XIX Annual Conference of the Central Bank of Chile Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World

Thursday 19th and Friday 20th November 2015

Ritz-Carlton Hotel, Santiago, Chile

All sessions will be conducted in English. Simultaneous interpretation between English and Spanish will be provided.

Program arranged by Michael Woodford, Diego Saravia and Elías Albagli

For further information or to register, please contact the organizing committee at: conferencia2015@bcentral.cl

Camila Figueroa, Central Bank of Chile, Tel: +(56 2) 2670 2718
Carolina Besa, Central Bank of Chile, Tel: +(56 2) 2670 2670
Paloma Navarro, Central Bank of Chile, Tel: +(56 2) 2670 2244
 

Opening remarks
Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world

Rodrigo Vergara

Governor, Central Bank of Chile

Session I: IMPACT OF CONVENTIONAL AND UNCONVENTIONAL MONETARY POLICIES ON ASSET PRICES
Forward Guidance in the Yield Curve

Dimitri Vayanos

Professor of Finance, London School of Economics

Discussant:

Simone Manganelli

European Central Bank

The Central Bank Balance Sheet as a Commitment Device

Gauti Eggertsson

Associate Professor of Economics, Brown University

Discussant:

Luca Dedola

European Central Bank

Measuring the Effect of Unconventional Monetary Policy on Asset Prices

Eric Swanson

Professor of Economics, University of California, Irvine

Discussant:

Sofía Bauducco

Central Bank of Chile

Session II: THE RISK-TAKING CHANNEL OF MONETARY POLICY: IMPLICATIONS FOR FINANCIAL FRAGILITY
Risk-Taking Channel of Monetary Policy: A Global Game Approach

Stephen Morris

Professor of Economics, Princeton University

Discussant:

Ernesto Pastén

Central Bank of Chile

Quantitative Easing and Financial Stability

Michael Woodford

John Bates Clark Professor of Political Economy, Columbia University

Discussant:

Robin Greenwood

Harvard Business School

Short-Term Interest Rates and Bank Lending Terms: Evidence from a Survey of U.S. Loans

Gustavo Suarez

Chief, Capital Markets Section, Federal Reserve Board

Discussant:

Borja Larraín

Catholic University of Chile