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20th Central Bank Macroeconomic Modeling Workshop on Policy Coordination

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, France

Organizing 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


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

Updated on: 12/08/2017 16:43