Fifteenth Annual Conference of the Central Bank of Conference

“Capital Mobility and Monetary Policy”

Documents in Adobe PDF format

Thursday 17

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Opening Remarks    
José De Gregorio – Governor, Central Bank of Chile. Los Flujos de Capital y la Interacción entre la Política Macroprudencial y la Política Monetaria  
Keynote Address    
Bengt Holmstrom – Professor of Economics and Management, Massachusetts Institute of Technology. Transparency versus Liquidity: A Difficult Trade-Off  
Session I: New Issues for Monetary Policy in a Financially Globalized World    
Hyun Song Shin – Professor of Economics, Princeton University. Adapting Macroprudential Policy to Global Liquidity Conditions Discussant: Kevin Cowan – Central Bank of Chile.
Stephanie Schmitt- Grohé – Proffessor of Economics, Columbia University, and Martín Uribe – Professor of Economics, Columbia University. Pegs, Downward Wage Rigidity, and Unemployment: The Role of Financial Structure Discussant: Andrés Neumeyer – Universidad Torcuato Di Tella.
Session II: Business Cycles and International Capital Markets Session    
Carmen Reinhart – Senior Fellow, Peterson Institute for International Economics, and Kenneth Rogoff – Professor of Economics Harvard University. A Decade of Debt Discussant: Claudio Raddatz – Central Bank of Chile.
Miguel Fuentes – Senior Economist Central Bank of Chile, and Diego Saravia – Senior Economist, Central Bank of Chile. Tales of Two Recessions in Chile: Financial Frictions in 1999 and 2009 Discussant: Trevor Reeve – Federal Reserve Board.
Enrique Mendoza – Professor of International Economics and Finance, University of Maryland, and Marco Terrones – Deputy Division Chief, Research Department, IMF. Discussant: Luis Felipe Céspedes – Universidad Adolfo Ibáñez. An Anatomy of Credit Booms: Evidence from Macro Aggregates and Firm Level Data Discussant: Luis Felipe Céspedes - UAI

 

Friday 18

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Session III: Capital Inflows: Causes, Effects and Policy Responses  
Marcel Fratzscher – Head of the International Policy Analysis Division, European Central Bank. Capital controls and foreign exchange policy Discussant: Norman Loayza – The World Bank.
Eduardo Olaberría – Senior Economist, Central Bank of Chile. Capital Inflows and Booms in Asset Prices: Evidence from a Panel of Countries Discussant: Ramón Moreno – Bank of International Settlements.
Francis Warnock – Professor of Business Administration, University of Virginia, and Kristin Forbes – Professor of Management and Global Economics, MIT Sloan School of Management. Capital Flow Waves: Surges, Stops, Flight and Retrenchment Discussant: Hui Tong – International Monetary Fund.