XXI Annual Conference of the Central Bank of Chile Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications

November 16th and 17th, 2017

Ritz-Carlton Hotel, Santiago, Chile

Program arranged by Álvaro Aguirre, Markus Brunnermeier and Diego Saravia

Openings remarks
Openings remarks

Mario Marcel

Governor, Central Bank of Chile

MONETARY POLICY AND FINANCIAL STABILITY CHANNELS
Negative Interest Rates: Lessons from the Euro Area

Jens Eisenschmidt

Principal Economist, Directorate General Economics, European Central Bank

Frank Smets

Director General Economics, European Central Bank

Discussant:

Klaus Schmidt-Hebbel

Pontifical Catholic University of Chile

Central Banks Going Long

Ricardo Reis

A.W. Phillips Professor of Economics, London School of Economics

Discussant:

Alejandro van der Ghote

European Central Bank

Capital Flows, Macroprudential Policies and Capital Controls

Álvaro Aguirre

Senior Economist, Central Bank of Chile

Sofia Bauducco

Senior Economist, Central Bank of Chile

Diego Saravia

Manager of Economic Research, Central Bank of Chile

Discussant:

Nicolás E. Magud

International Monetary Fund

FINANCIAL STABILITY IN EMERGING MARKET ECONOMIES
A Global Safe Asset for Emerging Market Economies

Markus Brunnermeier

Director of the Bendheim Center for Finance, Princeton University

Discussant:

Carlos Viana de Carvalho

Central Bank of Brazil

Capital Flow Management with Multiple Instruments

Viral Acharya

Deputy Governor, Reserve Bank of India

Arvind Krishnamurthy

Professor of Finance, Stanford

Discussant:

Guillaume Plantin

Department of Economics, Paris Institute of Political Studies

Foreign Exchange Intervention Redux

Roberto Chang

Professor of Economics, Rutgers University

Discussant:

José De Gregorio

Department of Economics, University of Chile

IMPLICATIONS FOR THE CONDUCT AND DESIGN OF MONETARY AND MACROPRUDENTIAL POLICIES
Interest Rate Policies, Banking Equilibrium and the Macro-Economy

Vincenzo Quadrini

Professor, University of Southern California, Finance and Business Economics, Marshall School of Business

Discussant:

Alexi Savov

New York University, Stern School of Business

The Relation between Monetary Policy and Financial-Stability Policy

Lars E.O. Svensson

Affiliated Professor, Department of Economics, Stockholm School of Economics

Discussant:

Rodrigo Vergara

Centro de Estudios Públicos (CEP)

Monetary Policy in a Grip of the Pincer Movement

Claudio Borio

Head of the Monetary and Economic Department, Bank for International Settlements

Piti Disyatat

Director of Economic Research, Bank of Thailand

Mikael Juselius

Senior Research Economist, Bank of Finland

Phurichai Rungcharoenkitkul

Senior Economist, Bank for International Settlements

Discussant:

Giovanni Dell´Ariccia

International Monetary Fund

Keynote Speech
Keynote Speech

Sir Paul Tucker

Chair, The Systemic Risk Council. Senior Fellow, Mossavar Rahmani Center for Business and Government, Harvard Kennedy School