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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 deadline for public registration was 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 ARC@imf.org.

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

Watch videos of all the sessions:

Thursday, November 13, 2014

8:00–9:00 am

Registration and Continental Breakfast

9:00–9:15 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)
Paper Paper | Presentation  Presentation

Discussant: Laurence Ball (Johns Hopkins University and IMF) Presentation  Presentation

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)
Paper Paper | Presentation  Presentation

Discussant: Jonathan Wright (Johns Hopkins University) Presentation  Presentation

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)
Paper Paper | Presentation Presentation

Discussant: Christopher Erceg (Federal Reserve Board)
Presentation Presentation

Linkages across Sovereign Debt Markets
Cristina Arellano (Federal Reserve Bank of Minneapolis) and Yan Bai (University of Rochester)
Paper Paper | Presentation Presentation

Discussant: Alberto Martin (CREI and IMF)
Presentation Presentation

12:30–2:00 pm

***Lunch***
(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)
Paper Paper | Presentation Presentation

Discussant: Markus Brunnermeier (Princeton University)
Presentation Presentation

International Spillovers and Guidelines for Policy Cooperation
Anton Korinek (Johns Hopkins University)
Paper Paper | Presentation Presentation

Discussant: Fernando Broner (CREI)
Presentation Presentation

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)

Presentation Paper

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  

Does a Currency Union Need a Capital Market Union?
Joseba Martinez (New York University) and Thomas Philippon (New York University)
Paper Paper | Presentation Presentation

Discussant: Stijn Claessens (IMF)
Presentation Presentation

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 Paper Presentation Presentation

Discussant: Robert Johnson (Dartmouth College)
Presentation Presentation

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 | Presentation Presentation
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 | Presentation Presentation

Discussant: Olivier Jeanne (Johns Hopkins University and IMF)
Presentation Presentation

12:30–2:00 pm

***Lunch***
(By invitation only, HQ2, Conference Hall 2)

2:10–3:40 pm

SESSION 6: Policy Frameworks in Open Economies


Chair: Tamim Bayoumi, Deputy Director, Strategy, Policy, and Review Department, IMF

Policy Cooperation, Incomplete Markets and Risk Sharing
Charles Engel (University of Wisconsin-Madison)
Paper Paper | Presentation Presentation

Discussant: Linda Tesar (Council of Economic Advisers)
Presentation Presentation

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)
Paper Paper | Presentation Presentation

Discussant: Marianne Baxter (Boston University)
Presentation Presentation

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

Panelists:
1. Jean Boivin (Blackrock)
2. Hector Torres Jr. (IMF)
3. Maurice Obstfeld (Council of Economic Advisers)
Presentation Presentation
4. David Vines (University of Oxford) Presentation Presentation

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 Minoiu (IMF), and Sweta Saxena (IMF).

Conference Coordinator: Tracey Lookadoo

Disclaimer
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.