Global spillovers: How much do we really know?

Joint workshop of the European Central Bank, the Bank of England and the International Monetary Fund

Tuesday, 26 April and Wednesday, 27 April 2016

Meeting rooms C3.10 and M3.28/29
Frankfurt am Main
Sonnemannstrasse 20

Programme

Tuesday, 26 April 2016

Meeting room C3.10

9:30

Registration & coffee

10:00

Welcome remarks

L. Stracca, Head of International Policy Analysis Division

10:15

Session 1: Spillovers from monetary policy shocks

US monetary policy in a globalised world

J. Crespo Cuaresma, Universität Wien
G. Doppelhofer, Norges Handelshøyskole
M. Feldkircher, Österreichische Nationalbank
F. Huber, Universität Wien


Presentation

Time-variation in US monetary policy spillovers

M. Almeida, Columbia University
R. Straub, European Central Bank
I. Van Robays, European Central Bank


Presentation

Global financial conditions and monetary policy autonomy

C. Caceres, International Monetary Fund
Y. Carrière-Swallow, International Monetary Fund
B. Gruss, International Monetary Fund


Presentation

Session discussant: Paolo Pesenti (Federal Reserve Bank of New York)


Presentation
11:45

Coffee break

12.15

Workshop lecture by Roberto Rigobon: Contagion and spillovers


Presentation
13:45

Buffet lunch

14:45

Session II: Monetary policy spillovers and emerging economies – a role for coordination?

The expansionary lower bound: currency mismatches and monetary spillovers

P. Cavallino, International Monetary Fund
D. Sandri, International Monetary Fund


Presentation

Crisis, contagion and international policy spillovers under foreign ownership of banks

M. Brzoza-Brzezina, Narodowy Bank Polski
M. Kolasa, Narodowy Bank Polski
K. Makarski, Narodowy Bank Polski


Presentation

Global effects of foreign exchange interventions at the zero lower bound

G. Adler, International Monetary Fund
R. Lama, International Monetary Fund
J. P. Medina, Universidad Adolfo Ibáñez


Presentation

Session discussant: Robert Kollmann (Université Libre de Bruxelles)


Presentation
16:15

Coffee break

16:45

Session III: Financial globalisation and spillovers

Housing, leverage, and global liquidity

A. Cesa-Bianchi, Bank of England
A. Ferrero, University of Oxford
A. Rebucci, Johns Hopkins University


Presentation

Financial globalisation, monetary policy spillovers and macro modelling: a tale from one hundred and one shocks

G. Georgiadis, European Central Bank
M. Jancoková, European Central Bank


Presentation

Finance and synchronization

A. Cesa-Bianchi, Bank of England
J. Imbs, Paris School of Economics
J. Saleheen, Bank of England


Presentation
18:15

End of day 1

18:45

Dinner (upon invitation only) venue: European Central Bank

Wednesday, 27 April 2016

Meeting room M.28/29

09:00

Arrival and coffee

09:30

Session IV: Spillovers from China

China spillovers: new evidence from time-varying estimates

D. Furceri, International Monetary Fund
J. Tovar Jalles, International Monetary Fund


Presentation

Global trade spillovers: insights from a complex network model

A. Kireyev, International Monetary Fund
A. Leonidov, Lebedev Institute


Presentation

Slowdown in China: implications for international trade

P. Blagrave, International Monetary Fund
E. Vesperoni, International Monetary Fund


Presentation

Session discussant: Iikka Korhonen (Bank of Finland's Institute for Economies in Transition)


Presentation
11:00

Coffee break

11:30

Discussion and conclusion: How much do we really know?

Moderators: G. Thwaites and L. Stracca

12:30

Buffet lunch

13:30

End of workshop

List of participants
  • Helge Berger, International Monetary Fund
  • Michael Binder, Goethe University Frankfurt
  • Patrick Blagrave, International Monetary Fund
  • Michał Brzoza-Brzezina, Narodowy Bank Polski
  • Michele Ca’ Zorzi, European Central Bank
  • Ambrogio Cesa-Bianchi, Bank of England
  • Luca Dedola, European Central Bank
  • Roberto De Santis, European Central Bank
  • Alistair Dieppe, European Central Bank
  • Sandra Eickmeier, Deutsche Bundesbank
  • Martin Feldkircher, Österreichische Nationalbank
  • Fabio Fornari, European Central Bank
  • Georgios Georgiadis, European Central Bank
  • Bertrand Gruss, International Monetary Fund
  • Benjamin Hunt, International Monetary Fund
  • Alexei Kireyev, International Monetary Fund
  • Robert Kollmann, Université Libre de Bruxelles
  • Iikka Korhonen, Bank of Finland's Institute for Economies in Transition
  • Anders Kronborg, Danmarks Nationalbank
  • Marco Lo Duca, European Central Bank
  • Jaime Martínez-Martín, Banco de España
  • Peter McAdam, European Central Bank
  • Juan Pablo Medina, Universidad Adolfo Ibáñez
  • Paolo Pesenti, Federal Reserve Bank of New York
  • Roberto Rigobon, Massachusetts Institute of Technology
  • Jumana Saleheen, Bank of England
  • Damiano Sandri, International Monetary Fund
  • Emil Stavrev, International Monetary Fund
  • Livio Stracca, European Central Bank
  • Roland Straub, European Central Bank
  • Marcel Tirpak, European Central Bank
  • Gregory Thwaites, Bank of England
  • Cédric Tille, Graduate Institute for International and Development Studies
  • João Tovar Jalles, International Monetary Fund
  • Esteban Vesperoni, International Monetary Fund
  • Srecko Zimic, European Central Bank