Exchange Rates — IMF Eighth Jacques Polak Annual Research Conference

November 15–16, 2007
HQ1-R-710, IMF Headquarters
Washington, D.C.

The website contains papers and web links to papers that will be considered at the Eighth Jacques Polak Annual Research Conference (ARC). The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.

The International Monetary Fund will hold the Eighth Jacques Polak Annual Research Conference (ARC) at its headquarters in Washington, DC, on November 15-16, 2007. The conference is intended to provide a forum for discussing innovative research undertaken both by IMF staff and outside economists, and to facilitate an exchange of views among researchers and policymakers. The conference will feature research papers by prominent outside researchers as well as IMF economists, Mr. Stanley Fischer will deliver the Mundell-Fleming Lecture. An Economic Forum will conclude the conference

The conference is open to the public; registration is required. To register for the conference (registration will include all conference sessions, the Mundell-Fleming Lecture and the Economic Forum) please send an e-mail to . The deadline for public registration is Friday, November 9, 2007. Registered attendees will be required to present photo identification on entering the IMF at the Visitor Center entrance at 720 19th Street, N.W., Washington DC (at the white tent). Only IMF/World Bank staff should enter through the main 700 19th Street entrance.

Please note that, for this event, invitations for visa purposes will be extended only to the conference speakers.


Day 1: Thursday, November 15, 2007 (HQ1-R-710)
8:45—9:15 a.m. Welcome
Simon Johnson (IMF)

Introductory Remarks
Dominique Strauss-Kahn (Managing Director, IMF)
9:15–11:15 a.m. Session 1: Macroeconomic Interdependence
  Chair: Jonathan D. Ostry (IMF) Discussant: Philip Lane (Trinity College, Dublin)
ARC Presentation Discussant: Giancarlo Corsetti (European University Institute)
ARC Presentation
  • Unbalanced Trade
    Robert Dekle (University of Southern California, Los Angeles), Jonathan Eaton (New York University) and Samuel Kortum (University of Chicago)
    ARC Presentation
Discussant: Doireann Fitzgerald (Stanford University)
ARC Presentation
11:15–11:30 a.m. Coffee Break
11:30–1:00 p.m. Session 2: Political Economy
  Chair: Mohsin Khan (IMF) Discussant: Allan Drazen (University of Maryland)
ARC Presentation Discussant: Justin Wolfers (Wharton School of Business)
ARC Presentation
1:00–2:30 p.m. Lunch
(By invitation, IMF Gallery)
Remarks by John Lipsky (First Deputy Managing Director, IMF)
3:00–4:30 p.m. Mundell-Fleming Lecture
Exchange Rate Systems, Surveillance, and Advice
  ARC Presentation
Exchange Rate Systems, Surveillance, and Advice
Stanley Fischer (Governor, Bank of Israel)
Chair: Simon Johnson (IMF)
Day 2: Friday, November 16, 2007 (HQ1-R-710)
8:45–10:45 a.m. Session 3: Exchange Rate Determination
  Chair: Teresa Ter-Minassian (IMF) Discussant: Alan Taylor (University of California, Davis)
ARC Presentation Discussant: Gian Maria Milesi-Ferretti (IMF)
ARC Presentation
Discussants: Valerie Cerra (IMF)
ARC Presentation and Peter Westaway (Bank of England)
ARC Presentation
10:45–11:00 a.m. Coffee Break
11:00–12:30 p.m. Session 4: Policy Issues
  Chair: Leslie Lipschitz (IMF) Discussant: Gita Gopinath (Harvard University)
ARC Presentation Discussant: Robert Flood (IMF)
ARC Presentation
12:30–2:00 p.m. Lunch
(By invitation, IMF Gallery)
2:15–3:45 p.m. Session 5: Exchange Rate Regimes

Chair: Yusuke Horiguchi (Institute of International Finance)

Discussant: Carmen Reinhart (University of Maryland)
ARC Presentation Discussant: Steven Kamin (Federal Reserve Board)
ARC Presentation
3:45–4:00 p.m. Coffee Break
4:00–5:30 p.m. Economic Forum: The Exchange Rate and Economic Performance
  Moderator: Simon Johnson (IMF)


Peter Garber (Deutsche Bank)
Michael Mussa (Peterson Institute for International Economics)
David Wessel (Wall Street Journal)

Organizing Committee: Antonio Spilimbergo (Chair), Oya Celasun, Julian Di Giovanni, Rex Atish Ghosh, Ayhan Kose, Jaewoo Lee and Thierry Tressel.