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Fifteenth Annual Research Conference

ARC Conference

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Fifteenth Jacques Polak Annual Research Conference: "Cross-Border Spillovers"

November 13–14, 2014

The International Monetary Fund will hold the Fifteenth Jacques Polak Annual Research Conference at its headquarters in Washington DC on November 13–14, 2014.

The theme of this year's conference is "Cross-Border Spillovers." The conference is intended to provide a forum for discussing innovative research and to facilitate the exchange of views among researchers and policymakers. Hélène Rey (London Business School) will deliver the Mundell-Fleming Lecture.

The conference is open to the public and registration is required. To register for the conference (registration will include all conference sessions, the Mundell-Fleming Lecture, and the Economic Forum) please complete the online registration form. The deadline for registration is Thursday, November 6, 2014. Registered attendees will be required to present photo identification on entering the IMF at 1900 Pennsylvania Avenue, N.W., Washington D.C. For questions regarding the conference, please send an email to
Please note that, for this event, invitations for visa purposes will be extended only to the conference participants.

The website contains papers and web links to papers that will be presented at the Fifteenth 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.

Register to the ARC 2014

Preliminary Program

Thursday, November 13, 2014

8:00–8:45 am

Registration and Continental Breakfast

8:45–9:15 am

Opening Remarks by Olivier Blanchard, Economic Counsellor and Director, Research Department, IMF   

9:15–10:45 am

SESSION 1: Spillovers from Monetary Policy

Chair: José Viñals, Financial Counsellor, Director of the Monetary and Capital Markets Department, IMF  

ECB Unconventional Monetary Policy Actions: Market Impact, International Spillovers and Transmission Channels
Marcel Fratzscher (DIW Berlin, Humboldt-University Berlin), Marco Lo Duca (European Central Bank), and Roland Straub (European Central Bank)
Discussant: Laurence Ball (Johns Hopkins University and IMF)

U.S. Monetary Policy and Foreign Bond Yields
Simon Gilchrist (Boston University), Vivian Yue (Emory University and Federal Reserve Bank of Atlanta), and Egon Zakrajšek (Federal Reserve Board)
Discussant: Jonathan Wright (Johns Hopkins University)

10:45-11:00 am

***Coffee Break***

11:00–12:30 pm

SESSION 2: Fiscal Spillovers

Chair: Vitor Gaspar, Director, Fiscal Affairs Department, IMF  

Effects of Fiscal Shocks in a Globalized World
Alan J. Auerbach (University of California, Berkeley) and Yuriy Gorodnichenko (University of California, Berkeley)
Discussant: Christopher Erceg (Federal Reserve Board)

Linkages across Sovereign Debt Markets
Cristina Arellano (Federal Reserve Bank of Minneapolis) and Yan Bai (University of Rochester)
Discussant: Alberto Martin (CREI and IMF)

12:30–2:00 pm

(By invitation only, HQ2, Conference Hall 2)

Luncheon Remarks – David Wessel, The Brookings Institution

2:10–3:40 pm

SESSION 3: Policy Frameworks to Mitigate Spillovers

Chair: Changyong Rhee , Director, Asia and Pacific Department, IMF  

On the Desirability of Capital Controls
Jonathan Heathcote (Federal Reserve Bank of Minneapolis) and Fabrizio Perri (Federal Reserve Bank of Minneapolis)
Discussant: Markus Brunnermeier (Princeton University)

International Spillovers and Guidelines for Policy Cooperation
Anton Korinek (Johns Hopkins University)
Discussant: Fernando Broner (CREI)

3:40–4:00 pm

***Coffee Break***

4:00–5:30 pm

Mundell-Fleming Lecture—Monetary Policy and International Capital Flows
Hélène Rey (London Business School)

Introduction by: Olivier Blanchard, Economic Counsellor and Director, Research Department, IMF

Friday, November 14, 2014

8:30–9:15 am

Registration and Continental Breakfast

9:15–10:45 am

SESSION 4: Real and Financial Spillovers

Chair: Sharmini Coorey, Director, Institute for Capacity Development, IMF  

Real and Financial Spillovers in the Eurozone
Joseba Martinez (New York University) and Thomas Philippon (New York University)
Discussant: Stijn Claessens (IMF)

Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 Tōhoku Earthquake
Christoph Boehm (University of Michigan), Aaron Flaaen (University of Michigan) and Nitya Pandalai Nayar (University of Michigan)
Paper Presentation
Discussant: Robert Johnson (Dartmouth College)

10:45-11:00 am

***Coffee Break***

11:00–12:30 pm

SESSION 5: Management of Capital Flow Measures

Chair: Alejandro Werner, Director, Western Hemisphere Department, IMF  

Capital Controls in Brazil: Effective?
Marcos Chamon (IMF) and Márcio Garcia (PUC-Rio)
Paper Paper
Discussant: Sebastian Edwards (UCLA)

Capital Flow Management when Capital Controls Leak
Julien Bengui (Université de Montréal) and Javier Bianchi (University of Wisconsin-Madison)
Paper Paper

Discussant: Olivier Jeanne (Johns Hopkins University and IMF)

12:30–2:00 pm

(By invitation only, HQ2, Conference Hall 2)

2:10–3:40 pm

SESSION 6: Policy Frameworks in Open Economies

Chair: TBD

Policy Cooperation, Incomplete Markets and Risk Sharing
Charles Engel (University of Wisconsin-Madison)
Discussant: Linda Tesar (Council of Economic Advisers)

The Great Recession: Divide between Integrated and Less Integrated Countries
Guillermo Hausmann-Guil (University of Virginia),Eric van Wincoop (University of Virginia), and Gang Zhang (University of Virginia)
Discussant: Marianne Baxter (Boston University)

3:40–3:55 pm

***Coffee Break***

4:00–5:30 pm

Economic Forum: Cross-Border Spillovers and International Policy Coordination

Moderator: Olivier Blanchard, Economic Counsellor and Director, Research Department, IMF

1. Jean Boivin (Blackrock)
2. Paulo Nogueira Batista Jr. (IMF)
3. Maurice Obstfeld (Council for Economic Advisors)
4. David Vines (University of Oxford)

Conference Program Committee: : Esteban R. Vesperoni (IMF, Conference Chair), Rabah Arezki (IMF), Pierre-Olivier Gourinchas (Editor of the IMF Economic Review, University of California at Berkeley), M. Ayhan Kose (The World Bank), Luc Laeven (IMF and Co-Editor of the IMF Economic Review), Rui C. Mano (IMF), Camelia Minoui (IMF), and Sweta Saxena (IMF).

Conference Coordinator: Tracey Lookadoo