16th BIS Annual Conference

Friday 23 June 2017, Palace Hotel, Lucerne, Switzerland

  Opening remarks
Jaime Caruana
, Bank for International Settlements
  Session 1: The global interest rate environment
Chair: Thomas Jordan, Swiss National Bank
Author: Richard H Clarida, Columbia University (paper) (presentation)
Paper: "The global factor in neutral policy rates: some implications for exchange rates, monetary policy and policy coordination"
Discussants: Narayana Kocherlakota, University of Rochester (presentation)
Lucrezia Reichlin, London Business School (presentation)
  Session 2: Low interest rates and changes in financial intermediation
Chair: Elvira Nabiullina, Central Bank of the Russian Federation
Author: Luigi Zingales, University of Chicago Booth School of Business
Paper: "The origins of Italian NPLs"
Discussants: Viral V Acharya, Reserve Bank of India (presentation)
Isabel Schnabel, University of Bonn (presentation)
  Session 3: Why are interest rates so low?
Chair: Stephen S Poloz, Bank of Canada
Author: Ricardo Caballero, Massachusetts Institute of Technology (paper 1) (paper 2) (presentation)
Paper: "On the macroeconomics of risk intolerance"
Discussants: Mohamed El-Erian, Allianz (written remarks)
David Laidler, University of Western Ontario (written remarks)
  Session 4: Inside money and monetary policy
Chair: Ilan Goldfajn, Central Bank of Brazil
Author: Monika Piazzesi, Stanford University (paper) (presentation)
Paper: "Payments, credit and asset prices"
Discussants: Markus Brunnermeier, Princeton University (presentation)
Sukhdave Singh, Central Bank of Malaysia (written remarks)
  Wrap-up panel: Monetary policy and financial stability in a low interest rate environment: challenges ahead
Chair: Jens Weidmann, Chairman, BIS Board; President, Deutsche Bundesbank
Panellists: Alan Blinder, Princeton University
Philip Lowe, Reserve Bank of Australia

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