Conference

International Research Forum on Monetary Policy

March 23-24, 2018

Federal Reserve Board, Washington, D.C.

About

The tenth conference organized by the International Research Forum on Monetary Policy (IRFMP) will be held at the Federal Reserve Board on March 23-24, 2018. The purpose of the IFRMP is to promote the discussion of innovative research on theoretical and empirical macroeconomic issues relevant for monetary policy. The Forum is sponsored by the Euro Area Business Cycle Network (EABCN), the European Central Bank (ECB), the Federal Reserve Board (FRB), and the Georgetown Center for Economic Research (GCER) at Georgetown University.

Please note that attendance at the conference is by invitation only. Conference attendees and media representatives must register in advance.

Organizers

  • Klaus Adam
  • Matthew Canzoneri
  • Günter Coenen
  • Christopher Erceg

Program

Friday, March 23

Registration and Coffee (followed by brief welcoming remarks)

 
Session I: Monetary Policy Transmission and Bank Profitability

The "Reversal" Interest Rate: An Effective Lower Bound for Monetary Policy
Markus Brunnermeier* (Princeton) and Yann Koby (Princeton)
Discussant: Emmanuel Farhi (Harvard)

Monetary Policy and Bank Profitability in a Low Interest Rate Environment
Carlo Altavilla* (European Central Bank), Miguel Boucinha (European Central Bank) and Jose-Luis Peydro (Pompeu Fabra)
Discussant: Matteo Iacoviello (Federal Reserve Board)

Coffee

Banking on Deposits: Maturity Transformation without Interest Rate Risk
Itamar Drechsler (NYU-Stern), Alexi Savov (NYU-Stern) and Philipp Schnabl* (NYU-Stern)
Discussant: John Driscoll (Federal Reserve Board)

Buffet Lunch

Forward Guidance without Common Knowledge
George-Marios Angeletos* (MIT) and Chen Lian (MIT)
Discussant: Bartosz Mackowiak (European Central Bank)

 
Session II: Frictions and their Economic Consequences

Productivity and Misallocation in General Equilibrium
David Baqaee* (London School of Economics) and Emmanuel Farhi ( Harvard)
Discussant: Gauti Eggertsson (Brown)

Coffee

Panel Discussion – "Waning Support for Globalization: Economic Causes and Consequences"
Moderator
Caroline Freund, World Bank

Panelists
Charles Bean, London School of Economics
Barry Eichengreen, University of California, Berkeley
Doug Irwin, Dartmouth
Maury Obstfeld, International Monetary Fund

Dinner and Keynote Speech (at Georgetown Faculty Club)
Eric Rosengren, President and CEO of the Federal Reserve Bank of Boston

Saturday March 24

Registration and Coffee

 
Session II (continued): Frictions and their Economic Consequences

Real Keynesian Models and Sticky Prices (PDF)
Paul Beaudry* (University of British Columbia) and Franck Portier (University College London)
Discussant: Behzad Diba (Georgetown)

Financial Vulnerability and Monetary Policy (PDF)
Tobias Adrian (International Monetary Fund) and Fernando Duarte* (FRB-NY)
Discussant: Juliane Begenau (Stanford-GSB)

Coffee

 
Session III: Monetary Policy Uncertainty and its Effects

Monetary Policy Uncertainty (PDF)
Lucas Husted (Columbia University), John Rogers (Federal Reserve Board) and Bo Sun * (Federal Reserve Board)
Discussant: Michael Ehrmann (European Central Bank)

Lunch with Keynote Speech
Philip Lane, Governor of the Central Bank of Ireland and Member of the Governing Council of the European Central Bank

 
Session IV: Monetary Policy with Heterogenous Agents

Monetary Policy with Heterogenous Agents: Insights from TANK Models (PDF)
Davide DeBortoli* (CREI and Pompeu Fabra) and Jordi Galí (CREI and Pompeu Fabra)
Discussant: Jesper Lindé (Riksbank)

Optimal Monetary Policy with Heterogenous Agents (PDF)
Galo Nuno* (Bank of Spain) and Carlos Thomas (Bank of Spain)
Discussant: Vincent Sterk (University College London)

End of Conference

* Presenter
For each paper, the presenter has 25 minutes and the discussant 15 minutes, with a further 20 minutes allocated for general discussion.

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Last Update: March 09, 2018