Workshop on "Exchange Rates"

13 December 2022 | Basel, Switzerland

About the conference

12th BIS Research Network meeting

Collaborating with the Banca d'Italia and the European Central Bank, the BIS hosted the 12th Workshop on "Exchange Rates", bringing together researchers from academia and central banks to discuss innovative research on analytical and policy issues relating to foreign exchange markets, financial intermediation and macrofinancial stability. The Workshop was held on 13 December 2022 under the auspices of the BIS Research Network, also being the 12th meeting of the Network.

Agenda

Claudio Borio, Bank for International Settlements

Chair 

Andreas Schrimpf, Bank for International Settlements

Understanding the strengths of the Dollar
paper
presentation
discussion

Authors

  • Zhengyang Jiang (Board of Governors of the Federal Reserve System)
  • Robert Richmond (Board of Governors of the Federal Reserve System)
  • Tony Zhang (Board of Governors of the Federal Reserve System)

Discussant 

Max Croce (Bocconi University)

Dollar reserves and US yields: identifying price impact of official flows
paper
presentation
discussion

Authors

  • Rashad Ahmed (Johns Hopkins Carey Business School)
  • Alessandro Rebucci (Johns Hopkins Carey Business School)

Discussant

Alexandra Tabova (Board of Governors of the Federal Reserve System)

Chair 

Alessio Anzuini (Banca d'Italia)

Can time-varying currency risk hedging explain exchange rates?
paper
presentation
discussion

Authors

  • Leonie Bräuer (University of Geneva)
  • Harald Hau 

Discussant 

Vladyslav Sushko (Bank for International Settlements)

Foreign exchange intervention with UIP and CIP deviations: the case of small safe havens 
paper
presentation
discussion

Authors

  • Philippe Bacchetta (University of Lausanne)
  • Kenza Benhima (University of Lausanne)
  • Brendan Berthold

Discussant

Paolo Cavallino (Bank for International Settlements)

Central bank swap lines: micro-level evidence
paper
presentation

Authors

  • Gerardo Ferrara (Bank of England)
  • Philippe Müller
  • Ganesh Viswanath-Natraj
  • Junxan Wang

Discussant

Fabiola Ravazzolo (Federal Reserve Bank of New York)

Central banking, intermediary constraints, and the Dollar
keynote

Authors

  • Wenxin Du (University of Chicago, Booth School of Business)

Chair

Claudio Borio  (Bank for International Settlements)

Chair 

Egemen Eren (Bank for International Settlements)

Cross-border M&A flows, economic growth and foreign exchange rates
paper
presentation
discussion

Authors

  • Steven Riddiough (University of Toronto)
  • Huizhong Zhang

Discussant 

Ingomar Krohn (Bank of Canada)

Foreign exchange fixings and returns around the clock
presentation
discussion

Authors

  • Ingomar Krohn
  • Philippe Müller (Warwick Business School)
  • Paul Whelan

Discussant

Angelo Ranaldo (University of St Gallen)

  • Alessio Anzuini (Banca d'Italia) 
  • Egemen Eren (Bank for International Settlements)
  • Fabio Fornari (ECB)
  • Andreas Schrimpf (Bank for International Settlements)
  • Sonya Zhu (Bank for International Settlements)