The Interaction of Monetary and Macroprudential Policy

Reserve Bank of New Zealand, 2 The Terrace, Wellington, 22 October 2014
Workshop Programme

Workshop overview: Roger Perry

8.15-8.45am

Registration and tea/coffee


Chair: Roger Perry, Reserve Bank of New Zealand

8.45-9.00

Welcome and house-keeping

Roger Perry, Reserve Bank of New Zealand

9.00-9.10

Introductory remarks

Grant Spencer, Deputy Governor, Reserve Bank of New Zealand

9.10-10.00

Monetary policy rules in the presence of an occasionally binding borrowing constraint

Fang Yao, Reserve Bank of New Zealand (presentation slides)

Discussant: Sami Alpanda, Bank of Canada (discussant slides)

General discussion (10 minutes)

10.00–10.30am

Morning tea


Chair: Bernard Hodgetts, Reserve Bank of New Zealand

10:30-11.20

A policy model to analyse macro-prudential regulations and monetary policy

Sami Alpanda, Bank of Canada (presentation slides)

Discussant: Tim Robinson, Melbourne Institute (discussant slides)

General discussion (10 minutes)

11.20 – 12.10

Impact of macroprudential policy measures on economic dynamics: simulation using a financial macro-econometric model

Koji Nakamura, Bank of Japan (presentation slides)

Discussant:David Hargreaves, Reserve Bank of New Zealand (discussant slides)

General discussion (10 minutes)

12.10-1.10pm

Lunch


Chair: Christie Smith, Reserve Bank of New Zealand

1.10-2.00

"Reverse-engineering: What explains the boom-bust cycle in US house prices and mortgage debt?"

Kevin Lansing, Federal Reserve Bank of San Francisco (presentation slides)

Discussant: Kirdan Lees, NZ Institute of Economic Research (discussant slides)

General discussion (10 minutes)

2.00-2.50

Setting countercyclical buffer rates based on crisis probability models

Karsten Gerdrup, Norges Bank (presentation slides)

Discussant: Kevin Lansing, Federal Reserve Bank of San Francisco (discussant slides)

General discussion (10 minutes)

2.50-3.20pm

Afternoon tea


Chair: Grant Spencer, Reserve Bank of New Zealand

3.20-4.10

Spillovers, capital flows and prudential regulation in small open economies

Hugo Vega de la Cruz, Central Reserve Bank of Peru (presentation slides)

Discussant: Ilhyock Shim, Bank for International Settlements (discussant slides)

General discussion (10 minutes)

4.10-5.30

Panel discussion: achieving an integrated approach to monetary and macro-prudential policy making

Bernard Hodgetts, Reserve Bank of New Zealand (15 minutes)

Guy Debelle, Reserve Bank of Australia (15 minutes)

Hyun Shin, Bank for International Settlements (15 minutes)

General discussion (20 minutes)

5.15

Close

7.00pm

Workshop Dinner

Shed 5, Queen's Wharf