Exchange Rates and Monetary Policy, October 1-2 2020

The fourth annual meeting of CEBRA's International Finance and Macroeconomics program is joint with CEPR and Sveriges Riksbank, and will be organized virtually on October 1‐2, 2020.

The meeting will focus on the interaction between exchange rates and monetary policy.

Keynote Speakers: Hélène Rey (London Business School and CEPR) and Philip Lane (European Central Bank and CEPR).

For more information, contact conference@riksbank.se.

Program

The conference is organized virtually using Zoom. All times are Central European Summer Time (CEST).

Thursday October 1

14:00-14:10 Martin Flodén, Deputy Governor (Sveriges Riksbank)
Introductory remarks

Video: Flodén

Session I

Chair: Ulf Söderström (Sveriges Riksbank and CEPR)

14:15-15:15 “A Quantitative Model for the Integrated Policy Framework”
Tobias Adrian, Christopher Erceg, Jesper Lindé, Pawel Zabczyk and Jianping Zhou (International Monetary Fund)
Discussant: Fernanda Nechio (Central Bank of Brazil)
Slides: Lindé
Video: Lindé
Slides: Nechio

15:15-16:15 “Reconnecting Exchange Rate and the General Equilibrium Puzzle”
Yu-Chin Chen (University of Washington), Ippei Fujiwara (Keio University) and Yasuo Hirose (Keio University)
Discussant: Oleg Itskhoki (University of California, Los Angeles)
Slides: Fujiwara
Video: Fujiwara
Slides: Itskhoki

16:15-16:30 Break

Session II

Chair: Philippe Bacchetta (University of Lausanne and CEPR)

16:30-17:30 “The Dollar During the Great Recession: US Monetary Policy Signaling and the Flight to Safety”
Vania Stavrakeva (London Business School) and Jenny Tang (Federal Reserve Bank of Boston)
Discussant: Eric Swanson (University of California, Irvine)
Slides: Stavrakeva
Video: Stavrakeva
Slides: Swanson

17:30-17:45 Break

17:45-18:45 Keynote speech: Philip Lane (European Central Bank)
Video: Lane
“The Euro Area: A Laboratory for International Macroeconomic Research”

Friday October 2

Session III

Chair: Daria Finocchiaro (Sveriges Riksbank and Uppsala University)

14:00-15:00 “The Exchange Rate Insulation Puzzle”
Giancarlo Corsetti (University of Cambridge), Keith Kuester (University of Bonn), Gernot J. Müller (University of Tübingen) and Sebastian Schmidt (European Central Bank) Discussant: Kenza Benhima (University of Lausanne)
Slides: Müller
Video: Müller
Slides: Benhima

15:00-16:00 “Banks, Dollar Liquidity, and Exchange Rates”
Javier Bianchi (Federal Reserve Bank of Minneapolis), Saki Bigio (University of California, Los Angeles) and Charles Engel (University of Wisconsin-Madison)
Discussant: Jenny Tang (Federal Reserve Bank of Boston)
Slides: Engel
Video: Engel
Slides: Tang

16:00-16:15 Break

Session IV

Chair: Galina Hale (University of California, Santa Cruz, Federal Reserve Bank of San Francisco, CEBRA and CEPR)

16:15-17:15 “Central Bank Digital Currency in an Open Economy”
Massimo Minesso Ferrari, Arnaud Mehl and Livio Stracca (European Central Bank)
Slides: Mehl
Video: Mehl

17:15-17:45 Break

17:45-18:45 Keynote speech: Hélène Rey (London Business School)
“Global Portfolio Rebalancing and Exchange Rates”

18:45-19:00 Final remarks
Galina Hale (University of California, Santa Cruz, Federal Reserve Bank of San Francisco, CEBRA and CEPR)
Video: Helene Ray and Closing Remarks

Organizing committee

Philippe Bacchetta (University of Lausanne and CEPR)
Daria Finocchiaro (Sveriges Riksbank and Uppsala University)
Galina Hale (UC Santa Cruz, Federal Reserve Bank of San Francisco, CEBRA and CEPR)
Mathias Klein (Sveriges Riksbank)
Ulf Söderström (Sveriges Riksbank and CEPR)
Karl Walentin (Sveriges Riksbank)

Time allocation

Presenter 35 minutes
Discussant 15 minutes
General discussion 10 minutes