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Conference

International Research Forum on Monetary Policy

Ninth Conference

European Central Bank, Frankfurt am Main, 18 - 19 March 2016
Press centre, room C5.01

The International Research Forum on Monetary Policy (IRFMP) is organising its 9th conference which will be held at the European Central Bank in Frankfurt on 18-19 March 2016.

The purpose of the IRFMP is to promote the discussion of innovative research on theoretical and empirical macroeconomic issues relevant for monetary policy.

It is sponsored by the Euro Area Business Cycle Network (EABCN), the European Central Bank (ECB), the Federal Reserve Board (FRB), and the Georgetown Center for Economic Research (GCER) at Georgetown University.

Attendance is upon invitation only. The conference will be held in English.

Programme

Friday, 18 March 2016

* indicates the presenter

8:30

Registration and coffee

Session 1 The conduct of monetary policy

9:00

The forward guidance puzzle

Marco Del Negro*, Marc Giannoni (Federal Reserve Bank of New York) and Christina Patterson (Massachusetts Institute of Technology)
Paper, Presentation

Discussant: Jesper Lindé (Sveriges Riksbank)
Discussion

10:00

What does anticipated monetary policy do?

Stefania D'Amico* and Thomas King (Federal Reserve Bank of Chicago)
Paper, Presentation

Discussant: Stefano Neri (Banca d'Italia)
Discussion

11:00

Coffee break

11:30

The systematic component of monetary policy in SVARs: an agnostic identification procedure

Jonas Arias* and Dario Caldara (Federal Reserve Board) and Juan Rubio-Ramírez (Duke University)
Paper, Presentation

Discussant: Raffaella Giacomini (University College London)
Discussion

12:30

Measuring the non-linear effects of monetary policy

Régis Barnichon (Universitat Pompeu Fabra) and Christian Matthes* (Federal Reserve Bank of Richmond)
Paper, Presentation

Discussant: Luca Sala (Università Bocconi)
Discussion

13:30

Buffet lunch

Session 2 Monetary policy, uncertainty, and inflation expectations

14:30

Endogenous volatility at the zero lower bound: implications for stabilization policy

Susanto Basu* (Boston College) and Brent Bundick (Federal Reserve Bank of Kansas City)
Paper, Presentation

Discussant: Sebastian Schmidt (European Central Bank)
Discussion

15:30

Unconventional fiscal policy, inflation expectations, and consumption expenditure

Francesco D'Acunto (University of Maryland), Daniel Hoang (Karlsruher Institut für Technologie) and Michael Weber* (University of Chicago)
Paper, Presentation

Discussant: Michael Haliassos (Goethe-Universität)
Discussion

16:30

Coffee break

17:00

Panel discussion – Completing Europe's Economic and Monetary Union

Chair: Frank Smets (European Central Bank)

Panellists:
Giancarlo Corsetti (University of Cambridge)
Vítor Gaspar (International Monetary Fund)
Francesco Giavazzi (Università Bocconi)
Athanasios Orphanides (Massachusetts Institute of Technology)

19:30

Dinner

Keynote speech

James Bullard, President and Chief Executive Officer of the Federal Reserve Bank of St. Louis
Speech

Saturday, 19 March 2016

* indicates the presenter

8:30

Registration and coffee

Session 3 International dimensions of monetary policy

9:00

If the Fed sneezes, who catches a cold?

Luca Dedola* and Livio Stracca (European Central Bank)
Giulia Rivolta (Università degli Studi di Brescia)
Paper, Presentation

Discussant: John Rogers (Federal Reserve Board)
Discussion

10:00

Liquidity traps, capital flows

Sushant Acharya (Federal Reserve Bank of New York) and Julien Bengui* (Université de Montréal)
Paper, Presentation

Discussant: Roland Straub (European Central Bank)
Discussion

11:00

Coffee break

11:30

Macroeconomic policy games

Martin Bodenstein (National University of Singapore), Luca Guerrieri* (Federal Reserve Board) and Joe LaBriola (University of California at Berkeley)
Paper, Presentation

Discussant: Giovanni Lombardo (Bank for International Settlements)
Discussion

12:30

Buffet lunch

Session 4 Policies to address the long-run consequences of crises

13:30

Expectations, stagnation and fiscal policy

George Evans (University of Oregon), Seppo Honkapohja* (Suomen Pankki – Finlands Bank) and