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Conference on Financial Frictions and Monetary Policy in an Open Economy

March 16–17, 2012 | Federal Reserve Bank of Dallas

On March 16–17, 2012, the Globalization and Monetary Policy Institute hosted a conference specifically devoted to the study of how financial frictions affect the design and conduct of monetary policy in an open economy.

The recent financial crisis has precipitated an outpouring of new research on the effects of financial frictions. However, most of the new work has been limited to a closed economy framework. Of the few that have studied financial frictions in an open economy setting, even fewer have specifically focused on the impact of those frictions on the optimal conduct of monetary policy.

Organizing committee:

  • Mark Wynne (Federal Reserve Bank of Dallas)
  • Michael Devereux (University of British Columbia)
  • Scott Davis (Federal Reserve Bank of Dallas)

Agenda

Friday, March 16, 2012

Session I: The Monetary Transmission Mechanism

Chair: Alexander Chudik, Federal Reserve Bank of Dallas

9 a.m.

Nominal Stability and Financial GlobalizationPDF
PresentationPDF
Michael Devereux*, University of British Columbia
Ozge Senay, University of St. Andrews
Alan Sutherland, University of St. Andrews

 

Discussion: Nominal Stability and Financial GlobalizationPDF
Hafedh Bouakez, HEC Montréal

10 a.m.

Global Implications of National Unconventional Policies
Luca Dedola*, European Central Bank
Peter Karadi, European Central Bank
Giovanni Lombardo, European Central Bank

 

Discussant: Christoffer Koch, Federal Reserve Bank of Dallas

11:30 a.m.

Financial Globalization and Monetary TransmissionPDF
Presentation PDF
Simone Meier, Swiss National Bank

 

Discussion of "Financial Globalization and Monetary Transmission" by Simone MeierPDF
Pedro Gete, Georgetown University

Session II: Optimal Monetary Policy

Chair: Michael Plante, Federal Reserve Bank of Dallas

2 p.m.

Optimal Monetary Policy Under Financial Sector RiskPDF
PresentationPDF
Scott Davis*, Federal Reserve Bank of Dallas
Kevin X.D. Huang, Vanderbilt University

 

Discussion of "Optimal Monetary Policy Under Financial Sector Risk" by S. Davis and K. HuangPDF
Césaire Meh, Bank of Canada

3 p.m.

Financial Frictions and Optimal Monetary Policy in an Open EconomyPDF
Presentation PDF
Giovanni Lombardo*
Marcin Kolasa, National Bank of Poland and Warsaw School of Economics

 

Discussion: Financial Frictions and Optimal Monetary Policy in an Open EconomyPDF
Kevin X.D. Huang

4:30 p.m.

Efficient Bailouts?PDF
Presentation PDF
Javier Bianchi, University of Wisconsin–Madison and New York University

 

Discussion of "Effcient Bailouts?" by Javier BianchiPDF
Maya Eden, World Bank

Saturday, March 17

Session III: Banking and International Business Cycle Transmission

Chair: Carlos Zarazaga, Federal Reserve Bank of Dallas

9 a.m.

Leverage Across Firms, Banks and CountriesPDF
Presentation PDF
Bent Sorensen*, University of Houston and CEPR
Sebnem Kalemli-Ozcan, Koc University, Harvard University, NBER and CEPR
Sevcan Yesiltas, Johns Hopkins University

10 a.m.

Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great RecessionPDF
Presentation PDF
Linda Goldberg*, Federal Reserve Bank of New York and NBER
Nicola Cetorelli, Federal Reserve Bank of New York

 

Discussion: Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great RecessionPDF
Wesley Phoa, The Capital Group

11:30 a.m.

International RecessionsPDF
Presentation PDF
Vincenzo Quadrini*, University of Southern California
Fabrizio Perri, University of Minnesota and Federal Reserve Bank of Minneapolis

 

Discussion: International RecessionsPDF
Enrique Martínez-García, Federal Reserve Bank of Dallas

* Denotes presenter

 

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