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.


Thursday 8 March  
13:30-18:15 Macro-modelling at central banks  

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)