Low interest rates, monetary policy and international spillovers

25 May 2017

Eighth BIS CCA Research Conference on "Low interest rates, monetary policy and international spillovers", hosted by the Board of Governors of the Federal Reserve System, Washington DC, 25-26 May 20171


Thursday 25 May


Opening remarks
Steve Kamin (Board of Governors of the Federal Reserve Systems) and Enrique Alberola (BIS)


Session I - Monetary policy spillovers (Part I)
Chair: Enrique Alberola (BIS)


Risk-taking and interest rates: evidence from decades in the global syndicated loan market by Seung Jung Lee, Lucy Q Liu and Viktors Stebunovs (Fed Board) (presentation)
Discussant: Sebnem Kalemli-Ozcan (University of Maryland) (presentation)


Channels of US monetary policy spillovers into international bond markets by Elias Albagli, Luis Ceballos, Sebastian Claro and Damian Romero (Central Bank of Chile) (later published as BIS Working Papers, no 719)
Discussant: Vivian Yue (Emory University) (presentation)


Session II - Monetary policy spillovers (Part II: Latin America)
Chair: Enrique Alberola (BIS)


Assessing the effect of US monetary policy normalisation on Latin American economies by Fernando J Pérez-Forero (Central Reserve Bank of Peru) 
Discussant: Jeremy Piger (University of Oregon) (presentation)


Impact of international monetary policy in Uruguay: a FAVAR approach by Elizabeth Bucacos (Central Bank of Uruguay) (presentation)
Discussant: Robert Vigfusson (FED Board) (presentation)


Session III - Monetary policy, interest rates and inflation (Part I)
Chair: Hyun Song Shin (BIS)


Optimal unconditional monetary policy, trend inflation and the zero lower bound by Sergio Alfonso Lago Alves (Central Bank of Brazil) (presentation)
Discussant: Pablo Guerron-Quintana (Boston College) (presentation)


Financial and price stability in emerging market economies: the role of the interest rate by Lorenzo Menna and Martin Tobal (Bank of Mexico) (later published as BIS Working Papers, no 717)
Discussant: Pedro Gete (Georgetown University) (presentation)


Friday 26 May


Session IV - Monetary policy, interest rates and inflation (Part II)
Chair: Steve Kamin (Fed Board)


Could a higher inflation target enhance macroeconomic stability? by Jose Dorich, Nicholas Labelle, Vadym Lepetyuk and Rhys Mendes (Bank of Canada) (later published as BIS Working Papers, no 720) (presentation)
Discussant: Pau Rabanal (IMF) (presentation)


Session V - Capital flows and monetary policy
Chair: Steve Kamin (Fed Board)


Banking limits on foreign holdings: disentangling the portfolio balance channel by Pamela Cardozo, Fredy Gamboa, David Pérez-Reyna and Mauricio Villamizar-Villegas (Bank of the Republic, Colombia) (later published as BIS Working Papers, no 718) (presentation)
Discussant: Kathryn Dominguez (University of Michigan) (presentation)

11:00-12:45 Policy panel: International dimensions of monetary policy

Chair: Steve Kamin (Director, International Finance, Fed Board) (opening remarks)


Olivier Blanchard (Senior Fellow Peterson Institute, MIT) (presentation)
Hyun Song Shin (Economic Adviser and Head of Research, BIS) (presentation)
Alejandro Werner (Director, Western Hemisphere, IMF) (presentation)
Alexandre Tombini (Executive Director, Brazil, IMF)

12:45-13:00 Conclusions and final remarks 

Hyun Song Shin (BIS)

N.B. Paper presentations: 25 minutes - Discussion: 15 minutes - Open discussion: 10 minutes. The presenters of the papers appear in bold.

1 Conference venue: Federal Reserve Board, 1801 K Street NW, Washington DC