8th Conference of the International Research Forum on Monetary Policy


March 21-22, 2014, Federal Reserve Board, Washington, DC, USA


Sponsored by the Federal Reserve Board (FRB), the European Central Bank (ECB), the Georgetown Center for Economic Research (GCER) at Georgetown University, and the Center for Financial Studies (CFS) at Goethe University Frankfurt.

Organizing committee
Günter Coenen (ECB & CFS), Chris Erceg (FRB), Matt Canzoneri (GCER) and Thomas Laubach (FRB & CFS)

Conference website

Conference Program

Friday, March 21, 2014


8:15 a.m. Registration and Coffee
8:45 a.m. Welcoming Remarks

Session I

9:00 a.m.

The Role of Macroprudential Policies

Emmanuel Farhi (Harvard) and Ivan Werning (MIT)

Discussant:  Olivier Jeanne (Johns Hopkins)

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10:00 a.m.

Credit Spreads and Credit Policies

Isabel Correia (Banco de Portugal), Fiorella de Fiore (ECB), Pedro Teles (Banco de Portugal) and Oreste Tristani* (ECB)

Discussant: Albert Queralto (FRB)

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11:10 a.m. Coffee Break
11:30 a.m.

Coordination and Crisis in a Monetary Union

Mark Aguiar (Princeton), Manuel Amador (FRB Minneapolis), Emmanuel Farhi (Harvard) and Gita Gopinath* (Harvard)

Discussant: Tomasso Monacelli (Bocconi and Columbia)

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12:30 p.m. Buffet Lunch

Session II

2:00 p.m.

Bank Leverage Cycles

Galo Nuño* (ECB) and Carlos Thomas (Banco de España)

Discussant: Luc Laeven (IMF)

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3:00 p.m.

Banks, Liquidity Management, and Monetary Policy 

Javier Bianchi* (University of Wisconsin) and Saki Bigio (Columbia)

Discussant: Peter Karadi (ECB)

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4:00 p.m. Coffee Break
4:30 p.m.

Panel Discussion – Transitional and Longer-Term Challenges for Monetary Policy

Steven Cecchetti (Brandeis)
Spencer Dale   (Bank of England)
Narayana Kocherlakota (Minneapolis Fed)
Lars Svensson (Stockholm University)

6:30 p.m.

Dinner and Keynote Speech

Governor Jeremy Stein, Federal Reserve Board


Saturday, March 22, 2014

Session III

9:00 a.m.

Reallocation in the Great Recession: Cleansing or Not?

Lucia Foster (U.S. Census Bureau), Cheryl Grim (U.S. Census Bureau) and John Haltiwanger* (University of Maryland)

Discussant: Andrew Figura (FRB)

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10:00 a.m.

Slow Recoveries, Worker Heterogeneity, and the Zero Lower Bound

Federico Ravenna* (HEC Montreal) and Carl Walsh (UC Santa Cruz)

Discussant: Keith Kuester (University of Bonn)

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11:00 a.m.Coffee Break
11:30 a.m.

Inflation Dynamics During the Financial Crisis

Simon Gilchrist (Boston University), Raphael Schoenle (Brandeis), Jae Sim (FRB), and Egon Zakrajšek (FRB)

Discussant: Marc Giannoni (New York Fed)

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12:30 p.m.

Lunch and Keynote Speech

Vítor Constâncio, Vice President of the ECB

Session IV

1:45 p.m.

When Does a Central Bank Balance Sheet Require Fiscal Support?

Marco Del Negro* (New York Fed) and Christopher Sims (Princeton)

Discussant: Behzad Diba (Georgetown)

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2:45 p.m.

Booms and Banking Crises

Frédéric Boissay (ECB), Fabrice Collard (University of Bern), and Frank Smets* (ECB)

Discussant: Nobuhiro Kiyotaki (Princeton)

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3:45 p.m. Adjourn


* Presenter


Download the program as pdf file