Global Research Forum - International macroeconomics and finance

Co-organised by the European Central Bank, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York


8.30 a.m. Registration
9 a.m. Welcome address
Vítor Constâncio, Vice-President, European Central Bank
Jeremy Stein, Governor, Board of Governors of the Federal Reserve System
  Session 1 – International banking
Chair: Linda S. Goldberg, Federal Reserve Bank of New York
9.20 a.m. Flight to where? Evidence from bank investments during the financial crisis paper
Thomas Hildebrand, E.CA Economics; Jörg Rocholl, European School of Management and Technology; Alexander Schulz, Deutsche Bundesbank presentation

Discussant: Neeltje van Horen, De Nederlandsche Bank presentation

10.10 a.m. Bank credit ratings: what determines their quality? paper
Harald Hau, University of Geneva; Sam Langfield, European Systemic Risk Board; David Marqués Ibañez, European Central Bank presentation

Discussant: Ricardo Correa, Board of Governors of the Federal Reserve System presentation

11 a.m. Coffee break
11.30 a.m. The valuation effects of geographic diversification paper
Luc Laeven, International Monetary Fund; Ross Levine, University of California, Berkeley presentation

Discussant: José M. Campa, IESE Business School presentation

12.20 p.m. Buffet lunch
  Session 2 – International macroeconomics
Chair: John H. Rogers, Board of Governors of the Federal Reserve System
2 p.m. Capital controls: a normative approach paper
Anna Lipinska, Board of Governors of the Federal Reserve System; Bianca de Paoli, Federal Reserve Bank of New York presentation

Discussant: Sylvain Leduc, Federal Reserve Bank of San Francisco presentation

2.50 p.m. The real exchange rate, real interest rate, and the risk premium paper
Charles Engel, University of Wisconsin presentation

Discussant: Roland Straub, European Central Bank presentation

3.40 p.m. Coffee break
4.10 p.m. Saving Europe? Some unpleasant supply-side arithmetics of fiscal austerity paper
Enrique G. Mendoza, University of Maryland; Linda L. Tesar and Jing Zhang, University of Michigan presentation

Discussant: Philippe Bacchetta, Université de Lausanne presentation

5 p.m.

Panel discussion
Is the era of financial globalisation over – or how has it changed? What are the prospects for international banking? What will be the regional and global consequences of financial union in the euro area? What is the future for global safety nets, crisis prevention and ring-fencing?

Erik Berglöf, Chief Economist, European Bank for Reconstruction and Development
Vítor Constâncio, Vice-President, European Central Bank
Jeremy Stein, Governor, Board of Governors of the Federal Reserve System
Axel Weber, Chairman, UBS

6.30 p.m. End of first day
7 p.m. Dinner (by invitation only)
Hosted by Vítor Constâncio, Vice-President, European Central Bank

Keynote speech
Political economy, history and the potential for a lost decade

Jeffry Frieden, Stanfield Professor of International Peace, Harvard University

  Session 3 – The European crisis in a global context
Chair: Marcel Fratzscher, European Central Bank
9.30 a.m. TARGET2 imbalances and the dynamic tragedy-of-the-commons in the Eurozone presentation
Aaron Tornell, University of California, Los Angeles presentation

Discussants: Paolo Pesenti, Federal Reserve Bank of New York presentation; Philippine Cour-Thimann, European Central Bank presentation

10.30 a.m. Fiscal devaluations presentation
Emmanuel Farhi and Gita Gopinath, Harvard University; Oleg Itskhoki, Princeton University presentation

Discussant: Frank Smets, European Central Bank presentation

11.20 a.m. Coffee break
11.50 a.m. A Pyrrhic victory? Bank bailouts and sovereign credit risk presentation
Philipp Schnabl, Viral V. Acharya and Itamar Drechsler, New York University Stern School of Business presentation

Discussant: Kristin Forbes, Massachusetts Institute of Technology Sloan School of Management presentation

12.40 p.m. Closing lunch at ECB
2.30 p.m. End of programme
Conference venue European Central Bank
Eurotower CIV
Kaiserstraße 29
60311 Frankfurt am Main
Tel.: +49 (0) 69 1344 0
Fax: +49 (0) 69 1344 6000
E-mail: info@ecb.europa.eu
Conference language English
Dinner venue Salon “Silhouette” at InterContinental Frankfurt
Wilhelm-Leuschner Strasse 43
60329 Frankfurt am Main
Tel.: +49 69 2605 0
Hotel accommodation Steigenberger Frankfurter Hof  *****
Am Kaiserplatz
60311 Frankfurt am Main
Tel.: +49 (0) 69 215 02
Fax: +49 (0) 69 215 900
E-mail: frankfurter-hof@steigenberger.de
www.steigenberger.com
Rate: €215 incl. breakfast
Code: ECB + Meeting ID 32962
Expiry date: 9 December 2012

InterContinental Hotel Frankfurt ****
Wilhelm-Leuschner Strasse 43
60329 Frankfurt am Main
Tel.: +49 69 2605 2334
Fax: +49 69 2605 2403
E-mail: fraha.reservations@ichotelsgroup.com
www.frankfurt.intercontinental.com
Standard ECB rate: 150 € incl. breakfast and WLAN
Code: ECB + Meeting ID 32962
Expiry date: 9 December 2012

Hilton Hotel Frankfurt ****
Hochstrasse 4
60313 Frankfurt am Main
Tel.: +49 (0) 69 133 80 2230
Fax: +49 (0) 69 133 80 6030
E-mail: reservationteam.frankfurt@hilton.com www.hilton.de/frankfurt
Standard ECB rate: 199 € incl. breakfast
Code: ECB + Meeting ID 32962
Expiry date: 9 December 2012
Organisers ECB
Marcel Fratzscher
European Central Bank
International Policy Analysis Division
Tel.: +49 (0) 69 1344 6871
E-mail: marcel.fratzscher@ecb.europa.eu
 
Roland Straub
European Central Bank
International Policy Analysis Division
Tel.: +49 (0) 69 1344 8926
E-mail: roland.straub@ecb.europa.eu
  Board of Governors of the Federal Reserve System
John Rogers
Federal Reserve Board
Tel.: +1 202 452 2873
E-mail: john.h.rogers@frb.gov
Federal Reserve Bank of New York
Linda Goldberg
Federal Reserve Bank of New York
Tel.: +1 212 720 2836
E-mail: linda.goldberg@ny.frb.org
Contact persons
(logistical arrangements)
Meike Eckardt
European Central Bank
International Policy Analysis Division
Tel.: +49 (0) 69 1344 6827
E-mail: international.secretariat@ecb.europa.eu
Silke Köhler
European Central Bank
Directorate Communications
Publishing, Events and Protocol Division
Tel.: +49 (0) 69 1344 8671
E-mail: evp-events@ecb.europa.eu
Programme Please note that this programme may be subject to change without notice.