The Future of Forward Guidance

11–12 May 2017

Sveriges Riksbank, Stockholm, Sweden

 

 

Thursday 11 May

8:15 Coffee and registration

Session I

Chair: Ulf Söderström (Sveriges Riksbank)


8:45 Welcome address Governor Stefan Ingves (Sveriges Riksbank)


9:00 "Forward Guidance, Quantitative Easing, or Both?"

Ferre De Graeve (KU Leuven) and Konstantinos Theodoridis (Bank of England)

Presentation

Discussant: Min Wei (Federal Reserve Board)

Presentation

 

10:00 "The Reanchoring Channel of QE: The ECB's Asset Purchase Programme and Long-Term Inflation Expectations"

Philippe Andrade (ECB and Banque de France), Johannes Breckenfelder (ECB), Fiorella De Fiore (ECB), Peter Karadi (ECB and CEPR) and Oreste Tristani (ECB)

Presentation

Discussant: Stefania D'Amico (Federal Reserve Bank of Chicago)

Presentation

 

11:00 Coffee


11:30 "Forward Guidance and Heterogeneous Beliefs"

Philippe Andrade (Banque de France), Gaetano Gaballo (Banque de France), Eric Mengus (HEC Paris) and Benoît Mojon (Banque de France)

Presentation

Discussant: Eric M. Leeper (Indiana University)

Presentation

 

12:30 Lunch

Session II

Chair: Roberto Billi (Sveriges Riksbank)


13:30 "What Does Anticipated Monetary Policy Do?"

Stefania D'Amico and Thomas B. King (Federal Reserve Bank of Chicago)

Presentation

 

Discussant: Katrin Assenmacher (European Central Bank)

Presentation


14:30 "Measuring the Effect of the Zero Lower Bound on Monetary Policy"

Carlos Carvalho (Central Bank of Brazil and PUC-Rio), Eric Hsu (UC Berkeley) and Fernanda Nechio (Federal Reserve Bank of San Francisco)

Presentation

 

Discussant: Lars E.O. Svensson (Stockholm School of Economics)

Presentation


15:30 Coffee


16:00 Keynote presentation: "Forward Guidance and the Exchange Rate"

Jordi Galì (CREI)

Presentation


17:00 Adjourn

Friday 12 May

8:30 Coffee

Session III

Chair: Marianne Nessén (Sveriges Riksbank)


9:00 "Connecting the Dots: Market Reactions to Forecasts of Policy Rates and Forward Guidance Provided by the Fed"

Michelle Bongard (Federal Reserve Board), Gabriele Galati (De Nederlandsche Bank), Richhild Moessner (Bank for International Settlements) and William Nelson (The Clearing House)

Presentation

 

Discussant: Meredith Beechey Österholm (Sveriges Riksbank)

Presentation


10:00 "Forward guidance through interest rate projections: Does it work?"

Leif Brubakk, Saskia ter Ellen and Hong Xu (Norges Bank)

Presentation

 

Discussant: Richhild Moessner (Bank for International Settlements)

Presentation


11:00 Coffee

Session IV

Chair: Jon Faust (Johns Hopkins University)


11:30 Panel Discussion: "The Future of Forward Guidance"

Deputy Governor Martin Flodén (Sveriges Riksbank)

Presentation

Narayana Kocherlakota (Rochester University)

Presentation

David K. Miles (Imperial College London)

Presentation


13:00 Lunch and adjourn

Time allocation

Presentation: 30 minutes

Discussant: 15 minutes

Open discussion: 15 minutes

Programme committee

Lisa Alexandersson

Jan Alsterlind

Meredith Beechey Österholm

Roberto Billi

Jon Faust

Marie Hesselman

Stefan Laséen

Ulf Söderström

Local organisation

Sophie Brauner

Klicka på bilden för att se förstoring

Bild från konferensen "The Future of Forward Guidance"

 

Bild från konferensen "The Future of Forward Guidance"

 

Bild från konferensen "The Future of Forward Guidance"

 

Bild från konferensen "The Future of Forward Guidance"

 

Bild från konferensen "The Future of Forward Guidance"

 

Bild från konferensen "The Future of Forward Guidance"

 

Bild från konferensen "The Future of Forward Guidance"

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