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New global challenges amid incomplete and divergent recoveries - Spillover Conference 2022

Joint Bank for International Settlements (BIS), Bank of England (BoE), European Central Bank (ECB), and International Monetary Fund (IMF) Conference

27-28 April 2022 - Online event

The Bank for International Settlements, Bank of England, International Monetary Fund and the European Central Bank invite you to attend the Spillover Conference 2022: New Global Challenges Amid Incomplete and Divergent Recoveries.

The conference aims to close gaps in our understanding of the international transmission of vulnerabilities, shocks and policies, and the trade-offs for policymakers, in the current environment of incomplete and divergent recoveries, high uncertainty, and structural change.



Times are Central European Time
* indicates the presenter

Wednesday, 27 April 2022

Opening Remarks by Pierre-Olivier Gourinchas


Session 1 – Capital Flows and Corporate Financing

Chair: Fiorella De Fiore (BIS)


“International Pecking Order”

  • Egemen Eren, BIS
  • Semyon Malamud, Swiss Finance Institute, EPF Lausanne, and CEPR
  • Haonan Zhou*, Princeton University

Discussant: Tim Schmidt-Eisenlohr, Federal Reserve Board


“Original Sin Redux”

  • Carol Bertaut, Federal Reserve Board
  • Valentina Bruno*, American University
  • Hyun Song Shin, BIS

Discussant: Galina Hale, UC Santa Cruz


“Cross-border Spillovers: How US Financial Conditions Affect M&As Around the World”

  • Katharina Bergant, IMF
  • Sanhitha Jugulum, Columbia University
  • Prachi Mishra*, IMF
  • Raghuram Rajan, University of Chicago

Discussant: Friederike Niepmann, Federal Reserve Board


Session 2 – Structural Changes

Chair: Ambrogio Cesa-Bianchi, BoE


“The U.S. as a Safe Haven: Evidence from Convenience Yields, Exchange Rates and Country Risk in the Short and Long Run”

  • Giancarlo Corsetti*, European University Institute and CEPR
  • Simon Lloyd, BoE
  • Emile Marin, University of Cambridge
  • Daniel Ostry, University of Cambridge

Discussant: Zhengyang Jiang, Northwestern University


“Global Demand for Financial Assets, Falling Real Interest Rates, And Macroeconomic Instability”

  • Enrique G. Mendoza, University of Pennsylvania
  • Vincenzo Quadrini*, University of Southern California

Discussant: Marco del Negro, Federal Reserve Bank of New York

End of day 1
Thursday, 28 April 2022

Session 3 – Spillovers from Policies and Shocks

Chair: Carlo Altavilla, ECB


“Uncertainty Shocks, Capital Flows, and International Risk Spillovers”

  • Ozge Akinci*, Federal Reserve Bank of New York, CEPR
  • Sebnem Kalemli-Ozcan, University of Maryland, NBER, CEPR
  • Albert Queralto, Federal Reserve Board

Discussant: Rohan Kekre, University of Chicago Booth School of Business


“Global Spillovers of the Fed Information Effect”

  • Marco Pinchetti*, BoE
  • Andrzej Szczepaniak, BoE

Discussant: Jenny Tang, Federal Reserve Bank of Boston


“What Happens in China Does Not Stay in China?”

  • William L. Barcelona, Federal Reserve Board
  • Danilo Cascaldi-Garcia*, Federal Reserve Board
  • Jasper J. Hoek, Federal Reserve Board
  • Eva Van Leemput, Federal Reserve Bank

Discussant: Hui He, IMF


Session 4 – Optimal Policies in Open Economies

Chair: Giovanni Dell’Ariccia, IMF


“Optimal Exchange Rate Policy”

  • Oleg Itskhoki, University of California, Los Angeles
  • Dmitry Mukhin*, London School of Economics

Discussant: Sebastian Fanelli, Center for Monetary and Financial Studies


“Sudden Stops and Optimal Foreign Exchange Intervention”

  • J. Scott Davis, Federal Reserve Bank of Dallas
  • Michael B. Devereux*, University of British Columbia
  • Changhua Yu, Peking University

Discussant: Roberto Chang, Rutgers University


“No Country is an Island - International Cooperation and Climate Change”

  • Massimo Ferrari , ECB
  • Maria Sole Pagliari*, Banque de France

Discussant: Anna Lipinska, Federal Reserve Board

End of the conference

Presenter: 20 minutes; Discussant: 10 minutes; General Discussion: 10 minutes.

This programme may be subject to change without notice.

Audiovisual notice: Images and video recordings may be published online.