On 12–13 December 2011, we hosted a conference on 'Macro policies after the crisis'.
Topics of interest included, but were not limited to:
- externalities and efficient policy responses
- credit booms and deleveraging
- the roles of debt and financial intermediation in macroeconomic fluctuations
- macroeconomic effects of new and proposed macroprudential policies
- interactions among monetary, fiscal and macroprudential policies
- interactions between financial imbalances and fiscal balance sheets
- related governance and communication issues.
Keynote speakers
Enrique Mendoza (Maryland)
Bruce Preston (Colombia/CAMA)
Welcome and opening
Alan Bollard
Programme for Monday 12 December
Session 1: In the beginning there was housing...
Session chair: Christie Smith (Reserve Bank of New Zealand)
Housing finance and financial stability
Presented by: Veronica Warnock (Darden Graduate School of Business, University of Virginia)
Discussant: Andrew Coleman (University of Otago and MOTU)
Leaning against boom-bust cycles in credit and housing prices
Presented by: Maria Teresa Punzi (University of Nottingham)
Discussant: Christopher Otrok (University of Missouri)
- Download the paper (PDF 260KB)
Session 2
Session chair: Anella Munro (Reserve Bank of New Zealand)
Keynote speech: Financial innovation, the discovery of risk and macroprudential policy
Presented by: Enrique Mendoza (University of Maryland)
- Download the paper (PDF 424KB)
Session 3: Contagion and credit quality
Session chair: Enzo Cassino (Reserve Bank of New Zealand)
The effect of the interbank network structure on contagion and common shocks
Presented by: Co-Pierre Georg (University Carlos III Madrid)
Discussant: Christie Smith (Reserve Bank of New Zealand)
- Download the paper (PDF 571KB)
Endogenous credit ratings
Presented by: José Jorge (University of Porto)
Discussant: David Mayes (University of Auckland)
- Download the paper (PDF 386KB)
Session 4: Imbalances in multi-country models
Session chair: Jonathan Kearns (Reserve Bank of Australia)
Monetary and macro-prudential policy in an estimated DSGE model of the euro area
Presented by: Dominic Quint (Free University of Berlin)
Discussant: Stephen Murchison (Bank of Canada)
- Download the paper (PDF 497KB)
A three-country intertemporal model of global imbalances in a deleveraging world
Presented by: David Vines (University of Oxford and CAMA)
Discussant: Frank Warnock (Darden Graduate School of Business, University of Virginia)
- Download the paper (PDF 572KB)
Programme for Tuesday 13 December 2011
Session 5: International financial markets and small open economies
Session chair: David Hargreaves (Reserve Bank of New Zealand)
Business cycles and financial intermediation in emerging economies
Presented by: Christoph Große Steffen (The German Institute for Economic Research)
Discussant: Jonathan Kearns (Reserve Bank of Australia)
- Download the paper (PDF 905KB)
The macroeconomics effects of a stable funding ratio
Presented by: Anella Munro (Reserve Bank of New Zealand)
Discussant: Maria Teresa Punzi (University of Nottingham)
- Download the paper (PDF 848KB)
Session 6
Session chair: Nicolas Groshenny (Reserve Bank of New Zealand)
Keynote speech: Monetary and fiscal policy under imperfect knowledge
Presented by: Bruce Preston (Columbia University and Australian National University)
Session 7: Occasionally binding constraints
Session chair: Debasis Bandyopadhyay (University of Auckland)
Financial crisis and macro-prudential policies
Presented by: Chris Otrok (University of Missouri)
Discussant: Enrique Mendoza (University of Maryland)
- Download the paper (PDF 787KB)
Modifying Gaussian term structure models when interest rates are near the zero lower bound
Presented by: Leo Krippner (Reserve Bank of New Zealand)
Discussant: Toby Daglish (Victoria University of Wellington)
- Download the paper (PDF 389KB)
Session 8: Exit strategy
Session chair: John McDermott (Assistant Governor and Head of Economics, RBNZ)
Exits from recessions: The U.S. experience 1920-2011
Presented by: John Landon-Lane (Rutgers University)
Discussant: Michael Reddell (Reserve Bank of New Zealand)
- Download the paper (PDF 511KB)