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Joint CEPR and ECB International Macroeconomics and Finance (IMF) Programme Meeting

Thursday, 14 and Friday, 15 November 2019
ECB Main Building, Conference Area C3.08/09, Frankfurt am Main

The International Macroeconomics and Finance (IMF) Programme is one of the three successors to the International Macroeconomics (IM) Programme, and this meeting is chaired by Philippe Bacchetta (University of Lausanne).

Research in the International Macroeconomics and Finance (IMF) programme covers, but is not limited to:

  • international macroeconomics and stabilisation policy
  • international financial architecture, including global financial safety nets
  • international crisis research
  • currency and international financial markets
  • exchange rate regimes and currency unions
  • other research related to international macroeconomic linkages and policy, including the effects of capital flows and capital controls


* indicates the presenter

Thursday, 14 November 2019

First session: Information and bubbles in open economies


Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market

Arnaud Mehl*, European Central Bank, joint with Giancarlo Corsetti and Romain Lafarguette

Discussant: Pasquale Della Corte, Imperial College London and CEPR


Stationary Rational Bubbles in Non-Linear Open Economy DSGE Models

Robert Kollmann*, Université Libre de Bruxelles and CEPR

Discussant: Julien Bengui, Bank of Canada and CEPR

Coffee break

Keynote talk

The International Transmission of Monetary Policy

Philip Lane, European Central Bank


Second session: Capital flows


International Capital Flows and Unconventional Monetary Policy

Stephanie Curcuru*, Federal Reserve Board of Governors, jointly authored with Nathan Converse, Aaron Rosenblum and Chiara Scotti

Discussant: Fernando Broner, CREI and CEPR


International Financial Flows and Misallocation: Not So Harmful After All

Fadi Hassan*, Banca d’Italia, jointly authored with Federico Cingano

Discussant: Ambrogio Cesa-Bianchi, Bank of England

Coffee break

Third session: Protectionism


Capital Controls, Inflows and the Credit Channel

Andrea Fabiani*, Universitat Pompeu Fabra, jointly authored with Martha López Piñeros, José-Luis Peydró and Paul E. Soto

Discussant: Carolina Villegas Sanchez, ESADE and CEPR


Self-Harming Trade Policy? Protectionism and Production Networks

Matteo Cacciatore*, HEC - Montréal, joint with Alessandro Barattieri

Discussant: Dennis Novy, University of Warwick and CEPR

Friday, 15 November 2019

Forth Session: Financial (dis)integration


The Inside Baseball of Sudden Stop Models

Jieran Wu*, Zhejiang University, joint with Bingbing Dong and Eric Young

Discussant: Gianluca Benigno, London School of Economics and CEPR


Monetary Union and Financial Integration

Luca Fornaro*, CREI and CEPR

Discussant: Tommaso Monacelli, Bocconi University and CEPR

Coffee break

Fifth Session: Exchange rates


The worst of both worlds: Fiscal policy and fixed exchange rates

Benjamin Born*, Frankfurt School of Finance & Management and CEPR, joint with Francesco D’Ascanio, Gernot J. Müller, Johannes Pfeifer

Discussant: Bartosz Maćkowiak, European Central Bank and CEPR


Institutional Investors, the Dollar, and US Credit Conditions

Friederike Niepmann*, Board of Governors of the Federal Reserve System and CEPR, jointly authored with Tim Schmidt-Eisenlohr

Discussant: Cedric Tille, Graduate Institute Geneva and CEPR

Lunch and end of the conference

This programme may be subject to change without notice.

General information


European Central Bank
Conference area C3.08/09, Grossmarkthalle
Main Building
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000


The sessions are structured as follows:

  • author of paper: 35 minutes
  • discussant: 15 minutes
  • questions from the audience: 10 minutes
Organising Committee
  • Philippe Bacchetta, HEC - Université de Lausanne and CEPR
  • Luca Dedola, European Central Bank and CEPR
  • Alberto Martin, European Central Bank, CREI and CEPR
  • Livio Stracca, European Central Bank