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Institute Events
Conference on Financial Frictions and Monetary Policy in an Open Economy
March 16–17, 2012 | Federal Reserve Bank of Dallas
On March 16–17, 2012, the Globalization and Monetary Policy Institute hosted a conference specifically devoted to the study of how financial frictions affect the design and conduct of monetary policy in an open economy.
The recent financial crisis has precipitated an outpouring of new research on the effects of financial frictions. However, most of the new work has been limited to a closed economy framework. Of the few that have studied financial frictions in an open economy setting, even fewer have specifically focused on the impact of those frictions on the optimal conduct of monetary policy.
Organizing committee:
- Mark Wynne (Federal Reserve Bank of Dallas)
- Michael Devereux (University of British Columbia)
- Scott Davis (Federal Reserve Bank of Dallas)
Agenda
Friday, March 16, 2012 |
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Session I: The Monetary Transmission Mechanism |
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Chair: Alexander Chudik, Federal Reserve Bank of Dallas |
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9 a.m. |
Nominal Stability and Financial Globalization |
Discussion: Nominal Stability and Financial Globalization |
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10 a.m. |
Global Implications of National Unconventional Policies |
Discussant: Christoffer Koch, Federal Reserve Bank of Dallas |
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11:30 a.m. |
Financial Globalization and Monetary Transmission |
Discussion of "Financial Globalization and Monetary Transmission" by Simone Meier |
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Session II: Optimal Monetary Policy |
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Chair: Michael Plante, Federal Reserve Bank of Dallas |
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2 p.m. |
Optimal Monetary Policy Under Financial Sector Risk |
Discussion of "Optimal Monetary Policy Under Financial Sector Risk" by S. Davis and K. Huang |
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3 p.m. |
Financial Frictions and Optimal Monetary Policy in an Open Economy |
Discussion: Financial Frictions and Optimal Monetary Policy in an Open Economy |
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4:30 p.m. |
Efficient Bailouts? |
Discussion of "Effcient Bailouts?" by Javier Bianchi |
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Saturday, March 17 |
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Session III: Banking and International Business Cycle Transmission |
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Chair: Carlos Zarazaga, Federal Reserve Bank of Dallas |
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9 a.m. |
Leverage Across Firms, Banks and Countries |
10 a.m. |
Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great Recession |
Discussion: Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great Recession |
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11:30 a.m. |
International Recessions |
Discussion: International Recessions |
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* Denotes presenter |
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