IMF Conference

Welcome Remarks

• Pierre-Olivier Gourinchas, Economic Counsellor, International Monetary Fund

Session 1. Trade Policies

Session Chair: Roger Vicquery (BoE)

This session examines the trade spillovers from industrial policy interventions and government procurement practices. The papers analyze how strategic sector policies and trade tensions affect international trade flows and economic outcomes.
 

Industrial Policy and Trade Tensions in Strategic Sectors

• Lorenzo Rotunno, International Monetary Fund
• Michele Ruta, International Monetary Fund
• Priyam Verma, Ashoka University

Discussant: Ahmad Lashkaripour, Indiana University
 

How Government Procurement Affects Trade: Evidence from the U.S.

• Alisha Saini, University of Illinois Chicago

Discussant: Matteo Cacciatore, HEC Montreal

Session 2. International Taxation and FDI

Session Chair: Aqib Aslam (IMF)

This session explores the international spillover effects of corporate tax reforms and the implications of China's growing global ownership. The papers examine how multinational enterprises propagate policy shocks and shape foreign direct investment patterns.
 

Global Ripple Effects of Corporate Tax Reforms

• Sebastian Dyrda, University of Toronto
• Guangbin Hong, Michigan State University
• Muhammad Ali Sajid, University of Toronto
• Joseph B. Steinberg, University of Toronto

Discussant: Ruud de Mooij, IMF

Session 2. International Taxation and FDI (continued)

China's Global Ownership

• Jennie Bai, Georgetown University and NBER
• Luc Laeven, European Central Bank, Tilburg University, and CEPR
• Yaojun Ke, Nanyang Technological University
• Hong Ru, Nanyang Technological University

Discussant: Vanessa Alviarez, IADB

Session 3. International Liquidity

Session Chair: Kai Arvai (ECB)

This session investigates the mechanisms of international dollar liquidity provision and the transmission of monetary policy through cross-border capital flows. The papers analyze Federal Reserve swap lines and the channels through which advanced economy monetary policy spills over to emerging markets.
 

Swap Line Dollar Supply

• Pēteris Kloks, University of St. Gallen

Discussant: Alessandro Rebucci, Johns Hopkins University
 

Disentangling the Wires: The Capital Flow Channel of Monetary Policy Spillovers to Emerging Markets

• Matthieu Bussière, Banque de France
• Vironia Ibrahim, Central Bank of Egypt
• Etienne Lepers, OECD

Discussant: Rex Ghosh, IMF

Session 4. Global Shocks and Policy Spillovers

Session Chair: Neil Meads (IMF)

This session explores the aggregate effects of sectoral shocks in open economies and the international transmission of monetary policy decisions. The papers examine how global supply chain linkages propagate shocks and whether central banks coordinate their policy responses.
 

The Aggregate Effects of Sectoral Shocks in an Open Economy

• Philippe Andrade, Federal Reserve Bank of Boston
• Martin Arazi, Bank of England
• Viacheslav Sheremirov, Federal Reserve Bank of Boston

Discussant: Muhammed Yildirim, Harvard University
 

Do Central Banks Follow the Fed?

• Serra Pelin, UC Berkeley
• Alfredo Mendoza-Fernández, UC Berkeley

Discussant: Albert Queralto, Federal Reserve Board

Session 5. Exchange Rates and Cross-Border Investment

Session Chair: Roger Vicquery (BoE)

This session examines the interplay between foreign exchange interventions, portfolio investments, and exchange rate dynamics. The papers analyze how central bank interventions affect exchange rates under intermediary constraints and the role of FX derivatives in facilitating cross-border bond investments.
 

Foreign Exchange Interventions and Intermediary Constraints

• Alex Ferreira, University of São Paulo
• Rory Mullen, Warwick Business School
• Giovanni Ricco, University of Warwick
• Ganesh Viswanath-Natraj, Warwick Business School
• Zijie Wang, Warwick Business School
   

Global Portfolio Investments and FX Derivatives

• Tsvetelina Nenova, Bank for International Settlements
• Andreas Schrimpf, Bank for International Settlements
• Hyun Song Shin, Bank for International Settlements

Discussant: Amy Wang Huber, Wharton School of the University of Pennsylvania