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International Research Forum on Monetary Policy - Eighth Conference

Friday, 21 and Saturday, 22 March 2014
Participation is by invitation only.

The Forum is sponsored by the European Central Bank (ECB), the Federal Reserve Board (FRB), the Georgetown Center for Economic Research (GCER) at Georgetown University, and the Center for Financial Studies (CFS) at the Goethe University Frankfurt. It organises biennial conferences that are held alternately in Frankfurt and Washington, DC. The organisers of the 2014 conference are Günter Coenen (ECB), Christopher Erceg (FRB), Matthew Canzoneri (GCER) and Thomas Laubach (FRB).

Preliminary Programme

Day 1 - 21 March 2014

* Presenter
8.15 a.m. Registration and Coffee
8.45 a.m. Welcoming remarks
  Session I
9 a.m. The role of macroprudential policies
Emmanuel Farhi (Harvard) and Ivan Werning (MIT)

Discussant: Olivier Jeanne (Johns Hopkins University)
10 a.m. Credit spreads and credit policies
Isabel Correia (Banco de Portugal), Fiorella de Fiore (ECB), Pedro Teles (Banco de Portugal) and Oreste Tristani* (ECB)

Discussant: Albert Queralto (FRB)
11.00 a.m. Coffee break
11.30 a.m. Coordination and crisis in a monetary union
Mark Aguiar (Princeton), Manuel Amador (Minneapolis Fed), Emmanuel Farhi (Harvard) and Gita Gopinath* (Harvard)

Discussant: Tommaso Monacelli (Bocconi University and Columbia University)
12.30 p.m. Buffet lunch
  Session II
2 p.m. Bank leverage cycles
Galo Nuño* (ECB) and Carlos Thomas (Banco de España)

Discussant: Luc Laeven (IMF)
3 p.m. Banks, liquidity management and monetary policy
Javier Bianchi (University of Wisconsin) and Saki Bigio (Columbia University)

Discussant: Peter Karadi (ECB)
4 p.m. Coffee break
4.30 p.m. Panel discussion – Transitional and longer-term challenges for monetary policy
Steven Cecchetti (Brandeis University)
Spencer Dale (Bank of England)
Narayana Kocherlakota (Minneapolis Fed)
Lars Svensson (Stockholm University)
6.30 p.m. Dinner and keynote speech
Jeremy Stein, Governor of the FRB

Day 2 - 22 March 2014

* Presenter
  Session III
9 a.m. Reallocation in the great recession: cleansing or not?
Lucia Foster (US Census Bureau), Cheryl Grim (US Census Bureau) and John Haltiwanger* (University of Maryland)

Discussant: Andrew Figura (FRB)
10 a.m. Slow recoveries, worker heterogeneity, and the zero lower bound
Federico Ravenna* (HEC Montreal) and Carl Walsh (UC Santa Cruz)

Discussant: Keith Kuester (University of Bonn)
11 a.m. Coffee break
11.30 a.m. Inflation dynamics during the financial crisis
Simon Gilchrist (Boston University), Raphael Schoenle (Brandeis University), Jae Sim (FRB) and Egon Zakrajšek (FRB)

Discussant: Marc Giannoni (New York Fed)
12.30 p.m. Lunch and keynote speech
Vítor Constâncio, Vice-President of the ECB
  Session IV
1.45 p.m. When does a central bank’s balance sheet require fiscal support?
Marco Del Negro* (New York Fed) and Christopher Sims (Princeton)

Discussant: Behzad Diba (Georgetown University)
2.45 p.m. Booms and banking crises
Frédéric Boissay (ECB), Fabrice Collard (University of Bern) and Frank Smets* (ECB)

Discussant: Nobuhiro Kiyotaki (Princeton)
3.45 p.m. Close
Conference dates Friday, 21 and Saturday, 22 March 2014
Conference venue Federal Reserve Board
20th and C Streets, NW
Washington, DC 20551
Organising committee Günter Coenen (ECB), Chris Erceg (FRB), Matt Canzoneri (GCER) and Thomas Laubach (FRB)

The Eighth Conference organised by the International Research Forum on Monetary Policy (IRFMP) will be held at the Federal Reserve Board in Washington, D.C. on March 21-22, 2014. The purpose of the IRFMP is to promote the discussion of innovative research on theoretical and empirical macroeconomic issues with relevance for monetary policy.


In the wake of the global financial crisis and slow ensuing recovery, policymakers in advanced economies face many challenges. These include how best to withdraw monetary accommodation as economic expansions mature, how to put fiscal positions on a sustainable footing, how to overcome the lasting impairment of private sector balance sheets, and how to speed up labour market recovery. Paper submissions that adopt novel methodological approaches for addressing these and related macroeconomic questions are highly encouraged. Some specific examples of relevant topics might include:

  • Non-conventional monetary policies, financial stability, and exit strategies
  • Optimal design of fiscal stabilisation and consolidation strategies
  • Sovereign debt and default, and the nexus between banks and sovereigns
  • Private sector deleveraging, regulatory policies, and their macroeconomic effects
  • Deep recessions and labour markets
  • International aspects of the recovery from the financial crisis (including monetary and fiscal spillovers)
  • Policy design under model uncertainty, information frictions, or heterogeneous beliefs

Paper submission

Conference papers will be placed on a website; there will be no conference volume. Although this call is being circulated fairly widely, further circulation is encouraged, especially to younger economists.

Complete manuscripts (and not just abstracts) should be submitted electronically in PDF format to by 15 November 2013. Authors of accepted papers will be notified by 15 December 2013.

Travel expenses of presenting authors will be reimbursed (though participants from central banks and other official institutions will be expected to cover their own expenses).