The transmission of international shocks to open economies, Wellington

Thursday 16 and Friday 17 December 2010

On 16-17 December 2010, the Reserve Bank of New Zealand hosted a conference on the transmission of international shocks to open economies.

The financial crisis illustrated the importance of the linkages that connect financial systems and economies around the globe. This conference was aimed at characterizing recent global shocks, understanding the transmission mechanism of these shocks, and identifying appropriate policy responses.

Venue: Level 2, Reserve Bank of New Zealand, 2 The Terrace, Wellington New Zealand.

Keynote Speakers

Ayhan Köse (the International Monetary Fund)
Tommaso Monacelli (IGIER - Università Bocconi).

Organizing Committee

Christie Smith
Günes Kamber
Nicolas Groshenny

Programme day 1

Date: Thursday 16 December 2010
Location: Reserve Bank of New Zealand

8.15am

Registration and tea/coffee



8.45am

Welcome and opening

Governor Alan Bollard



Session 1

Chair: Christie Smith



9.00am

The changing international transmission of financial shocks: Evidence from a classical time-varying FAVAR

Sandra Eickmeier

9.30am

Discussant: Fabio Canova (PDF 50 KB)

General discussion



9.50am

Shocked by the World! Introducing the three block open economy FAVAR (PDF 538 KB)

Presentation slides (PDF 661 KB)

Özer Karagedikli

10.20am

Discussant: Ayhan Köse (PDF 60KB)

General discussion



10.40am

Morning tea



Session 2

Chair: Nicolas Groshenny



11.10am

Keynote speech

Resilience and growth amid global turmoil

Ayhan Köse

12.10pm

General discussion



12.30pm

Lunch



Session 3

Chair: Viv Hall



1.30pm

Financial intermediation and the international business cycle (PDF 414KB )

Presentation slides (PDF 396KB)

Christoph Thoenissen

2.00pm

Discussant: Tommaso Monacelli (PDF 215KB)

General discussion



2.20pm

The role of monetary policy during the global financial crisis: The Turkish experience (PDF 473KB)

Presentation slides (PDF 738 KB)

Selim Elekdag



2.50pm

Discussant: Anella Munro (PDF 303KB)

General discussion



3.10pm

Afternoon tea



Session 4

Chair: Christoph Thoenissen



3.40pm

Dissecting the dynamics of the US trade balance in an estimated equilibrium model

Presentation slides (PDF 760 KB)

Punnoose ‘Reuben' Jacob

4.10pm

Discussant: Anna Lipinska (PDF 80 KB)

General discussion



4.30pm

Imbalances, exchange-rate misalignments, and monetary policy (300KB)

Presentation slides (PDF 386 KB)

Sylvain Leduc



5.00pm

Discussant: Christoph Thoenissen (PDF 66KB)

General discussion



Programme day 2

Date: Friday 17 December 2010
Location: Reserve Bank of New Zealand

8.45am

Welcome



Session 1

Chair: Leo Krippner



9.00am

The yield curve in a small open economy (230KB)

Presentation slides (PDF 8.2 MB)

Mariano Kulish

9.30am

Discussant: Leo Krippner (PDF 138 KB)

General discussion



9.50am

The effects of asymmetric information between borrowers and lenders in an open economy (PDF 341 KB)

Presentation slides (PDF 227 KB)

Iris Claus

10.20am

Discussant: Sylvain Leduc (PDF 72KB)

General discussion



10.40am

Morning tea



Session 2

Chair: Renée Fry



11.10am

Keynote speech

The New Keynesian approach to exchange rate policy analysis: Looking forward (PDF 800KB)

Presentation slides (PDF 800 KB)

Tommaso Monacelli

12.10pm

General discussion



12.30pm

Lunch



Session 3

Chair: Günes Kamber



1.30pm

A comparison of seven crises (PDF 605KB)

Presentation slides (PDF 483 KB)

Renée Fry

2.00pm

Discussant: John Randal (PDF 32KB)



2.20pm

Policy trade-offs and international spillover effects at the zero bound (PDF 262KB)

Presentation slides (PDF 295 KB)

Anna Lipinska

2.50pm

Discussant: James Yetman (PDF 392KB)


General discussion



3.10pm

Afternoon tea



Session 4

Chair: Özer Karagedikli



3.40pm

Club Med? Cyclical fluctuations in the Mediterranean basin (PDF 330KB)

Presentation slides (PDF 314 KB)

Fabio Canova

4.10pm

Discussant: Özer Karagedikli (PDF 327KB)


General discussion



4.30pm

Concluding remarks

4.40pm

Finish