2nd BIS Consultative Council for the Americas conference on "Monetary policy, financial stability and the business cycle"


(last update 23 June 2011)

Thursday 12 May

Opening remarks
Session I: Monetary policy and risk-taking
Chair: Allan Crawford (Bank of Canada)
Paper 1 "The risk-taking channel and monetary transmission mechanism in Colombia" by Martha López, Fernando Tenjo and Héctor Zárate (Bank of the Republic) (paper, presentation)
Presenter: Martha López / Fernando Tenjo (20 minutes)
Discussant: Tobias Adrian (Federal Reserve Bank of New York) (15 minutes) (presentation)
Open discussion (15 minutes)
Paper 2 "Financial intermediation, risk taking and monetary policy" by Simona Cociuba (Federal Reserve Bank of Dallas), Malik Shukayev and Alexander Ueberfeldt (Bank of Canada) (paper, presentation)
Presenter: Simona Cociuba (20 minutes)
Discussant: Benôit Mojon (Bank of France) (15 minutes) (presentation)
Open discussion (15 minutes)
Session II: Banks and bank capital
Chair: Thomas Connors (Board of Governors of the Federal Reserve System)
Paper 3 "Market freeze and recovery: trading dynamics under optimal intervention by a Market-Maker-of-Last-Resort" by Jonathan Chiu (Bank of Canada) and Thorsten Koeppl (Queen's University) (paper, presentation)
Presenter:Jonathan Chiu (20 minutes)
Discussant: Ricardo Lagos (New York University) (15 minutes) (presentation)
Open discussion (15 minutes)
Paper 4 "Bank capital buffers, lending growth and economic cycle: empirical evidence for Brazil" by Benjamin Miranda Tabak (Central Bank of Brazil), Ana Clara Noronha (Universidade de Brasília) and Daniel Cajueiro (Universidade de Brasília and National Institute of Science and Technology for Complex Systems) (paper, presentation)
Presenter: Benjamin Miranda Tabak (20 minutes)
Discussant: Gerald Dwyer (Federal Reserve Bank of Atlanta) (15 minutes) (presentation)
Open discussion (15 minutes)
Paper 5 "Too-connected-to-fail institutions and payment system's stability: assessing challenges for financial authorities" by Carlos Leon, Clara Machado, Freddy Cepeda and Miguel Sarmiento (Bank of the Republic) (paper, presentation)
Presenter: Carlos León (20 minutes)
Discussant: George Pennacchi (University of Illinois) (15 minutes) (presentation)
Open discussion (15 minutes)

Friday 13 May

Session III: Policy in Emerging Market Economies
Chair: Manuel Ramos Francia (Bank of Mexico)
Paper 6 "Understanding the impact of the global financial shock on the Chilean economy" by Rodrigo Caputo, Juan Pablo Medina and Claudio Soto (Central Bank of Chile) (paper, presentation)
Presenter: Rodrigo Caputo (20 minutes)
Discussant: Olivier Jeanne (Johns Hopkins University) (15 minutes) (presentation)
Open discussion (15 minutes)
Paper 7 "Monetary Policy in Emerging Market Economies: What Lessons from the Global Financial Crisis?" by Brahima Coulibaly (Board of Governors of the Federal Reserve System) (paper, presentation)
Presenter: Brahima Coulibaly (20 minutes)
Discussant: Roberto Chang (Rutgers University) (15 minutes) (presentation)
Open discussion (15 minutes)
Paper 8 "The bank lending channel in Peru: evidence and transmission mechanism" by Cesar Carrera (Central Reserve Bank of Peru) (paper, presentation)
Presenter: Cesar Carrera (20 minutes)
Discussant: James Hamilton (University of California, San Diego) (15 minutes) (presentation)
Open discussion (15 minutes)
Session IV: FX and capital flows
Chair: Stephen Cecchetti (Bank for International Settlements)
Paper 9 "FX co-movements: disentangling the role of global market factors, carry-trades and idiosyncratic components" by José Gonzalo Rangel (Bank of Mexico) (paper, presentation)
Presenter: José Gonzalo Rangel (20 minutes)
Discussant: Riccardo Colacito (University of North Carolina) (15 minutes) (presentation)
Open discussion (15 minutes)
Concluding session
Overview and discussion (summary, presentation)
Moderator: Stephen Cecchetti, Bank for International Settlements (10 minutes)
Open discussion (30 minutes)

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