International Monetary Fund

Jacques Polak Research Conference

Macroeconomic and Financial Policies after the Crisis

Washington DC, November 4—5, 2010

Eleventh Annual Jacques Polak Research Conference

Eleventh Annual Jacques Polak Research Conference

The International Monetary Fund will hold the Eleventh Jacques Polak Annual Research Conference at its headquarters in Washington DC on November 4-5, 2010.

The conference is intended to provide a forum for discussing innovative research in economics, undertaken by both IMF staff and by outside economists, and to facilitate the exchange of views among researchers and policymakers. The theme of the conference is “Macroeconomic and Financial Policies after the Crisis,” and Professor Anil Kashyap (University of Chicago Booth School of Business) 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 public registration is Friday, October 29, 2010. Registered attendees will be required to present photo identification on entering the IMF at 720 19th Street, 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 speakers


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

Macroeconomic and Financial Policies after the Crisis
Venue: HQ1-R-710 (Auditorium)
Thursday, November 4, 2010
8:00–8:40am Registration and Continental Breakfast
8:45–9:15am Opening Remarks by John Lipsky, First Deputy Managing Director, IMF
9:15–10:45am Session 1: Monetary Policy

Chair: Tamim Bayoumi, Senior Advisor, SPR

Risk, Uncertainty and Monetary Policy

Geert Bekaert (Columbia Business School), Marie Hoerova (European Central Bank), and Marco Lo Duca (European Central Bank)

Discussant: Jonathan Wright (Johns Hopkins University)

Monetary Policy and Credit Supply Shocks

Simon Gilchrist (Boston University) and Egon Zakrajsek (Board of Governors of the Federal Reserve System, Washington, D.C.)

Discussant: Tobias Adrian (Federal Reserve Bank of New York)

10:45–11:00am ***Coffee Break***
11:00–12:30pm Session 2: Financial Markets

Chair: Jonathan D. Ostry, Deputy Director, RES

Systemic Real and Financial Risks: Measurement, Forecasting and Stress Testing

Gianni De Nicolo (IMF) and Marcella Lucchetta (European University Institute)

Discussant: Kenneth West (University of Wisconsin)

Hot Money and Serial Financial Crises

Anton Korinek (University of Maryland)

Discussant: Rudolfs Bems (IMF), Gianluca Benigno (London School of Economics)

12:30–2:00pm ***Lunch***

(By invitation only, IMF Gallery)

Luncheon Remarks - Tribute to Jacques Polak

James M. Boughton – IMF Historian

2:15–3:45pm Session 3: Regulation and Systemic Risk

Chair: Stijn Claessens, Assistant Director, RES

Bailouts, Time Inconsistency and Optimal Regulation

V. V. Chari (University of Minnesota and Federal Reserve Bank of Minneapolis) and Patrick J. Kehoe (Princeton University and Federal Reserve Bank of Minneapolis)

Discussant: Guido Lorenzoni (MIT)

Financial Black-Holes: The Interaction of Financial Regulation and Bailout Guarantees

Romain Ranciere (IMF) and Aaron Tornell (University of California, Los Angeles)

Discussant: Luis Felipe Cespedes (Central Bank of Chile)

3:45–4:00pm ***Coffee Break***

Mundell-Fleming Lecture

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

Anil Kashyap (University of Chicago, Booth School of Business, Edward Eagle Brown Professor of Economics and Finance)

Friday, November 5, 2010
9:00–10:30am Session 4: International Capital Flows

Chair: Robert Sheehy, Deputy Director, MCM

Sovereign Default Risk in Financially Integrated Economies

Patrick Bolton (Columbia University) and Olivier Jeanne (Johns Hopkins University)

Discussant: Carlos Vegh (University of Maryland)

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons

Òscar Jordà (University of California, Davis), Moritz Schularick (Freie Universität Berlin), and Alan M. Taylor (University of California, Davis and Morgan Stanley)

Discussant: Linda Tesar (University of Michigan)

10:30–10:45am ***Coffee Break***
10:45–1:00pm Session 5: Fiscal Policy

Chair: Carlo Cottarelli Director, FAD

Timing Fiscal Retrenchment in the Wake of Deep Recessions

Giancarlo Corsetti (EUI), Keith Kuester (Federal Reserve Bank of Philadelphia), André Meier (IMF), and Gernot Müller (University of Bonn)

Discussant: Philip Lane (Trinity College Dublin)

Fiscal Space

Atish R. Ghosh (IMF), Jun Il Kim (IMF), Enrique Mendoza (University of Maryland), Jonathan D. Ostry (IMF), and Mahvash S. Qureshi (IMF)

Discussant: Henning Bohn (University of California, Santa Barbara)

Temporarily Unstable Government Debt and Inflation

Troy Davig (Barclays Capital) and Eric Leeper (Indiana University)

Discussant: Paolo Mauro (IMF)

1:00–2:30pm ***Lunch***
(By invitation, IMF Gallery)
2:45–4:30pm Economic Forum: Macro-Prudential Regulation

Webcast of the Forum

Moderator: Jose Viñals

Financial Counsellor and Director, Monetary and Capital Markets Department, IMF


1. Viral Acharya (New York University)

2. Markus Brunnermeier (Princeton)

3. Donald Kohn (Brookings)

4. Vincent Reinhart (American Enterprise Institute)

Conference Program Committee: Jaewoo Lee (Chair), Suman Basu, Rudolfs Bems, Ayhan Kose, Fabian Valencia (All IMF) and Pierre-Olivier Gourinchas (University of California at Berkeley and Editor of the IMF Economic Review).
Conference Coordinator: Tracey Lookadoo

Book launch and panel discussion

The Eleventh Jacques Polak Annual Research Conference will be followed by a book launch and panel discussion for the recently-published Macrofinancial Linkages: Trends, Crises, and Policies
(C. Crowe, S. Johnson, J. Ostry and J. Zettelmeyer, eds)

Moderated by John Lipsky (First Deputy Managing Director, IMF)


  • Simon Johnson (MIT / Peterson Institute for International Economics)
  • Carmen Reinhart (Peterson Institute for International Economics)
  • Olivier Jeanne (Johns Hopkins University / Peterson Institute for International Economics)

4.30–5.45pm HQ1-01-704 (follow signs from the auditorium).
Refreshments to follow.