Monetary Policy Transmission and Tools

Eleventh BIS Consultative Council of the Americas Research Conference on "Monetary Policy Transmission and Tools", hosted by the Bank of Canada, Ottawa, 21-22 May 2020.

21 May 2020

Preliminary agenda

Thursday 21 May


Opening remarks
Alexandre Tombini (BIS) and/or BoC official


Session I - Monetary policy and inflation expectations
Chair: TBD


Alternative Monetary-Policy Instruments and Limited Credibility in Small and Open Economies: An exploration 
by Javier García-Cicco and A. Krysa (Central Bank of Argentina)
Discussant: Giovanni Lombardo (BIS)


Shifting Inflation Expectations and Monetary Policy 
by Agustín Arias and Markus Kirchner (Central Bank of Chile)
Discussant:Luba Petersen (Simon Fraser University)


Wage indexation and monetary policy in an open economy 
by Julio A. Carrillo (Bank of Mexico) 
Discussant: Argia Sbordone (NY FED)


Session II - Monetary policy and bank credit
Chair: TBD


A Funding Liquidity Risk Channel of Monetary Policy Transmission
by Toni Ahnert, Kartik Anand and Philipp König (Bank of Canada)
Discussant: Linda Schilling (Ecole Polytechnique Paris)


Macroprudential, Monetary Policy, and Credit Supply Cycles: Evidence from Matched Bank-Firm Data
by João Barroso, Rodrigo Gonzalez and Bernardus Van Doornik (Central Bank of Brazil)
Discussant: Deniz Igan (IMF)

16:45-17:45 Keynote address: Emmanuel Farhi (Harvard University)

Chair: TBD


Friday 22 May


Session III - Capital flows and FX intervention
Chair: TBD


Pushing or Pulling? Quantitative Easing, Quantitative Tightening, and International Capital Flows 
by Nathan Converse, Stephanie Curcuru, Aaron Rosenblum and Chiara Scotti (Board of Governors of the Federal Reserve System)
Discussant: Galina Hale (UC Santa Cruz)


The Portfolio Channel of Capital Flows: A Small Open Economy Approach 
by Carlos Montoro and Marco Ortiz (Central Reserve Bank of Peru)
Discussant: Olivier Jeanne (John Hopkins University)


Effectiveness of FX Intervention and the Flimsiness of Exchange rate Expectations 
by Hernando Vargas and Mauricio Villamizar (Bank of the Republic of Colombia)
Discussant: Michael Devereux (Vancouver School of Economics)

12:15-13:00 Panel: Monetary policy frameworks, tools and communication in an increasingly challenging environment

Chair: TBD
Participants: Lawrence Schembri (Bank of Canada), Alejandro Werner (IMF), Alexandre Tombini (BIS), other participant to be confirmed

13:00-13:10 Closing remarks
N.B. Paper presentations: 25 minutes; discussion: 15 minutes; open discussion: 20 minutes. The presenters of the papers will appear in bold.