20th Central Bank Macroeconomic Modeling Workshop on Policy Coordination
Banque de France is organizing the 20th Central Bank Macroeconomic Modeling Workshop (CBMMW) on the topic “Policy coordination” on November 16-17-2017. It will bring together leading economists from central banks and academic institutions to consider critical issues related to policy coordination between instruments and between countries. G. Eggertsson (Brown University), J. Gali (CREI and Universitat Pompeu Fabra) and H. Rey (London Business School) will be keynote speakers.
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20th Central Bank Macroeconomic Modeling Workshop on Policy Coordination
The financial crisis and the ensuing slow recovery brought to the forefront policy coordination issues. Fiscal policies were mobilized in addition to monetary policy in several countries; macro-prudential policies are nowadays viewed as central while there are recurrent pleas for additional structural policies. Against this backdrop, policy coordination, within a single country and/or across countries, has attracted a lot of attention.
Banque de France, 31 rue Croix des Petits Champs, 75001 Paris, FranceOrganizing Committee: Antoine Devulder, Ludovic Gauvin, Michel Juillard, Julien Matheron & Daniele Siena.
Program (presenting authors with *)
Thursday 16 November 2017
09:00-09:30 Registration
09:30-10:00 Opening: Bruno Cabrillac (Banque de France)
Welcome address: Douglas Laxton (IMF)
10: 00-11:00 Keynote: H. Rey, Financial cycles with heterogeneous intermediaries Chair: Benoit Mojon
11:00-11:30 Coffee break
11:30-12:30 Parallel sessions A
Session A-1 (Room 2)
Assessing the gains from international macroprudential policy Cooperation, , P.-R. Agénor; E. Kharroubi; L. Gambacorta; G. Lombardo*; L. A. Pereira da Silva (BIS);
Macroprudential Policy Coordination with International Capital Flows, W. Chen; G. Phelan*
Session A-2 (Room 3) Chair: Grégory Levieuge
Macroprudential Policies in a Low Interest-Rate Environment, M. Rubio*; F. Yao
The impact of macroprudential policies and their relation with monetary policy: an empirical analysis using credit registry data, L. Gambacorta ; A. Murcia*
12:30-14:00 Lunch
14:00-15:00 Parallel sessions B
Session B-1 (Room 2) Chair: Marie Aouriri
Public investment under debt, tax and money financing, L. Burlon; A. Locarno; A. Notarpietro*; M. Pisani
Can Fiscal Budget-Neutral Reforms Stimulate Growth? Model-Based Results, M. Bussière; L. Ferrara*; M. Juillard; D. Siena,
Session B-2 (Room 3) Chair: Urszula Szczerbowicz
Countercyclical Capital Regulation in a Small Open Economy DSGE Model, M. Lozej; L. Onoran; A. Rannenberg*
Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach, S. Kabaca*
15:00-16:00 Parallel Session C
Session C-1 (Room 2) Chair: Daniele Siena
Generalized stability of monetary unions under regime switching in monetary and fiscal policies, D. Bonam*; B. Hobijn
Fiscal Moral Hazard in a Monetary Union, S. Santoro
Session C-2 (Room 3) Chair: Michel Juillard
Calibrating Macroprudential Policy to Forecasts of Financial Stability, S. Brave; J. Lopez*
Output effects of macroprudential policies, B. Richter; M. Schularick, I. Shim*
16:00-16:30 Coffee break
16:30-17:30 Keynote: J. Gali, “Monetary Policy with Heterogeneous Agents: Insights from TANK models”, Chair: Yannick Kalantzis
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Friday 17 November 2017
09:30-10:30 Parallel Session D
Session D-1 (Room 4) Chair: Jean-Stéphane Mésonnier
The New Area-Wide Model II: An updated version of the ECB’s micro-founded model for forecasting and policy analysis with a financial sector, G. Coenen*; P. Karadi; S. Schmidt; A. Warne
Could the boom-bust in the eurozone periphery have been prevented? ? M. Bielecki; M. Brzoza-Brzezina*; M. Kolasa; K. Makarski
Session D-2 (Auditorium) Chair: Gaetano Gaballo
Quantitative Easing and the “New Normal” in Monetary Policy, M. T. Kiley
Forward Guidance without Common Knowledge, G.-M. Angeletos; C. Lian*
10:30-11:00 Coffee break
11:00-12:00 Keynote: G. Eggertsson, Kaldor and Picketty’s facts: The emergence of a non-zero rent economy, Chair: Françoise Drumetz
12:00-13:30 Lunch
13:30-14:30 Parallel Session E
Session E-1 (Room 4) Chair: Stéphane Lhuissier
Financial Heterogeneity and Central Bank Non-Standard Measures in a Monetary Union, M. Darracq Pariès*; N. Papadopoulou
Macroeconomic effects of non-standard monetary policy measures in the euro area: the role of corporate bond purchases, A. Bartocci; L. Burlon; A. Notarpietro; M. Pisani*
Session E-2 (Auditorium) Chair: Christoph Grosse Stephen
Pegging the Interest Rate on Bank Reserves: A Resolution of New Keynesian Puzzles and Paradoxes, B. Diba, O. Loisel*
Monetary Policy and Debt Holder Heterogeneity, M. Werner
14:30-15:30 Parallel Session F
Session F-1 (Room 4) Chair: Pierlauro Lopez
Concerted Efforts? Monetary Policy and Macro-Prudential Tools, A. Ferrero*; R. Harrison; B. Nelson
Macroeconomic Policy Games, M. Bodenstein; L. Guerrier*; J. LaBriola
Session F-2 (Auditorium) Chair: Matthieu Lemoine
Effects of Consumption Tax Hike Announcements: Lessons from Japan, Y. Mori-Koike*; Y. Hogen
A Relook at Monetary and Fiscal Interaction in India under Flexible Inflation Targeting and Revised Framework for Fiscal Rules
J. Raj; P. Mitra*; A. George; J. John
15:30-16:00 Coffee break
16:00-17:00 Parallel Session G
Session G-1 (Room 2) Chair: Axel Gastambide
Who benefits from internal devaluations in a monetary union? J. Andrès; O. Arce; S. Hurtado*
Labour tax reforms, cross-country coordination and monetary policy stance in the euro area. A structural model-based approach, P. Jacquinot*; M. Lozej; M. Pisani
Session G-2 (Room 4) Chair: Anastasia Zhutova
Unconventional Monetary and Fiscal Policies in Interconnected Economies: Do Policy Rules Matter? G. C. Lim; P. D. McNelis*
Fiscal Policies in the euro area: Revisiting the Size of Spillovers, M. Alloza*; P. Burriel; J. Pérez
Mis à jour le : 08/12/2017 16:41