Thursday, November 10, 2022
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9:00–9:20 am
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Opening Remarks by Kristalina Georgieva (Managing Director, IMF) and
Introductory Remarks by Gita Gopinath (First Deputy Managing Director, IMF)
Watch
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9:20–10:50 am
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Session 1: Currency Areas and the Dominance of the US Dollar
Watch
Chair: Ceyla Pazarbasioglu (Director, Strategy, Policy, and Review Department, IMF)
Currency Areas, Labor Markets, and Regional Cyclical Sensitivity
Katheryn Russ (University of California, Davis), Jay Shambaugh (George Washington University), and Sanjay R. Singh (University of California, Davis)
Paper
Discussant: Andrew Rose (NUS Business School)
The Dollar's Imperial Circle
Gianluca Benigno (Federal Reserve Bank of New York and University of Lausanne), Ozge Akinci (Federal Bank of New York), Serra Pelin (University of California, Berkeley), and Jon Turek (JST Advisors)
Discussant: Ryan Chahrour (Cornell University)
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10:50–11:00 am
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***Coffee Break***
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11:00–12:30 pm
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Session 2: The Fiscal-Monetary Mix in the Post-COVID-19 Era
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Chair: Paolo Mauro (Deputy Director, Fiscal Affairs Department, IMF)
The Fiscal Consequences of Missing an Inflation Target
Hélène Rey (London Business School) and Michele Andreolli (London Business School)
Paper
Discussant: Olivier Blanchard (Peterson Institute)
Gambling to Preserve Price (and Fiscal) Stability
Giancarlo Corsetti (European University Institute) and Bartosz Mackowiak (European Central Bank)
Paper
Discussant: Luisa Lambertini (Ecole Polytechnique Federale de Lausanne
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12:30–2:00 pm
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***Lunch Break***
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2:00–3:30 pm
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Session 3: International Trade and the Macroeconomy
Chair: Giovanni Dell’Ariccia (Deputy Director, Research Department, IMF)
International Trade and Macroeconomic Dynamics with Sanctions
Galip Kemal Ozhan (Bank of Canada), Daisoon Kim (North Carolina State University), and Fabio Ghironi (University of Washington)
Paper
Discussant: Linda Tesar (University of Michigan)
The Impact of U.S. Monetary Policy on Foreign Firms
Julian di Giovanni (Federal Reserve Bank of New York) and John Rogers (Fudan University)
Paper
Discussant: Shang-Jin Wei (Columbia Business School)
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3:30–3:45 pm
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***Coffee Break***
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3:45–5:00 pm
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Mundell-Fleming Lecture: Global Liquidity: Drivers, Volatility and Toolkits
Linda S. Goldberg (Federal Reserve Bank of New York)
Introduction by Pierre-Olivier Gourinchas (Economic Counsellor and Director, Research Department, IMF)
Watch
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Friday, November 11, 2022
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9:15–10:45 am
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Session 4: Financial Liberalization and Macro-Financial Linkages in Emerging Market Economies
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Chair: Charles Collyns (Director, Independent Evaluation Office, IMF)
The Internationalization of China’s Equity Markets
Juan Cortina (World Bank), Sergio Schmukler (World Bank), Jasmine Xiao (Notre Dame University), Sole Martinez-Peria (International Monetary Fund)
Discussant: Michael Klein (Tufts University)
Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants, and Disconnect
Eugenio Cerutti (International Monetary Fund) and Haonan Zhou (Princeton University)
Discussant: Kenneth Froot (Harvard University)
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10:45–11:00 am
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***Coffee Break***
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| 11:00–12:30pm |
Policy Panel – The Global Economy: Old Trade-offs and New Challenges
Moderator: Pierre-Olivier Gourinchas (Economic Counsellor and Director, Research Department, IMF)
Panelists:
Jason Furman (Harvard Kennedy School)
Philip Lane (European Central Bank)
Maurice Obstfeld (University of California, Berkeley)
Carmen Reinhart (Harvard Kennedy School)
Watch
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| 12:30–2:00 pm |
***Lunch Break*** |
| 2:00–3:30 pm |
Session 5: Global Trends in Interest Rates and Credit
Watch
Chair: Tobias Adrian (Director, Monetary and Capital Markets Department, IMF)
Long-Run Trends in Long-Maturity Real Rates, 1311-2021
Ken Rogoff (Harvard University), Barbara Rossi (University of Pompeu Fabra), Paul Schmelzing (BC Carroll School and Hoover Institution Stanford)
Paper
Discussant: Andrés Velasco (London School of Economics)
Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances after the Global Financial Crisis
Gian Maria Milesi-Ferretti (The Brookings Institution)
Paper
Discussant: Prachi Mishra (International Monetary Fund)
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| 3:30–3:45 pm |
***Coffee Break***
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| 3:45–4:00 pm |
Tribute to Robert Mundell by Maurice Obstfeld
Watch
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| 4:00–5:30 pm |
Session 6: The Macroeconomic Costs of Rare Events
Chair: Dominique Desruelle (Director, Institute for Capacity Development, IMF)
Disasters Everywhere: The Costs of Business Cycles Reconsidered
Alan M. Taylor (University of California, Davis), Òscar Jordà (University of California, Davis), Moritz Schularick (University of Bonn)
Paper
Discussant: Eswar Prasad (Cornell University)
Climate Risks and exchange rates
Galina Hale (University of California, Santa Cruz)
Paper
Discussant: Oya Celasun (International Monetary Fund)
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| 5:30 pm |
Closing Remarks |