The Annual Conference of the Central Bank of Chile is one of the most important events organized by the Bank. It brings together experts, researchers and academics from central banks and monetary policy authorities of numerous countries, with the purpose of promoting and discussing the latest developments in economic research on macroeconomic and international economic issues.


XXIV Annual Conference of the Central Bank of Chile

Emerging Markets Credibility, Foreign Investors Risk Perceptions and Capital Flows

November 22nd and 23rd, 2021

Virtual Conference, Santiago – Chile  (Times are in GMT-3)

Program arranged by: Álvaro Aguirre, Andrés Fernández and Sebnem Kalemli-Özcan

Language: All sessions will be conducted in English. Simultaneous translation from English to Spanish will be provided.

Álvaro Aguirre
Central Bank of Chile
Tel: +(56 2) 2670 2558

María José Reyes
Central Bank of Chile
Tel: +(56 2) 2670 2413

Francisco Rey
Central Bank of Chile
Tel: +(56 2) 2670 2508

For further information, please contact the organizing committee at:

Monday 22nd November

Openings remarks

Mario Marcel – Governor, Central Bank of Chile

International Risk Spillovers: Implications for Emerging Markets’ Monetary Policy Frameworks

Sebnem Kalemli-Özcan – University of Maryland

Discussant: Helene Rey – London Business School

The Natural Level of Capital Flows

Frank Warnock – University of Virginia

Discussant: Laura Alfaro – Harvard Business School

Keynote Speech I

Maurice Obstfeld – Class of 1958 Professor of Economics, University of California, Berkeley

Does the Commodities Super Cycle Matter?

Andrés Fernández – Central Bank of Chile
Stephanie Schmitt-Grohe – Columbia University
Martín Uribe – Columbia University

Discussant: Roberto Chang – Rutgers University

Emerging Market, Exchange Rates and Capital Flows

Pierre-Olivier Gourinchas – University of California, Berkeley

Discussant: Gianluca Benigno – Federal Reserve Bank of New York

Optimal Monetary and Exchange Rate Policies with Imperfect Financial Markets

Oleg Itskhoki – University of California, Los Angeles Dmitry Mukhin – London School of Economics

Discussant: Charles Engel – University of Wisconsin

Tuesday 23rd November

Sovereign Risk and Floating Rate Bonds

Mark Aguiar – Princeton University
Manuel Amador – University of Minnesota
Ricardo Alves Monteiro – University of Minnesota

Discussant: Fabrizio Perri – Federal Reserve Bank of Minneapolis

The Globalization of Corporate Control

Elias Papaioannou – London Business School
Luís Fonseca – European Central Bank
Gur Aminadav – London Business School

Discussant: Carolina Villegas-Sanchez – ESADE Business Schoo

The COVID-19 Shock and Firm Financing: Government or Market or Both?

Miguel Acosta – Central Bank of Chile
Andrés Fernández – Central Bank of Chile
Patricia Gómez-Gonzalez – Fordham
Sebnem Kalemli-Özcan – University of Maryland

Discussant: Benoit Mojon – BIS

Global drivers and macroeconomic volatility in EMEs: A dynamic-factor, general equilibrium perspective

Gent Bajraj – Central Bank of Chile
Andrés Fernández – Central Bank of Chile
Miguel Fuentes – Central Bank of Chile
Benjamín García – Central Bank of Chile
Jorge Lorca – Central Bank of Chile
Manuel Paillacar – Central Bank of Chile
Juan M. Wlasiuk – Central Bank of Chile

Discussant: Ambrogio Cesa-Bianchi – Bank of England

Integrated Monetary and Financial Policies for Small Open Economies

Suman Basu – IMF
Emine Boz – IMF
Gita Gopinath – IMF
Francisco Roch – IMF
Filiz Unsal – IMF

Discussant: Stephanie Schmitt-Grohe – Columbia University

Keynote Speech II

Carmen Reinhart – Senior Vice President and World Bank Group Chief Economist

Closing remarks

Sebnem Kalemli-Özcan – Neil Moskowitz Professor of Economics, University of Maryland