Seventh BIS Research Network meeting on "Pushing the frontier of central banks' macro-modelling"
Basel, 8-9 March 2018
The seventh BIS Research Network meeting took place on 8-9 March 2018, bringing together researchers from academia and central banks exploring long-range research issues related to banking, monetary policy, regulation and financial stability. The first day set the coordinates of the macro-modelling frontier at central banks. Chris Sims wrapped up the opening session with a keynote speech on central bank macro-modelling. The second day - opened by Frank Smets' remarks - explored promising avenues for pushing the frontier forward. The role of financial cycles in macroeconomic dynamics and the channels and challenges of monetary policy transmission were the themes discussed. Markus Brunnermeier rounded off the conference with a keynote on blockchain economics.
Programme
| Thursday 8 March | ||
| 13:30-18:15 | Macro-modelling at central banks | |
| Chair |
Stijn Claessens, BIS |
|
| 13:30-13:45 | Introductory remarks | Luiz Awazu Pereira da Silva (speech), BIS |
| 13:45-14:45 | Session 1 | Marco del Negro (presentation), Federal Reserve Bank of New York |
| Ed Herbst (presentation), Board of Governors of the Federal Reserve System | ||
| Sebastian Schmidt (presentation), European Central Bank | ||
| 14:45-15:45 | Session 2 | Naohisa Hirakata (presentation), Bank of Japan |
| Angelo Fasolo (presentation), Central Bank of Brazil | ||
| Kolver Hernández (presentation), Bank of Mexico | ||
| 16:15-17:15 | Session 3 | Jens Iversen (presentation), Sveriges Riksbank |
| Yasin Mimir (presentation), Norges Bank | ||
| Francesca Monti (presentation), Bank of England | ||
| 17:15-18:15 | Keynote speech | Christopher Sims (presentation), Princeton University |
| Friday 9 March 2018 | ||
| Session 1 | Financial cycles and macroeconomic dynamics | |
| Chair | Claudio Borio, BIS | |
| 09:00-09:15 | Introductory remarks | Frank Smets (presentation), European Central Bank |
| 09:15-10:15 | Presenting author | Şebnem Kalemli-Özcan (presentation), University of Maryland |
| Paper | "International spillovers and local credit cycles" (with Y Baskaya, J di Giovanni and M Ulu) | |
| Discussant | Galina Hale (presentation), Federal Reserve Bank of San Francisco | |
| 10:15-11:15 | Presenting author | Andrea Prestipino (presentation), Board of Governors of the Federal Reserve System |
| Paper | "A macroeconomic model with financial panics" (with M Gertler and N Kiyotaki) |
|
| Discussant | Ester Faia, Goethe University Frankfurt | |
| 11:45-12:45 | Presenting author | Guido Lorenzoni (presentation), Northwestern University |
| Paper | "Financial crises and lending of last resort in open economies" (with L Bocola) | |
| Discussant | Anton Korinek (presentation), Johns Hopkins University | |
| Session 2 | Monetary policy transmission: evidence and challenges | |
| Chair | Hyun Song Shin, BIS | |
| 14:00-15:00 | Presenting author | Silvia Miranda-Agrippino (presentation), Bank of England |
| Paper | "The transmission of monetary policy shocks" (with G Ricco) | |
| Discussant | Marco Del Negro (presentation), Federal Reserve Bank of New York | |
| 15:00-16:00 | Presenting author | Nellie Liang (presentation), The Brookings Institution |
| Paper | "The term structure of growth-at-risk" (with T Adrian, F Grinberg and S Malik) | |
| Discussant | Frank Schorfheide (presentation), University of Pennsylvania | |
| 16:15-17:15 | Keynote lecture | Markus Brunnermeier, Princeton University "Blockchain economics" (with J Abadi) |