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Global Research Forum - International macroeconomics and finance

Co-organised by the European Central Bank, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York

8.30 a.m.	Registration
9 a.m.	Welcome address Vítor Constâncio, Vice-President, European Central Bank Jeremy Stein, Governor, Board of Governors of the Federal Reserve System
	Session 1 – International banking Chair: Linda S. Goldberg, Federal Reserve Bank of New York
9.20 a.m.	Flight to where? Evidence from bank investments during the financial crisis paper Thomas Hildebrand, E.CA Economics; Jörg Rocholl, European School of Management and Technology; Alexander Schulz, Deutsche Bundesbank presentation Discussant: Neeltje van Horen, De Nederlandsche Bank presentation
10.10 a.m.	Bank credit ratings: what determines their quality? paper Harald Hau, University of Geneva; Sam Langfield, European Systemic Risk Board; David Marqués Ibañez, European Central Bank presentation Discussant: Ricardo Correa, Board of Governors of the Federal Reserve System presentation
11 a.m.	Coffee break
11.30 a.m.	The valuation effects of geographic diversification paper Luc Laeven, International Monetary Fund; Ross Levine, University of California, Berkeley presentation Discussant: José M. Campa, IESE Business School presentation
12.20 p.m.	Buffet lunch
	Session 2 – International macroeconomics Chair: John H. Rogers, Board of Governors of the Federal Reserve System
2 p.m.	Capital controls: a normative approach paper Anna Lipinska, Board of Governors of the Federal Reserve System; Bianca de Paoli, Federal Reserve Bank of New York presentation Discussant: Sylvain Leduc, Federal Reserve Bank of San Francisco presentation
2.50 p.m.	The real exchange rate, real interest rate, and the risk premium paper Charles Engel, University of Wisconsin presentation Discussant: Roland Straub, European Central Bank presentation
3.40 p.m.	Coffee break
4.10 p.m.	Saving Europe? Some unpleasant supply-side arithmetics of fiscal austerity paper Enrique G. Mendoza, University of Maryland; Linda L. Tesar and Jing Zhang, University of Michigan presentation Discussant: Philippe Bacchetta, Université de Lausanne presentation
5 p.m.	Panel discussion Is the era of financial globalisation over – or how has it changed? What are the prospects for international banking? What will be the regional and global consequences of financial union in the euro area? What is the future for global safety nets, crisis prevention and ring-fencing? Erik Berglöf, Chief Economist, European Bank for Reconstruction and Development Vítor Constâncio, Vice-President, European Central Bank Jeremy Stein, Governor, Board of Governors of the Federal Reserve System Axel Weber, Chairman, UBS
6.30 p.m.	End of first day
7 p.m.	Dinner (by invitation only) Hosted by Vítor Constâncio, Vice-President, European Central Bank Keynote speech Political economy, history and the potential for a lost decade Jeffry Frieden, Stanfield Professor of International Peace, Harvard University

	Session 3 – The European crisis in a global context Chair: Marcel Fratzscher, European Central Bank
9.30 a.m.	TARGET2 imbalances and the dynamic tragedy-of-the-commons in the Eurozone presentation Aaron Tornell, University of California, Los Angeles presentation Discussants: Paolo Pesenti, Federal Reserve Bank of New York presentation; Philippine Cour-Thimann, European Central Bank presentation
10.30 a.m.	Fiscal devaluations presentation Emmanuel Farhi and Gita Gopinath, Harvard University; Oleg Itskhoki, Princeton University presentation Discussant: Frank Smets, European Central Bank presentation
11.20 a.m.	Coffee break
11.50 a.m.	A Pyrrhic victory? Bank bailouts and sovereign credit risk presentation Philipp Schnabl, Viral V. Acharya and Itamar Drechsler, New York University Stern School of Business presentation Discussant: Kristin Forbes, Massachusetts Institute of Technology Sloan School of Management presentation
12.40 p.m.	Closing lunch at ECB
2.30 p.m.	End of programme

Conference venue	European Central Bank Eurotower CIV Kaiserstraße 29 60311 Frankfurt am Main Tel.: +49 (0) 69 1344 0 Fax: +49 (0) 69 1344 6000 E-mail: [email protected]
Conference language	English
Dinner venue	Salon “Silhouette” at InterContinental Frankfurt Wilhelm-Leuschner Strasse 43 60329 Frankfurt am Main Tel.: +49 69 2605 0
Hotel accommodation	Steigenberger Frankfurter Hof *** Am Kaiserplatz 60311 Frankfurt am Main Tel.: +49 (0) 69 215 02 Fax: +49 (0) 69 215 900 E-mail: [email protected] www.steigenberger.com Rate: €215 incl. breakfast Code: ECB + Meeting ID 32962 Expiry date: 9 December 2012 InterContinental Hotel Frankfurt ** Wilhelm-Leuschner Strasse 43 60329 Frankfurt am Main Tel.: +49 69 2605 2334 Fax: +49 69 2605 2403 E-mail: [email protected] www.frankfurt.intercontinental.com Standard ECB rate: 150 € incl. breakfast and WLAN Code: ECB + Meeting ID 32962 Expiry date: 9 December 2012	Hilton Hotel Frankfurt **** Hochstrasse 4 60313 Frankfurt am Main Tel.: +49 (0) 69 133 80 2230 Fax: +49 (0) 69 133 80 6030 E-mail: [email protected] www.hilton.de/frankfurt Standard ECB rate: 199 € incl. breakfast Code: ECB + Meeting ID 32962 Expiry date: 9 December 2012
Organisers	ECB Marcel Fratzscher European Central Bank International Policy Analysis Division Tel.: +49 (0) 69 1344 6871 E-mail: [email protected]	Roland Straub European Central Bank International Policy Analysis Division Tel.: +49 (0) 69 1344 8926 E-mail: [email protected]
	Board of Governors of the Federal Reserve System John Rogers Federal Reserve Board Tel.: +1 202 452 2873 E-mail: [email protected]	Federal Reserve Bank of New York Linda Goldberg Federal Reserve Bank of New York Tel.: +1 212 720 2836 E-mail: [email protected]
Contact persons (logistical arrangements)	Meike Eckardt European Central Bank International Policy Analysis Division Tel.: +49 (0) 69 1344 6827 E-mail: [email protected]	Silke Köhler European Central Bank Directorate Communications Publishing, Events and Protocol Division Tel.: +49 (0) 69 1344 8671 E-mail: [email protected]
Programme	Please note that this programme may be subject to change without notice.