Papers of the final Conference of the BIS-CCA Research Network on "Monetary policy frameworks and Communication"

Detailed agenda

Session I

Chair: Michael McMahon (University of Oxford)

  "Effects of Banco de la República's Communication on the Yield Curve" (presentation)
by Luis Melo-Velandia, Juan J. Ospina-Tejeiro, and Julián A. Parra-Polaina (Bank of the Republic, Colombia)
Discussant: Stefano Eusepi (UT Austin) (presentation)
  "Seeing the Forest for the Tree: Using hLDA Models to Evaluate Communication in Banco Central do Brasil" (presentation)
by Angelo Fasolo, Flavia Graminho, and Saulo Bastos (Central Bank of Brazil)
Discussant: Juan M. Londono (Federal Reserve Board) (presentation)
  "Sentiment Comparison on Monetary Policy Press Releases from Inflation-Targeting Regimes" (presentation)
by Mario Gonzalez and Raul Tadle (Central Bank of Chile)
Discusssant: Paul Hubert (Sciences Po – OFCE) (presentation)
  "Assessing Central Bank Communication Through Monetary Policy Statements: Results for Colombia, Chile and Peru" (presentation)
by Marco Vega and Erick Lahura (Reserve Bank of Peru)
Discussant: Giovanni Ricco (Warwick) (presentation)

Session II

Chair: Fabrizio Zampolli (BIS)

  "Communication, Monetary Policy and Financial Markets in Mexico" (presentation)
by Ana Aguilar and Fernando Perez-Cervantes (BIS and ITAM)
Discussant: Stephen Hansen (Imperial College BS) (presentation)
  "Communications, Information and Inflation Expectations" (presentation)
by Fernando Borráz, Miguel Mello, and Laura Zacheo (Central Bank of Uruguay)
Discussant: Carola Binder (Haverford College) (presentation)
  "Monetary Policy Announcements and Expectations: The Case of Mexico" (presentation)
by Ana Aguilar, Carlo Alcaraz, Victoria Nuguer, and Jessica Roldan (Bank of Mexico)
Discussant: Olivier Coibion (UT Austin) (presentation)
  "Forward Guidance and Expectation Formation: a Narrative Approach" (online appendix, presentation)
by Christopher Sutherland (Central Bank of Canada)
Discussant: Michael Ehrmann (ECB) (presentation)

Session III

Chair: Ana Aguilar (BIS)

  "Alternative Monetary Policy Instruments and Limited Credibility in SOE: An Exploration" (presentation)
by Javier Garcia-Cicco and Ariel Krysa (Central Bank of Argentina)
Discussant: Gianluca Benigno (New York Fed) (presentation)
  "Central Bank Credibility and Global Spillovers: Revisiting the Policy Trilemma in Open Economies" (presentation)
by Ozge Akinci and Albert Queralto (New York Fed)
Discussant: Silvia Miranda-Agrippino (Bank of England) (presentation)
  "Makeup Policy Communication Strategies in an Unequal World" (presentation)
by Martin Bodenstein, Nils Goernemann, and Jae Sim (Federal Reserve Board)
Discussant: Andrea Ferrero (University of Oxford) (presentation)
  Policy Panel: "Challenges in central bank communication" (presentation)
by José De Gregorio (University of Chile), Michael McMahon (University of Oxford), Michael Ehrmann (ECB) and Alexandre Tombini (BIS)
Chair: Alexandre Tombini.