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Conference Program

Friday, March 21, 2014

7:45 a.m.

Registration and Continental Breakfast

8:45 a.m.

Welcoming Remarks

Steven Kamin, Director, Division of International Finance

Session I

9:00 a.m.

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities (PDF)

Emmanuel Farhi (Harvard) and Ivan Werning (MIT)

Discussant:  Olivier Jeanne (Johns Hopkins)

10:00 a.m.

Credit Spreads and Credit Policies (PDF)

Isabel Correia (Banco de Portugal), Fiorella de Fiore (ECB), Pedro Teles (Banco de Portugal) and Oreste Tristani* (ECB)

Discussant: Albert Queralto (FRB)

11:10 a.m.

Coffee Break

11:30 a.m.

Coordination and Crisis in a Monetary Union (PDF)

Mark Aguiar (Princeton), Manuel Amador (Minneapolis Fed), Emmanuel Farhi (Harvard) and Gita Gopinath* (Harvard)

Discussant: Tomasso Monacelli (Bocconi and Columbia)

12:30 p.m.

Buffet Lunch

Session II

2:00 p.m.

Bank Leverage Cycles (PDF)

Galo Nuño* (ECB) and Carlos Thomas (Banco de España)

Discussant: Luc Laeven (IMF)

3:00 p.m.

Banks, Liquidity Management, and Monetary Policy (PDF)

Javier Bianchi* (University of Wisconsin) and Saki Bigio (Columbia)

Discussant: Peter Karadi (ECB)

4:00 p.m.

Coffee Break

4:30 p.m.

Panel Discussion – Transitional and Longer-Term Challenges for Monetary Policy

Moderator: David Wilcox, Director, Division of Research and Statistics
Stephen Cecchetti (Brandeis University)
Spencer Dale   (Chief Economist and MPC member, Bank of England)
Narayana Kocherlakota (President, Federal Reserve Bank of Minneapolis)
Lars Svensson (Stockholm University)

6:30 p.m.

Dinner and Keynote Speech

Jeremy Stein, Governor, Federal Reserve Board

Saturday, March 22, 2014

7:45 a.m.

Registration and Continental Breakfast

Session III

9:00 a.m.

Reallocation in the Great Recession: Cleansing or Not? (PDF)

Lucia Foster (U.S. Census Bureau), Cheryl Grim (U.S. Census Bureau) and John Haltiwanger* (University of Maryland)

Discussant: Andrew Figura (FRB)

10:00 a.m.

Slow Recoveries, Worker Heterogeneity, and the Zero Lower Bound (PDF)

Federico Ravenna* (HEC Montreal) and Carl Walsh (UC Santa Cruz)

Discussant: Keith Kuester (University of Bonn)

11:00 a.m.

Coffee Break

11:30 a.m.

Inflation Dynamics During the Financial Crisis (PDF)

Simon Gilchrist (Boston University), Raphael Schoenle (Brandeis University), Jae Sim (FRB), and Egon Zakrajšek (FRB)

Discussant: Marc Giannoni (New York Fed)

12:30 p.m.

Lunch and Keynote Speech

Vítor Constâncio, Vice President of the ECB

Session IV

1:45 p.m.

When Does a Central Bank Balance Sheet Require Fiscal Support? (PDF)

Marco Del Negro* (New York Fed) and Christopher Sims (Princeton)

Discussant: Behzad Diba (Georgetown)

2:45 p.m.

Booms and Banking Crises (PDF)

Frédéric Boissay (ECB), Fabrice Collard (University of Bern), and Frank Smets* (ECB)

Discussant: Nobuhiro Kiyotaki (Princeton)

3:45 p.m.

Adjourn

* Presenter Return to text

Last update: March 19, 2014