Sixth BIS Consultative Council for the Americas research conference on "Detecting vulnerabilities, monetary policy normalisation and policy frameworks"

Hosted by Banco de México

13 April 2015

Monday 13 April 2015


Welcome remarks
Alberto Torres (Director General of Economic Research, Banco de México)
Hyun Song Shin (Economic Adviser and Head of Research, Bank for International Settlements)


Paper presentations: 25 minutes - Discussion: 15 minutes - Open discussion: 10 minutes


I. Capital flows, the role of banks and asset price bubbles
Chair: Enrique Alberola (Bank for International Settlements)


"Risky banks and macroprudential policy for emerging economies", by Gabriel Cuadra and Victoria Nuguer (Banco de México) (paper) (presentation)
Discussant: Luca Dedola (European Central Bank) (presentation)


"Asset price bubbles and monetary policy in a small open economy", by Martha Lopez (Banco de la República - Colombia) (paper) (presentation)
Discussant: Kevin Lansing (FRB San Francisco) (presentation)


II. Macroprudential policies: assessing their effectiveness
Chair: Rasmus Fatum (University of Alberta)


"Capital flows and macroprudential policies - a multilateral assessment of effectiveness and externalities", by John Beirne and Christian Friedrich (Bank of Canada) (paper) (presentation)
Discussant: Atish Ghosh (IMF) (presentation)


Lunch break


II. Macroprudential policies: assessing their effectiveness (continued)


"How effective are macroprudential policies? An empirical investigation", by Ozge Akinci and Jane Olmstead-Rumsey (Federal Reserve Board) (paper) (presentation)
Discussant: Luis Serven (World Bank) (presentation)


III. The transmission of monetary policy in EMEs
Chair: Daniel Sámano Peñaloza (Banco de México)


"Bank's price setting and lending maturity: evidence from an inflation targeting economy", by Emiliano Luttini and Michael Pedersen (Central Bank of Chile) (paper) (presentation)
Discussant: Ferre de Graeve (Sveriges Riksbank) (presentation)


"The dynamic effects of interest rates and reserve requirements", by Fernando Perez-Forero and Marco Vega (Central Reserve Bank of Peru) (paper) (presentation)
Discussant: Francesco Zanetti (Oxford University) (presentation)


Tuesday 14 April 2015


IV. Global liquidity and the financing of non-financial corporates
Chair: Luca Dedola (European Central Bank)


"OTC derivatives: impacts of regulatory changes on the non-financial sector", by Gustavo Silva Araujo and Sergio Leao (Central Bank of Brazil) (paper) (presentation)
Discussant: Michael Moore (Warwick Business School) (presentation)


"The effect of global liquidity on corporate financing in Mexico", by Mauricio Carabarin, Adrian de la Garza and Othon Moreno (Banco de México) (paper) (presentation)
Discussant: Rasmus Fatum (University of Alberta) (presentation)


Closing remarks
Enrique Alberola (Chief Representative, Bank for International Settlements, Office for the Americas)