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Transmission of international shocks to open economies 2010

This December 2010 conference was aimed at characterising recent global shocks, understanding the transmission mechanism of these shocks, and identifying appropriate policy responses.

Past Event
Thursday, 16 December 2010 to Friday, 17 December 2010
9:00 am - 5:00 pm
Reserve Bank of New Zealand

Keynote speakers
Ayhan Köse (the International Monetary Fund)
Tommaso Monacelli (IGIER — Università Bocconi)

Welcome and opening
Governor Alan Bollard (RBNZ)

Programme for Thursday 16 December

Session 1

Session Chair: Christie Smith

The changing international transmission of financial shocks: Evidence from a classical time-varying FAVAR
Presented by: Sandra Eickmeier
Discussant: Fabio Canova

Shocked by the World! Introducing the three block open economy FAVAR
Presented by: Özer Karagedikli
Discussant: Ayhan Köse

Session 2

Session chair: Nicolas Groshenny

Keynote speech: Resilience and growth amid global turmoil
Presented by: Ayhan Köse

Session 3

Session chair: Viv Hall

Financial intermediation and the international business cycle
Presented by: Christoph Thoenissen
Discussant: Tommaso Monacelli

The role of monetary policy during the global financial crisis: The Turkish experience
Presented by: Selim Elekdag
Discussant: Anella Munro

Session 4

Session chair: Christoph Thoenissen

Dissecting the dynamics of the US trade balance in an estimated equilibrium model
Presented by: Punnoose 'Reuben' Jacob
Discussant: Anna Lipinska

Imbalances, exchange-rate misalignments, and monetary policy
Presented by: Sylvaiun Leduc
Discussant: Christoph Thoenissen

Programme for Friday 17 December

Session 1

Session chair: Leo Krippner

The yield curve in a small open economy
Presented by: Mariano Kulish
Discussant: Leo Krippner

The effects of asymmetric information between borrowers and lenders in an open economy
Presented by: Iris Claus
Discussant: Sylvain Leduc

Session 2

Session chair: Renée Fry

Keynote speech: The New Keynesian approach to exchange rate policy analysis: Looking forward
Presented by: Tommaso Monacelli

Session 3

Session chair: Günes Kamber

A comparison of seven crises
Presented by: Renée Fry
Discussant: John Randal

Policy trade-offs and international spillover effects at the zero bound
Presented by: Anna Lipinska
Discussant: James Yetman

Session 4

Session chair: Özer Karagedikli

Club Med? Cyclical fluctuations in the Mediterranean basin
Presented by: Fabio Canova
Discussant: Özer Karagedikli