Joint BIS, BoE, ECB and IMF Conference on "Spillovers in a "low-for-long" world", held at the European Central Bank, Frankfurt am Main.
The Bank for International Settlements, the European Central Bank, the Bank of England and the International Monetary Fund are pleased to announce a call for papers for their joint workshop on "Spillovers in a "low-for-long" world".
In recent decades, cross-country economic and financial interdependencies have become more and more complex. At the same time, over the last decade the decline in global interest rates, which began before the global financial crisis, has deepened. This has been driven by a combination of the limited availability of safe assets, secular stagnation, a global saving glut, and central banks' easing of monetary policies. In this environment, policy mixes featuring unconventional monetary policy, foreign exchange interventions, macroprudential measures and capital flow management have increasingly been adopted to better cope with the spillovers of a highly interconnected global economy. This conference aims to close the gaps in our understanding of the international transmission of shocks in a low-interest-rate environment.