Banco Central de Chile
Sixteenth Annual Conference of the Central Bank of Chile
“Macroeconomic and Financial Stability: Challenges for Monetary Policy”
Thursday November 15th and Friday November 16th, 2012
Crowne Plaza Hotel Santiago, Chile
Program (pdf, 307 Kb)
Thursday 15, 2012
| Coffee and registration | 09:00 – 09:30 | |
| Opening Remarks Rodrigo Vergara – Governor, Central Bank of Chile. |
09:30 – 10:00 | |
| SESSION I: FINANCIAL CRISES AND MACROECONOMIC POLICIES Session Chair: Enrique Marshall R., Member of the Board, Central Bank of Chile |
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| "The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries" Guillermo Calvo, Columbia University, USA Fabrizio Coricelli, Paris School of Economics, France Pablo Otonello, Columbia University, USA Discussant: Stijn Claessens, International Monetary Fund, USA |
10:00 – 11:00 | |
| Coffee break | 11:00 – 11:30 | |
| "Does Expansionary Monetary Policy Cause Asset Booms: Some Historical Evidence" Michael Bordo, Rutgers University, USA John Landon, Rutgers University, USA Discussant: Claudio Raddatz, Central Bank of Chile |
11:30 – 12:30 | |
| Lunch (by invitation) Salón Patagonia, Crowne Plaza. |
12:30 – 14:30 | |
| Keynote Address:"Central Banking After the Crisis" Frederic Mishkin, Columbia University, USA |
12:30 – 13:10 | |
| SESSION II: CHALLENGES FOR MONETARY POLICY WHEN FACING FINANCIAL INSTABILITY Session Chair: Manuel Marfán L., Vice-President, Central Bank of Chile |
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| "Macro-Prudential Policy and the Conduct of Monetary Policy" Benoit Mojon, Bank of France Denis Beau, Bank of France Laurent Clerc, Bank of France Discussant: Rodrigo Cifuentes, Central Bank of Chile |
14:30 – 15:30 | |
| "The Optimal Currency Area in a Liquidity Trap" Michael Devereux, University of British Columbia, Canada. David Cook, Hong Kong University of Science and Technology, China Discussant: Luca Dedola,European Central Bank, Germany. |
15:30 – 16:30 | |
| Coffee break | 16:30 – 17:00 | |
| "Macro-Prudential Policy" Lawrence Christiano, Northwestern University, EE.UU. Daisuke Ikeda, Bank of Japan Discussant: Saki Bigio,Columbia Business School, USA. |
17:00 – 18:00 | |
| Dinner (by invitation) Venue to be confirmed |
20:30 – 22:00 |
Friday 16, 2012
| Coffee break | 08:45 – 09:00 | |
| SESSION III: LEVERAGE CYCLES, FINANCIAL CRISES, ILLIQUIDITY AND CONSEQUENCES OVER HOUSEHOLDS Session Chair: Sebastián Claro E., Member of the Board, Central Bank of Chile |
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| "The Leverage Cycle and Monetary Policies" John Geanakoplos, Yale University, EE.UU. Discussant: Tobias Adrian, Federal Reserve Bank of New York, EE.UU. |
09:00 – 10:00 | |
| Monetary Policy And Macro-Prudential Regulation: The Risk-Sharing Paradigm" Atif Mian, Princeton University, USA Discussant: Virgiliu Midrigan, New York University, USA |
10:00 – 11:00 | |
| Coffee break | 11:00 – 11:30 | |
| "Markets with Multidimensional Private Information" Robert Shimer, University of Chicago, USA Verónica Guerrieri, University of Chicago, USA Discussant: Robert Hall, Stanford University, USA |
11:30 – 12:30 | |
| Lunch (by invitation) Salón Patagonia,Crowne Plaza. |
12:30 – 14:00 | |
| SESSION IV: POLICY MEASURES WHEN FACING A FINANCIAL CRISIS: THE CHILEAN CASE Session Chair: Joaquín Vial R-T., Member of the Board, Central Bank of Chile. |
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| "Monetary Policy Responses to the Global Financial Crisis: The Chilean Experience" Javier García-Cicco, Central Bank of Chile Diego Saravia, Central Bank of Chile Luis Felipe Céspedes, Adolfo Ibañez University, Chile Discussant: Pablo García, International Monetary Fund, USA |
14:00 – 15:00 | |
| "The Role of BancoEstado in the Credit Channel during the 2008 Crisis" Matías Tapia, Pontifical Catholic University of Chile Luis Felipe Lagos, Libertad y Desarrollo Institute, Chile Discussant: Alejandro Micco, University of Chile |
15:00 – 16:00 | |
| Closing remarks | 16:00 – 16:10 |