New global challenges amid incomplete and divergent recoveries - Spillover Conference 2022
Joint Bank for International Settlements (BIS), Bank of England (BoE), European Central Bank (ECB), and International Monetary Fund (IMF) Conference
27-28 April 2022 - Online event
The Bank for International Settlements, Bank of England, International Monetary Fund and the European Central Bank invite you to attend the Spillover Conference 2022: New Global Challenges Amid Incomplete and Divergent Recoveries.
The conference aims to close gaps in our understanding of the international transmission of vulnerabilities, shocks and policies, and the trade-offs for policymakers, in the current environment of incomplete and divergent recoveries, high uncertainty, and structural change.
RegistrationProgramme
Times are Central European Time
* indicates the presenter
- 14:10
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Opening Remarks by Pierre-Olivier Gourinchas
Session 1 – Capital Flows and Corporate Financing
Chair: Fiorella De Fiore (BIS)
- 14:30
“International Pecking Order”
- Egemen Eren, BIS
- Semyon Malamud, Swiss Finance Institute, EPF Lausanne, and CEPR
- Haonan Zhou*, Princeton University
Discussant: Tim Schmidt-Eisenlohr, Federal Reserve Board
- 15:15
“Original Sin Redux”
- Carol Bertaut, Federal Reserve Board
- Valentina Bruno*, American University
- Hyun Song Shin, BIS
Discussant: Galina Hale, UC Santa Cruz
- 16:00
“Cross-border Spillovers: How US Financial Conditions Affect M&As Around the World”
- Katharina Bergant, IMF
- Sanhitha Jugulum, Columbia University
- Prachi Mishra*, IMF
- Raghuram Rajan, University of Chicago
Discussant: Friederike Niepmann, Federal Reserve Board
- 16:45
- Break
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Session 2 – Structural Changes
Chair: Ambrogio Cesa-Bianchi, BoE
- 17:00
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“The U.S. as a Safe Haven: Evidence from Convenience Yields, Exchange Rates and Country Risk in the Short and Long Run”
- Giancarlo Corsetti*, European University Institute and CEPR
- Simon Lloyd, BoE
- Emile Marin, University of Cambridge
- Daniel Ostry, University of Cambridge
Discussant: Zhengyang Jiang, Northwestern University
- 17:45
-
“Global Demand for Financial Assets, Falling Real Interest Rates, And Macroeconomic Instability”
- Enrique G. Mendoza, University of Pennsylvania
- Vincenzo Quadrini*, University of Southern California
Discussant: Marco del Negro, Federal Reserve Bank of New York
- 18:25
- End of day 1
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Session 3 – Spillovers from Policies and Shocks
Chair: Carlo Altavilla, ECB
- 14:00
“Uncertainty Shocks, Capital Flows, and International Risk Spillovers”
- Ozge Akinci*, Federal Reserve Bank of New York, CEPR
- Sebnem Kalemli-Ozcan, University of Maryland, NBER, CEPR
- Albert Queralto, Federal Reserve Board
Discussant: Rohan Kekre, University of Chicago Booth School of Business
- 14:45
“Global Spillovers of the Fed Information Effect”
- Marco Pinchetti*, BoE
- Andrzej Szczepaniak, BoE
Discussant: Jenny Tang, Federal Reserve Bank of Boston
- 15:30
“What Happens in China Does Not Stay in China?”
- William L. Barcelona, Federal Reserve Board
- Danilo Cascaldi-Garcia*, Federal Reserve Board
- Jasper J. Hoek, Federal Reserve Board
- Eva Van Leemput, Federal Reserve Bank
Discussant: Hui He, IMF
- 16:15
- Break
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Session 4 – Optimal Policies in Open Economies
Chair: Giovanni Dell’Ariccia, IMF
- 16:35
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“Optimal Exchange Rate Policy”
- Oleg Itskhoki, University of California, Los Angeles
- Dmitry Mukhin*, London School of Economics
Discussant: Sebastian Fanelli, Center for Monetary and Financial Studies
- 17:20
-
“Sudden Stops and Optimal Foreign Exchange Intervention”
- J. Scott Davis, Federal Reserve Bank of Dallas
- Michael B. Devereux*, University of British Columbia
- Changhua Yu, Peking University
Discussant: Roberto Chang, Rutgers University
- 18:05
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“No Country is an Island - International Cooperation and Climate Change”
- Massimo Ferrari , ECB
- Maria Sole Pagliari*, Banque de France
Discussant: Anna Lipinska, Federal Reserve Board
- 18:45
- End of the conference
Timings
Presenter: 20 minutes; Discussant: 10 minutes; General Discussion: 10 minutes.
This programme may be subject to change without notice.
Audiovisual notice: Images and video recordings may be published online.