- Tenth Conference
International Research Forum on Monetary Policy
23-24 March 2018
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.
Participation is by invitation only.
Programme
Friday, 23 March 2018
* indicates the presenter
- 8:15
- Registration and coffee (followed by brief welcoming remarks)
-
Session I Monetary policy transmission and bank profitability
- 9:00
-
The “reversal interest rate”: An effective lower bound on monetary policy
Markus Brunnermeier* and Yann Koby (Princeton University)
Discussant: Emmanuel Farhi (Harvard University)
- 10:00
-
Monetary policy and bank profitability in a low interest rate environment
Carlo Altavilla*, Miguel Boucinha (European Central Bank) and José-Luis Peydró (Universitat Pompeu Fabra)
Discussant: Matteo Iacoviello (Federal Reserve Board)
- 11:00
- Coffee break
- 11:30
-
Banking on deposits: Maturity transformation without interest rate risk
Itamar Drechsler, Alexi Savov and Philipp Schnabl* (New York University, Stern School of Business)
Discussant: John Driscoll (Federal Reserve Board)
- 12:30
- Buffet lunch
- 14:00
-
Forward guidance without common knowledge
George-Marios Angeletos* and Chen Lian (Massachusetts Institute of Technology)
Discussant: Bartosz Maćkowiak (European Central Bank)
-
Session IIFrictions and their economic consequences
- 15:00
-
Productivity and misallocation in general equilibrium
David Baqaee* (London School of Economics) and Emmanuel Farhi (Harvard University)
Discussant: Gauti Eggertsson (Brown University)
- 16:00
- Coffee break
- 16:30
-
Panel discussion – “Waning support for globalisation: Economic causes and consequences”
Moderator
Caroline Freund (World Bank)Panellists:
Charles Bean (London School of Economics)
Barry Eichengreen (University of California, Berkeley)
Douglas Irwin (Dartmouth College)
Maurice Obstfeld (International Monetary Fund) - 19:00
-
Dinner
Keynote speech
Eric Rosengren, President and CEO of the Federal Reserve Bank of Boston
Saturday, 24 March 2018
* indicates the presenter
- 8:30
- Registration and coffee
-
Session II (continued)Frictions and their economic consequences
- 9:00
-
Real Keynesian models and sticky prices
Paul Beaudry* (University of British Columbia) and Franck Portier (University College London)
Discussant: Behzad Diba (Georgetown University)
- 10:00
-
Financial vulnerability and monetary policy
Tobias Adrian (International Monetary Fund) and Fernando Duarte* (Federal Reserve Bank of New York)
Discussant: Juliane Begenau (Stanford Graduate School of Business)
- 11:00
- Coffee break
-
Session IIIMonetary policy uncertainty and its effects
- 11:30
-
Monetary policy uncertainty
Lucas Husted (Columbia University), John Rogers and Bo Sun* (Federal Reserve Board)
Discussant: Michael Ehrmann (European Central Bank)
- 12:30
-
Lunch
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 heterogeneous agents
- 13:45
-
Monetary policy with heterogeneous agents: Insights from TANK models
Davide Debortoli* and Jordi Galí (CREI and Universitat Pompeu Fabra)
Discussant: Jesper Lindé (Sveriges Riksbank)
- 14:45
-
Optimal monetary policy with heterogeneous agents
Galo Nuno* and Carlos Thomas (Banco de España)
Discussant: Vincent Sterk (University College London)
- 15:45
- End of conference
For each paper, the presenter is allocated 25 minutes and the discussant 15 minutes, with a further 20 minutes allocated for general discussion.
This programme may be subject to change without notice.
General information
Klaus Adam (Universität Mannheim and EABCN)
Matthew Canzoneri (Georgetown University and GCER)
Günter Coenen (ECB)
Christopher Erceg (Federal Reserve Board)
Federal Reserve Board
1801 K Street, N.W., Washington, D.C.