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First Annual IMF Research Conference (November 9–10, 2000)

IMF Staff Papers
Volume 47, Special Issue 2001


The first Annual Research Conference of the International Monetary Fund was held in Washington, DC, on November 9 and 10, 2000. This conference brought together academic scholars from many institutions and young researchers in the Fund to present and discuss papers on various topics of current interest to the IMF. The topics for this first conference included monetary and exchange rate policy in crisis situations, private sector involvement in crisis resolution, exchange-rate regimes and currency unions, and effects of adjustment programs. The Mundell-Fleming lecture was delivered by Prof. Maurice Obstfeld of the University of California, Berkeley. A Special Issue of the IMF Staff Papers, published in 2001, contains some papers presented at this conference (articles provided below in PDF format).

Agenda

Thursday, November 9



9:30 a.m. Welcome: Stanley Fischer
Introduction: Michael Mussa

Keynote Speech: On the History of the Mundell-Fleming Model (69kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
Session 1.
Monetary Policy and Crises in Developing Countries
9:45 a.m.Philippe Aghion (Harvard University), Philippe Bacchetta (Studienzentrum Gerzensee) and Abhijit Banerjee (MIT)
"Currency Crises and Monetary Policy in an Economy with Credit Constraints"
Discussant: Guillermo Calvo (U. of Maryland)
10:45 a.m.Lawrence Christiano (Northwestern University), Chris Gust (Board of Directors, FRB) and Jorge Roldós (IMF)
"Monetary Policy in a Financial Crisis"
Discussant: Martin Uribe (University of Pennsylvania)
11:30 a.m.Gabriela Basurto (IADB) and Atish Ghosh (IMF)
"The Interest Rate-Exchange Rate Nexus in Currency Crises" (103kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
Discussant: Philip Lane (Trinity College, Dublin)

 
Session 2.
Effects of Adjustment and Structural Reforms Programs
2:00 p.m.Bill Easterly (The World Bank)
"The Effects of IMF and World Bank Programs on Poverty"
Discussant: Michael Kremer (Harvard University)
2:45 p.m.Giovanni Dell’Ariccia (IMF), Isabel Goedde (Mannheim U.) and Jeromin Zettelmeyer (IMF)
"Moral Hazard in International Crisis Lending: A Test"
Discussant: Carmen Reinhart (University of Maryland)
3:30 p.m.Michael Keane (New York University) and Eswar Prasad (IMF)
"Consumption and Income Inequality During Transition to a Market Economy: Poland, 1985-1992" (154kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
Discussant: Jennifer Hunt (Yale University)
4:30 p.m. Mundell-Fleming Lecture:
Maurice Obstfeld (University of California, Berkeley)
"International Macroeconomics: Beyond the Mundell-Fleming Model" (203kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
 
Friday, November 10
Session 3.
Bailing in the private sector?
9:00 a.m.Gabrielle Lipworth and Jens Nystedt (IMF)
"Crisis Resolution and Private Sector Adaptation" (133kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
Discussant: Andrew Haldane (Bank of England)
9:45 a.m.Barry Eichengreen (University of California, Berkeley) and Ashoka Mody (World Bank)
"Bail-Ins, Bailouts, and Borrowing Costs" (142kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
Discussant: Charles Adams (IMF and ADB)
10:45 a.m.Panel Discussion on Private Sector Involvement
Chair: Alexander Swoboda (IMF) Panelists: Amer Bisat (Morgan Stanley Dean Witter), Lee C. Buchheit (Cleary, Gottlieb, Steen & Hamilton), Nouriel Roubini (New York University)  
Session 4.
Trade, Exchange Rates and Integration
2:00 p.m.Antonio Fatás (INSEAD) and Andrew K. Rose (University of California, Berkeley)
"Do Monetary Handcuffs Restrain Leviathan? Fiscal Policy in Extreme Exchange Rate Regimes" (91kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
Discussant: Tamim Bayoumi (IMF)
2:45 p.m.Eduardo Levy-Yeyati and Federico Sturzenegger (Universidad Torcuato Di Tella)
"Exchange Rate Regimes and Economic Performance" (146kb pdf file), IMF Staff Papers, Vol. 47 Special Issue
Discussant: Miguel Savastano (IMF)
3:30 p.m.Rupa Duttagupta and Antonio Spilimbergo (IMF)
"What Happened to Asian Exports During the Crisis"
Discussant: Susan Collins (Georgetown University)