Crises: Yesterday and Today
November 7-8, 2013
The International Monetary Fund will hold the Fourteenth Jacques Polak Annual Research Conference at its headquarters in Washington DC on November 7-8, 2013.
The theme of this year's conference is “Crises: Yesterday and Today.” The conference is intended to provide a forum for discussing innovative research on a wide range of issues on crises and to facilitate the exchange of views among researchers and policymakers.
This year’s conference will also honor Stanley Fischer’s contributions to economic research and policy. Fischer has extensively studied economic and financial crises, first as a faculty member at MIT, then as a policymaker, the Chief Economist of the World Bank, the First Deputy Managing Director of the IMF, and the Governor of the Bank of Israel. The conference will bring together an outstanding array of economists and policymakers, many of whom studied, or worked in collaboration with Fischer. Paul Krugman (Princeton University) will deliver the Mundell-Fleming Lecture.
The deadline for public registration was Thursday, October 31, 2013. Registered attendees will be required to present photo identification on entering the IMF at 1900 Pennsylvania Avenue, 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 participants.
Join the conversation via #ARCPolak
Tweets about "#ARCPolak"| Crises: Yesterday and Today | |
| Thursday, November 7, 2013 | |
|
8:00–8:45 am |
Registration and Continental Breakfast |
|
8:45–9:15 am |
David Lipton (First Deputy Managing Director, IMF) |
|
9:15–10:35 am |
Session 1: Capital Flows and Liquidity Provision Chair: David Lipton (First Deputy Managing Director, IMF) Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage Viral V. Acharya (New York University’s Leonard N. Stern School of Business) and Bruce Tuckman (New York University’s Leonard N. Stern School of Business)
Discussant: Ricardo Caballero (MIT) Dilemma not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows Emmanuel Farhi (Harvard University) and Ivan Werning (MIT) Discussant: Guy Debelle (Reserve Bank of Australia)
|
|
10:35–10:50 am |
***Coffee Break*** |
|
10:50–12:10pm |
Session 2: Lessons—The Case of Japan and Monetary Policy Independence Chair: Masood Ahmed (IMF) Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Post Crisis Experience Takeo Hoshi (Stanford University) and Anil Kashyap (University of Chicago Booth School of Business)
Discussant: David Romer (University of California, Berkeley)
Goal Dependence for Central Banks: Is the Malign View Correct?” Kenneth N. Kuttner (Williams College) and Adam S. Posen (Peterson Institute)
Discussant: Frederic Mishkin (Columbia Business School)
|
|
12:15–1:45 pm |
***Lunch*** (By invitation only, HQ2, Conference Hall 2) Luncheon Remarks – Tribute to Stanley Fischer: Mohamed El-Erian (Pimco) |
|
1:45–3:45pm |
Session 3: Lessons—Exchange Rate Regimes and Cost of Crisis Chair: Kemal Dervis (The Brookings Institution) Exchange Rate Management and Crisis Susceptibility: A Reassessment Atish R. Ghosh (IMF), Jonathan D. Ostry (IMF), and Mahvash S. Qureshi (IMF)
Discussant: Jeffrey Frankel (Harvard University)
Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy David Reifschneider (Federal Reserve Board), William L. Wascher (Federal Reserve Board), and David W. Wilcox (Federal Reserve Board)
Discussant: Gregory Mankiw (Harvard University)
Pegs in Latin America, Lessons for Europe? Ariel Burstein (UCLA) and Ivan Werning (MIT)
Discussant: Alberto Martin (IMF, CREI, UPF and Barcelona GSE) |
|
3:45–4:00 pm |
***Coffee Break*** |
|
4:00–5:30 pm |
Mundell-Fleming Lecture Paul Krugman (Princeton University)
Introduction by: Olivier Blanchard (Economic Counsellor and Director, Research Department, IMF) |
| Friday, November 8, 2013 | |
|
8:30–9:15 am |
Registration and Continental Breakfast |
|
9:15–10:35 am |
Session 4: Then and Now—Latin America Chair: Alejandro M. Werner (IMF) Latin America and the Global Financial Crisis Roberto Alvarez (Universidad de Chile) and José De Gregorio (Universidad de Chile)  See the presentation
Discussant: Ilan Goldfajn (Itau Unibanco)
The Road to Redemption: Policy Response to Crises in Latin America Guillermo Vuletin (The Brookings Institution) and Carlos A. Vegh (Johns Hopkins University)
Discussant: Vittorio Corbo (Centro de Estudios Publicos, Chile)
|
|
10:35–10:50 am |
***Coffee Break*** |
|
10:50–12:10 pm |
Session 5: Then and Now—Policies and Resilience Chair: George Akerlof (IMF) The Federal Reserve’s Framework for Monetary Policy – Recent Changes and New Questions William English (Federal Reserve Board), David López-Salido (Federal Reserve Board) and Robert Tetlow (Federal Reserve Board)
Discussant: Christina Romer (University of California, Berkeley)
Pick Your Poison: The Choices and Consequences of Policy Responses to Crises Kristin Forbes (MIT Sloan School of Management) and Michael W. Klein (Tufts-Fletcher School)
Discussant: Jeffrey Sachs (Columbia University) |
|
12:15–1:45 pm |
***Lunch*** |
|
1:45–3:05 pm |
Session 6: Then and Now—East Asia Chair: Dan Citrin (IMF) Two Tales of Adjustment: East Asian Lessons for European Growth
Anusha Chari (University of North Carolina at Chapel Hill) and Peter Blair Henry (New York University’s Leonard N. Stern School of Business)
Discussant: Morris Goldstein (Peterson Institute) Never Say Never: Commentary on a Policymaker’s Reflections Maurice Obstfeld (University of California, Berkeley)
Discussant: Carmen Reinhart (Harvard University) |
|
3:05–3:30 |
***Coffee Break*** |
|
3:30–5:00 |
Economic Forum: Policy Responses to Crises Moderator: Olivier Blanchard, Economic Counsellor and Director, Research Department, IMF Panelists: 1. Ben Bernanke 2. Stanley Fischer 3. Kenneth Rogoff 4. Lawrence H. Summers |
|
Conference Organizing Committee: M. Ayhan Kose (Conference Chair, IMF; Co-Editor, IMF Economic Review), Suman Basu, Mai Dao, Davide Furceri, and Rafael Portillo, (All IMF) and Pierre-Olivier Gourinchas (Editor of the IMF Economic Review; University of California, Berkeley). Conference Coordinator: Tracey Lookadoo | |