Friday

March 3

Morning Program

Chair:

Philippe Bacchetta (Study Center Gerzensee, University of Lausanne and CEPR)

09.00-10.00

Ricardo Caballero (MIT), Emmanuel Farhi (MIT), *Pierre-Olivier Gourinchas (University of California, Berkeley and CEPR)
"An Equilibrium Model of 'Global Imbalances' and Low Interest Rates"

Discussant:

Jaume Ventura (CREI - Universitat Pompeu Fabra and CEPR)

10.00-11.00

Michele Cavallo (Federal Reserve Bank of San Francisco), *Cédric Tille (Federal Reserve Bank of New York and University of Geneva - HEI)
"Current Account Adjustment With High Financial Integration: A Scenario Analysis"

Discussant:

 Hélène Rey (Princeton University and CEPR)

11.00-11.30

Coffee break

11.30-12.30

Robert Kollman (University of Paris XII and CEPR)
"International Portfolio Equilibrium and the Current Account"

Discussant:

Alan Sutherland (University of St. Andrews and CEPR)

12.30-14.15

Lunch

Afternoon Program

Chair:

Richard Portes (London Business School and CEPR)

14.15-15.00

Ayhan Kose (IMF), *Eswar Prasad (IMF), Kenneth Rogoff (Harvard University and IMF), Shang-Jin Wei (Harvard University, IMF, The Brookings Institute and CEPR)
"The Macroeconomic Implications of Financial Globalization: A Reappraisal and Synthesis"

Discussant:

Fernando Broner (CREI - Universitat Pompeu Fabra and CEPR)

16.00-16.30

Coffee break

16.30-17.30

*Torbjorn Becker (IMF), Paolo Mauro (IMF)
"Output Drops, and The Shocks That Matter" 

Discussant:

Jean Imbs (University of Lausanne and CEPR)

19.00

Dinner

Saturday

March 4

Chair:

Beatrice Weder (University of Mainz and CEPR)

08.30-09.30

Brian Doyle (Board of Governors of the Federal Reserve System), Christopher Erceg (Board of Governors of the Federal Reserve System), *Andrew Levin (Board of Governors of the Federal Reserve System and CEPR)
"Monetary Policy Rules in Economies with Traded and Non-Traded Goods"

Discussant:

Michele Cavallo (Federal Reserve Bank of San Francisco)

09.30-10.30

*Michael Devereux (University of British Columbia and CEPR), Makoto Saito (Hitotsubashi University)
"A Portfolio Theory of International Capital Flows"

Discussant:

Anna Pavlova (LBS and CEPR)

10.30-11.00

Coffee break

11.00-12.00

Michael Ehrmann (European Central Bank), *Marcel Fratzscher (European Central Bank)
"Global Financial Transmission of Monetary Policy Shocks"

Discussant:

Stefan Gerlach (Bank of International Settlements and CEPR)

Organizers:

Philippe Bacchetta (Study Center Gerzensee, University of Lausanne, and CEPR)

Robin Brooks (IMF)

Beatrice Weder (University of Mainz and CEPR)

* denotes presenter