IMF Conference
June 24-25, 2016
The Swiss National Bank (SNB), the International Monetary Fund (IMF) and the IMF Economic Review are organizing a joint conference on "Exchange Rates and External Adjustment". The conference will provide a forum to discuss recent theoretical and empirical research on the macroeconomics and microeconomics of external adjustment, the optimal response of monetary, exchange rate and macroprudential policies when financial frictions matter, the effects of sovereign risk, and the role of exchange rates at the sector and aggregate levels. The conference will be hosted by the Swiss National Bank and will take place in Zurich, Switzerland on June 24-25, 2016.
| Day 1 - June 24 | |
|---|---|
| 8:30—9:00 |
Registration / Conference Venue: |
| Session I Financial Frictions and Macroeconomic Policies | |
| 9:00–9:50 |
Revisiting Macroprudential Policy In Open-Economy Models With Financial FrictionsAuthors: Stephanie-Schmitt-Grohe (Columbia University) and Martin Uribe (Columbia University) Discussant: Damiano Sandri (IMF) |
| 9:50—10:20 |
Coffee Break |
| 10:20–11:10 |
Exchange Rate Adjustment in Financial CrisesAuthors: Michael Devereux (University of British Columbia) and Changhua Yu (CCER, Peking University) Discussant: Tommaso Monacelli (Bocconi) |
| 11:10–12:00 |
Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some EvidenceAuthors: Olivier Blanchard (PIIE), Jonathan D. Ostry (IMF), Atish R. Ghosh (IMF), and Marcos Chamon (IMF) Discussant: Luca Fornaro (CREI) |
| 12:00—13:30 |
Lunch break |
| Session II Exchange Rates, Trade, and Capital Flows | |
| 13:30–14:20 |
China’s Imbalances: Trade Integration in a Dynamic General Equilibrium ModelAuthors: George Alessandria (University of Rochester), Horag Choi (Monash University), and Dan Lu (University of Rochester) Discussant: Raphael Auer (SNB) |
| 14:20–15:10 |
How Important are Trade Prices for Trade Flows?Authors: Logan T. Lewis (Federal Reserve Board) Discussant: Philip Sauré (SNB)
|
| 15:10—15:40 |
Coffee Break |
| Session III Exchange Rates and Trade | |
| 15:40–16:30 |
Exchange Rates and Trade: Disconnected?Authors: Daniel Leigh (IMF), Weicheng Lian (IMF), Marcos Poplawski-Ribeiro (IMF), Rachel Szymanski (IMF), Viktor Tsyrennikov (IMF) and Hong Yang (IMF)
Discussant: Matthieu Bussiere (Bank of France) |
| 16:30–17:20 |
The Case for Flexible Exchange Rates in a Great RecessionAuthors: Giancarlo Corsetti (Cambridge University), Keith Kuester (University of Bonn) and Gernot Mueller (University of Tuebingen)
Discussant: Giovanni Lombardo (BIS) |
| 18:30 |
Dinner Speaker: Maurice Obstfeld, Economic Counsellor and Research Department Director, International Monetary Fund |
| Day 2 - June 25 | |
| Session IV Inflation Dynamics | |
| 8:45–9:35 |
The Distributional Consequences of Large DevaluationsAuthors: Javier Cravino (University of Michigan) and Andrei Levchenko (University of Michigan) Discussant: Raphael Schoenle (Brandeis) |
| 9:35–10:25 |
International Inflation Spillovers Through Input LinkagesAuthors: Raphael Auer (BIS and SNB), Andrei Levchenko (University of Michigan), and Philip Sauré (SNB) Discussant: Ariel Burstein (UCLA) |
| 10:25—10:50 |
Coffee Break |
| Session V Exchange Rate Policies | |
| 10:50–11:40 |
Sustainable Exchange Rates: Currency Pegs and the Central Bank's Balance SheetAuthors: Manuel Amador (Minneapolis Fed and University of Minnesota), Javier Bianchi (Minneapolis Fed), Luigi Bocola (Northwestern University) and Fabrizio Perri (Minneapolis Fed) Discussant: Marco Del Negro (New York Fed) |
| 11:40–12:30 |
Exchange Rate DisconnectAuthors: Oleg Itskhoki (Princeton University) and Dmitry Mukhin (Princeton University) Discussant: Cedric Tille (The Graduate Institute Geneva) |
| 13:00 |
Lunch |
Raphael Auer (SNB), Ariel Burstein (UCLA and IMF Economic Review), Andreas Fischer (SNB), Pierre-Olivier Gourinchas (UC Berkeley and IMF Economic Review), Gian Maria Milesi-Ferretti (IMF and IMF Economic Review), Maurice Obstfeld (IMF), Pau Rabanal (IMF and IMF Economic Review), and Philip Sauré (SNB). IMF Conference Coordinator: Tracey Lookadoo
Disclaimer: This website contains papers and web links to papers that will be presented at the Exchange Rates and External Adjustment Conference. 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.
