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 II
Frictions 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 III
Monetary 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

Conference organisers

Klaus Adam (Universität Mannheim and EABCN)
Matthew Canzoneri (Georgetown University and GCER)
Günter Coenen (ECB)
Christopher Erceg (Federal Reserve Board)

irfmp2018@frb.gov

Conference venue

Federal Reserve Board
1801 K Street, N.W., Washington, D.C.