), Emmanuel Farhi* (Harvard)
Discussant: Matteo Maggiori (Harvard)
No Guarantees, No Trade: How Banks Affect Export Patterns
Friederike Niepmann (Federal Reserve Bank of New York), Tim Schmidt-Eisenlohr (University of Illinois)
Discussant: Stijn Claessens (International Monetary Fund)
6:00 p.m.
Reception - Martin Terrace (by invitation only)
6:30 p.m.
Dinner and Keynote Speech (by invitation only)
Introduction by Linda Goldberg (FRB-NY)
Keynote by Maurice Obstfeld (Council of Economic Advisers): "Trilemmas and Tradeoffs"
Friday, November 14, 2014
Session II
Chair: John H. Rogers (Federal Reserve Board)
8:00 a.m.
Continental Breakfast
8:30 a.m.
The International CAPM
Francesca Brusa (Oxford University), Tarun Ramadorai (Oxford University), Adrien Verdelhan* (Massachusetts Institute of Technology)
Discussant: Anusha Chari (University of North Carolina)
Policy Spillovers and Coordination
Anton Korinek (Johns Hopkins and NBER)
Discussant: Gianluca Benigno (London School of Economics)
10:15 a.m.
Coffee Break
10:45 a.m.
Optimal Domestic Sovereign Default
Enrique Mendoza* (University of Pennsylvania), Pablo D’Erasmo (Federal Reserve Bank of Philadelphia)
Discussant: Ana Fostel (George Washington University)
Managing Credit Bubbles
Jaume Ventura* (CREI), Alberto Martin (CREI)
Discussant: Paolo Pesenti (Federal Reserve Bank of New York)
12:30 p.m.
Lunch, Dining Room D, Federal Reserve Board
Session III – Policy Effectiveness
Chair: Linda S Goldberg (Federal Reserve Bank of New York)
2:00 p.m.
Macroprudential Policy in a Monetary Union
Dawid Zochowski (European Central Bank)
Discussant: Olivier Jeanne (Johns Hopkins University)
Safe Assets
Markus Brunnermeier* (Princeton), Valentin Haddad (Princeton)
Discussant: Alberto Martin (CREI)
4:00 p.m.
Policy Panel - "Monetary Policy Spillovers and Cooperation in a Global Economy"
Moderator: Stanley Fischer (Vice Chair, Federal Reserve Board)
Panelists: Jerome Powell (Governor, Federal Reserve Board), Alberto Musalem (Federal Reserve Bank of New York), Benoît Coeuré (European Central Bank)
5:30 p.m.
Adjourn
* Presenter Return to text
