Monetary and Macroprudential Policies
Date: NOVEMBER 10–11, 2011
Venue: HQ2 Conference Hall 1
1900 Pennsylvania Ave., Washington, D.C.
The International Monetary Fund will hold the Twelfth Jacques Polak Annual Research Conference at its headquarters in Washington DC on November 10–11, 2011.
The theme of this year's conference is “Monetary and Macroprudential Policies.” The conference is intended to provide a forum for discussing innovative research and to facilitate the exchange of views among researchers and policymakers. Hyun Song Shin (Princeton University) will deliver the Mundell-Fleming Lecture.
The conference is open to the public and registration is required. To register for the conference (registration will include all conference sessions, the Mundell-Fleming Lecture, and the Economic Forum) please complete the Online Registration Form. The deadline for public registration is Friday, November 4, 2011. Registered attendees will be required to present photo identification on entering the IMF at 1900 Pennsylvania Ave., N.W. Washington D.C. For questions regarding the conference, please send an email to ARC@imf.org.
Please note that, for this event, invitations for visa purposes will be extended only to the conference speakers.
Disclaimer
The website contains papers and web links to papers that will be presented at the Twelfth Jacques Polak Annual Research Conference (ARC). The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.
| Monetary and Macroprudential Policies
Program | |
|---|---|
| Thursday, November 10, 2011 | |
| 8:00–8:45am | Registration and Continental Breakfast |
| 8:45–9:15am | Opening Remarks David Lipton, First Deputy Managing Director, IMF |
| 9:15–10:45am | Session 1: Macroprudential Regulation: Implementation Issues and Side Effects Chair: Nemat Shafik (Deputy Managing Director, IMF) Does Macro-Pru Leak? Empirical Evidence from a UK Natural Experiment Discussant: Mark Flannery (University of Florida) The Risk-Shifting Hypothesis: Evidence from Subprime Originations Discussant: Amit Seru (Chicago Booth) |
| 10:45–11:00am | Coffee Break |
| 11:00–12:30pm | Session 2: Monetary and Macroprudential Policy: Lessons from and for a Currency Union Chair: Ajai Chopra (Deputy Director, European Department, IMF) The Low Monetary Rates Paradox, Banking Stability and Credit: Evidence from the Euro Area Angela Maddaloni (European Central Bank) and José-Luis Peydró (Universitat Pompeu Fabra and Barcelona GSE) Discussant: María Soledad Martínez Pería (World Bank) Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area Dominic Quint (Free University Berlin) and Pau Rabanal (IMF) Discussant: Jesper Lindé (Federal Reserve Board) |
| 12:30–2:00pm | Lunch (By invitation only, Conference Hall 2) Luncheon Remarks – Jean-Pierre Landau, Deputy Governor, Banque de France |
| 2:15–3:45pm | Session 3: Macroprudential Policy and Capital Flow Management Chair: Stijn Claessens (Assistant Director, Research Department, IMF) Financial Frictions, Foreign Currency Borrowing, and Systemic Risk Giovanni Dell’Ariccia (IMF), Luc Laeven (IMF), and Robert Marquez (Boston University) Discussant: Tanju Yorulmazer (Federal Reserve Bank of New York) Bubble Thy Neighbor: Direct and Spillover Effects of Capital Controls Discussant: Eswar Prasad (Cornell University) |
| 3:45–4:00pm | Coffee Break |
| 4:00–5:30pm | Mundell-Fleming Lecture “Global Banking Glut and Loan Risk Premium” Hyun Song Shin (Princeton University) Introduction by: Olivier Blanchard (Economic Counsellor and Director, Research Department, IMF) Watch the Mundell-Fleming Lecture |
| Friday, November 11, 2011 | |
| 8:15–9:00am | Registration and Continental Breakfast |
| 9:00–10:30am | Session 4: Optimal Design of Monetary and Macroprudential Policies Chair: José Viñals (Financial Counsellor and Director, Monetary and Capital Markets Department, IMF) Macro-prudential Policy in a Fisherian Model of Financial Innovation Discussant: Dan Cao (Georgetown University) Monetary and Macro-Prudential Policies: An Integrated Analysis Discussant: Olivier Jeanne (Johns Hopkins University) |
| 10:30–10:45am | Coffee Break |
| 10:45–1:00pm | Session 5: Monetary Policy, Bank Liquidity and Counterparty Risk Chair: Stijn Claessens (Assistant Director, Research Department, IMF) A Theory of Bank Liquidity Requirements Discussant: Lev Ratnovski (IMF) A Pigovian Approach to Liquidity Regulation Enrico C. Perotti (University of Amsterdam) and Javier Suarez (CEMFI) Discussant: Tobias Adrian (Federal Reserve Bank of New York) Clearing, Counterparty Risk and Aggregate Risk Discussant: Ana Fostel (George Washington University) |
| 1:00–2:30pm | Lunch (By invitation only, Conference Hall 2) |
| 2:45–4:30pm |
Monetary and Macroprudential Policies: Challenges and Solutions Moderator: Olivier Blanchard, Economic Counsellor and Director, Research Department, IMF Panelists: 1. Lewis Alexander (Nomura) 2. Joe Gagnon (Peterson Institute of International Economics) 3. Andrew Lo (MIT) 4. John Williams (Federal Reserve Bank of San Francisco) |