Friday

May 16

10.00-11.15

*Pierre-Olivier Gourinchas (Princeton University and CEPR) and Hélène Rey (Princeton University and CEPR)
"The Intertemporal Approach to the Financial Account"

Discussant: Bartosz Mackowiak (Princeton University)

11.15-11.45

Coffee break

11.45-13.00

*Allan Drazen (University of Maryland and CEPR) and Stefan Hubrich (McKinsey Consulting)
"Mixed Signals in Defending the Exchange Rate"

Discussant: Alan Sutherland (University of St. Andrews and CEPR)

13.00-14.30

Lunch

14.30-15.45

Christophe Klingen (IMF), *Beatrice Weder (Universität Mainz), and Jeromin Zettelmeyer (IMF)
"Estimating Private Returns to Emerging Market Lending, 1970-2000"

Discussant: Allan Drazen (University of Maryland and CEPR)

15.45-16.15

Coffee break

16.15-17.30

John Burger (Sellinger School of Business and Management, Loyola College in Maryland), *Francis Warnock (The Board of Governors of the Federal Reserve System)
"Diversification, Original Sin, and Internationa Bond Portfolio"

Discussant: Hans Joachim Voth (Universitat Pompeu Fabra and CEPR)

Saturday

May 17

08.30-09.15

David Cook and * Michael Devereux (University of British Columbia and CEPR)
"The Danger of Hard Pegs: Monetary and Fiscal Policy Coordination in an Open Economy"

Discussant: Harris Dellas (Universität Bern)

09.15-10.30

Philip Lane (Trinity College Dublin and CEPR) and *Gian-Maria Milesi-Ferretti (IMF and CEPR)
"International Financial Integration"

Discussant: Harry Huizinga (European Commission and CEPR)

10.30-11.00

Coffee break

11.00-12.15

Ashoka Mody (IMF), *Assaf Razin (Cornell University, Tel Aviv University, and CEPR), and Efraim Sadka (Tel Aviv University)
"The Role of Information in Driving FDI: Host-Country Transparency and Source-Country Specialization"

Disussant: Philipp Harms (Studienzentrum Gerzensee and University of Konstanz)

12.15-13.45

Lunch

13.45-15.00

James Nason (University of British Columbia) and *John Rogers (Board of Governors of the Federal Reserve System)
"The Present-Value Model of the Current Account Has Been Rejected: Round Up the Usual Suspects"

Discussant: Morten Ravn (London Business School and CEPR)