Conference Program 2018 Annual Meeting of the Research Association Co‐organized by the Research Center SAFE at Goethe University Frankfurt

Featuring sessions organized by:

August 20‐21, 2018 Frankfurt am Main, Germany

Disclaimer

Participation of the list of co‐sponsoring institutions (Bank for International Settlements, Bank of Canada, , Bank of Israel, CEBRA program sessions, Central , Competitive Research Network, , , Federal Reserve Bank of St. Louis, Financial Stability Board, International Banking Research Network, International Monetary Fund, Norges Bank, Österreichische Nationalbank, Research Center SAFE, Goethe University Frankfurt, Swiss National Bank) in this event does not constitute or imply an endorsement, recommendation or favoring endorsement of the views, opinions, products or services of the Central Bank Research Association or any other co‐sponsor or other person or entity by any of the co‐sponsoring institutions. All views expressed during CEBRA's 2018 annual meeting are strictly those of the authors, discussants, and other participants and not those of the co‐sponsoring institutions or any other institutions.

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2018 CEBRA Annual Meeting

Agenda

Monday, 20 August 2018 8.00 – 8.30 Registration – House of Finance (HoF), ground floor 8.30 – 10.30 Parallel Sessions I – HoF 10.30 – 10:45 Coffee Break (in rooms) 10.45 – 12.45 Parallel Sessions II – HoF 12.45 – 14.15 Poster Session I and Lunch Break (HoF, ground floor) 14.15 – 16.00 Plenary Session I Venue: Hörsaalzentrum HZ 3 International Monetary Fund high‐level panel on Financial Conditions, Financial Vulnerability, and Stabilization Polices Tobias Adrian, International Monetary Fund, Luc Laeven, European Central Bank, Carolyn A. Wilkins, Bank of Canada Chair: Gaston Gelos, IMF 16.00 – 17.00 The Central Bank Research Association in 2018 ‐ presentation by Raphael Auer Venue: Hörsaalzentrum HZ 3 Note: Members only! Off the record meeting. 18.00 Reception and a conference dinner organized and sponsored by the Deutsche Bundesbank Venue: Festsaal, Casino building, Goethe University Frankfurt Keynote speech: Jens Weidmann, Governor of the Deutsche Bundesbank and Chairman of the Board of the Bank for International Settlements Note: By invitation only!

Tuesday, 21 August 2018 8.30 – 10.30 Parallel Sessions III – HoF 10.30 – 10:45 Coffee Break (in rooms) 10.45 – 12.45 Parallel Sessions IV – HoF 12.45 – 14.15 Poster Session II and Lunch Break (HoF, ground floor) 14.15 – 16.00 Plenary Session II Venue: Hörsaalzentrum HZ 3 Deutsche Bundesbank and Financial Stability Board high‐level panel on Post‐implementation Evaluations of the G20 Financial Regulatory Reforms Chair: Claudia Buch, Vice President, Deutsche Bundesbank I part (30 min): Presentation of the evaluation framework by Dietrich Domanski, Secretary General of the Financial Stability Board, followed by Q&A II part (60 min): Panel discussion centered on two academic presentations by Neeltje van Horen, Bank of England, and João A. C. Santos, New York Fed, providing an overview of recent policy evaluation studies, followed by Q&A Note: Off the record! Video and audio recording is strictly prohibited! 16.15 – 18.00 Parallel Sessions V – HoF

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Parallel Sessions ‐ Overview

HoF E.01 HoF 1.27 ‐ HoF 1.28 HoF 2.45 HoF 3.36 International Housing Room Trade/Real Room Monetary Finance Room Macroeconomics Policy Room Room

Monday, 20 August Housing Markets Global International Lessons and the Challenges from Trade and Policy from Central 8.30 – 10.30 Macroeconomy Asynchronous Macroeconomics Frameworks Banking History Parallel Sessions I Exit from Organizer: Organizer: Organizer: Organizer: Unconventional Norges Bank CEBRA ‐ ITM Bank of Canada Fed St. Louis Monetary Policies Organizer: ECB ‐ International Policy Analysis Division

Monday, 20 August Macroprudential Global Inflation Macroeconomic Inflation and Liquidity and Policies and the Dynamics Effects of Trade Inflation Market 10.45 – 12.45 Housing Market Costs & Sources Expectations Functioning I Organizer: Parallel Sessions II of Organizer: OeNB Organizer: Organizer: Macroeconomic Bank of Israel SAFE & Goethe Deutsche Synchronization University Bundesbank Organizer: Bank of England

Tuesday, 21 August Balance Sheet Policy Multinational Monetary Liquidity and Recovery of Challenges in Firms and Capital Policy and Market 8.30 – 10.30 Households and Open Flows Macro‐finance Functioning II Parallel Sessions III Firms: What Can Economies Organizer: Organizer: Organizer: BIS we Learn from Organizer: Swiss CEBRA ‐ IFM CEBRA – Micro‐Data? National Bank MP & MF Organizer: Central Bank of Ireland

Tuesday, 21 August Household International Globalization and Micro Origins Financial Finance and the Spillovers of Productivity of Aggregate Intermediation 10.45 – 12.45 Transmission of Monetary Policy Fluctuations and Liquidity Organizer: Parallel Sessions IV Monetary Policy Through Banks Compnet Organizer: Organizer: Organizer: ECB – Organizer: IBRN CEBRA SAFE & Goethe DG Research University

Tuesday, 21 August Void Heterogeneity International Expectations Money and and Monetary Prices, Firm and Monetary Financial 16.15 – 18.00 Policy Dynamics and Policy Markets Parallel Sessions V Productivity Organizer: Organizer: Organizer: SAFE & Goethe Organizer: SAFE & Goethe SAFE & Goethe University SAFE & Goethe University University University

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Parallel Sessions – Details Monday, 20 August 8.30 – 10.30 Parallel Sessions I

HoF E.01: Housing Room HoF 1.28 ‐ Trade/Real Room (cont.) Housing Markets and the Macroeconomy Firm‐to‐Firm Relationships and Price Rigidity: Theory and The session is organized by the Norges Bank Evidence Chair: Knut Are Aastveit, Norges Bank Sebastian Heise, Federal Reserve Bank of New York Discussant: Raphael Schoenle, Brandeis University House Price Beliefs and Mortgage Leverage Choice Johannes Stroebel, New York University (joint with Michael Exchange Rate Exposure and Firm Dynamics Bailey, Eduardo Davila and Theresa Kuchler) Liliana Varela, University of Warwick (joint with Juliana Discussant: Mathias Hoffmann, University of Zurich Salomao) Discussant: Sarah Lein, University of Basel The Real Effect of Credit Booms and Busts: A County‐Level Analysis HoF 2.45 ‐ Monetary Policy Room Egon Zakrajsek, Federal Reserve Board (joint with Simon Monetary Policy Frameworks Gilchrist and Michael Siemer) The session is organized by the Bank of Canada Discussant: Xiaoqing Zhou, Bank of Canada Chair: Anthony Landry, Bank of Canada Time‐Varying Housing Supply Elasticities and US Housing Monetary Policy and the Predictability of Nominal Exchange Cycles Rates André K. Anundsen, Norges Bank (joint with Knut Are Aastveit Benjamin Johannsen, Federal Reserve Board (joint with Martin and Bruno Albuquerque) Eichenbaum and Sergio Rebelo) Discussant: Esteban Prieto, Deutsche Bundesbank Discussant: Anthony Landry, Bank of Canada HoF 1.27 ‐ International Macroeconomics Room Changes in Monetary Regimes and the Identification of Global Challenges from Asynchronous Exit from Monetary Policy Shocks: Narrative Evidence from Canada Unconventional Monetary Policies Julien Champagne, Bank of Canada (joint with Rodrigo Sekkel) The session is organized by the European Central Bank ‐ Discussant: Marek Jarocinski, European Central Bank International Policy Analysis Division Precautionary Pricing: The Disinflationary Effect of ELB Risk Chair: Georgios Georgiadis, Livio Stracca, and Fabrizio Venditti, Sylvain Leduc, Bank of Canada (joint with Robert Amano and all ECB Thomas J. Carter) International Spillovers of Monetary Policy: Conventional Discussant: David Lopez‐Salido, Federal Reserve Board Policy vs. Quantitative Easing Canlin Li, Federal Reserve Board (joint with Stephanie E. HoF 3.36 ‐ Finance Room Curcuru, Steven B. Kamin, and Marius Rodriguez) Policy Lessons from Central Banking History Discussant: Richhild Moessner, BIS The session organized by the Federal Reserve Bank of St. Louis America First? A US Centric View of Global Capital Flows Chair: David Wheelock, Federal Reserve Bank of St. Louis Martin Schmitz, ECB (joint with Peter McQuade) Managing Moral Hazard in Last Resort Lending: Credit Limits Discussant: Canlin Li, Federal Reserve Board as "Contingent Rules" at the Austro‐Hungarian Bank Can Macroprudential Measures Make Cross‐Border Lending Clemens Jobst, Oesterreichische Nationalbank (joint with Kilian More Resilient? Lessons from the Taper Tantrum Rieder) Előd Takáts, BIS (joint with Judit Temesvary) Discussant: Stephan Luck, Federal Reserve Board Discussant: Victoria Nuguer, IADB Liquidity Ratios as Monetary Policy Tools. Some Historical HoF 1.28 ‐ Trade/Real Room Lessons for Macroprudential Rules Eric Monnet, Banque de France (joint with Miklos Vari) International Trade and Macroeconomics Discussant: Christoffer Koch, Federal Reserve Bank of Dallas The session is organized by CEBRA ‐ International Trade and Macroeconomics Program Session Did the Founding of the Federal Reserve Affect the Chair: Sarah Lein, University of Basel Vulnerability of the Interbank System to Contagion Risk David Wheelock, Federal Reserve Bank of St. Louis (joint with Markets and Markups: A New Empirical Framework and Mark Carlson) Evidence on Exporters from China

Meredith A. Crowley, University of Cambridge (joint with

Giancarlo Corsetti, Lu Han and Huasheng Song)

Discussant: Benjamin Born, University of Bonn

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Monday, 20 August 10.45 – 12.45 Parallel Sessions II

HoF E.01: Housing Room HoF 1.28 ‐ Trade/Real Room (cont.) No Double Standards: Quantifying the Impact of Standard Macroprudential Policies and the Housing Market Harmonization on Trade The session is organized by the Bank of Israel Julia Schmidt, Banque de France (joint with Walter Steingress) Chair: Michael Kahn, Bank of Israel Discussant: Vanessa Gunnella, ECB Countercyclical Capital Regulation in a Small Open Economy HoF 2.45 ‐ Monetary Policy Room DSGE Model Matija Lozej, Central Bank of Ireland (joint with Luca Onorante Inflation and Inflation Expectations and Ansgar Rannenberg) The session is organized by the Research Center SAFE & Goethe Discussant: Andrea Prestipino, Federal Reserve Board University Frankfurt Chair: Mirko Wiederholt, Goethe University Frankfurt The Macroeconomic Effects of Bank Tightenings: Evidence from a Narrative Approach Resolving the Missing Deflation Puzzle Esteban Prieto, Deutsche Bundesbank (joint with Sandra Jesper Lindé, (joint with Mathias Trabandt) Eickmeier and Benedikt Kolb) Discussant: Benjamin K. Johannsen, Federal Reserve Board Discussant: Ricardo Correa, Federal Reserve Board Human Frictions to the Transmission of Economic Policy The Effect of Credit Constraints on Housing Choices: The Case Michael Weber, (joint with Francesco of LTV Limit D'Acunto, Daniel Hoang and Maritta Paloviita) Nitzan Tzur‐Ilan, Bank of Israel Discussant: Luigi Iovino, Bocconi University Discussant: Jagdish Tripathy, Bank of England Inflation Expectations and Choices of Households HoF 1.27 ‐ International Macroeconomics Room Mirko Wiederholt, Goethe University Frankfurt (joint with Nathanael Vellekoop) Global Inflation Dynamics Discussant: Johannes Wohlfart, Goethe University Frankfurt The session is organized by the Oesterreichische Nationalbank (OeNB) HoF 3.36 ‐ Finance Room Chair: Julia Woerz, OeNB Liquidity and Market Functioning I Global Inflation Dynamics and Inflation Expectations The session is organized by the Deutsche Bundesbank Martin Feldkircher, OeNB (joint with Pierre Siklos) Chair: Emanuel Moench, Deutsche Bundesbank Discussant: Olesya Grishchenko, Federal Reserve Board 's Asset Purchases and Money Market Rates Measuring Inflation Anchoring and Uncertainty: A US and Benoit Nguyen, Banque de France (joint with William Arrata, Area Comparison Imene Rahmouni‐Rousseau and Miklos Vari) Olesya Grishchenko, Federal Reserve Board (joint with Sarah Discussant: Johannes Breckenfelder, ECB Mouabbi and Jean‐Paul Renne) The Use of Collateral in Bilateral Repurchase and Securities Discussant: Julia Wörz, OeNB Lending Agreements Deflation Expectations Adam Copeland, Federal Reserve Bank of New York (joint with Aaron Mehrotra, BIS (joint with Ryan Banerjee) Viktoria Baklanova, Cecilia Caglio, Marco Cipriani) Discussant: Katja Schmidt, Banque de France Discussant: Lucas Marc Fuhrer, Swiss National Bank HoF 1.28 ‐ Trade/Real Room Private with Safe Assets and Term Premia Sebastian Infante, Federal Reserve Board Macroeconomic Effects of Trade Costs & Sources of Discussant: Aaron Pancost, University of Texas Macroeconomic Synchronization The session is organized by the Bank of England Chair: Andrej Sokol, Bank of England Protectionism and the Business Cycle Matteo Cacciatore, HEC Montreal (joint with Alessandro Barattieri and Fabio Ghironi) Discussnt: Laura Alfaro, Harvard Business School Global Macro‐Financial Cycles and Spillovers Jongrim Ha, World Bank (joint with M. Ayhan Kose, Christopher Otrok and Eswar S. Prasad) Discussant: Andrej Sokol, Bank of England

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Tuesday, 21 August 8.30 – 10.30 Parallel Sessions III

HoF E.01: Housing Room HoF 1.28 ‐ Trade/Real Room (cont.) The Missing Profits of Nations Balance Sheet Recovery of Households and Firms: What Can Ludvig Wier, University of (joint with Thomas we Learn from Micro‐Data? Tørsløv and ) The session is organized by the Central Bank of Ireland Discussant: Stephanie Curcuru, Federal Reserve Board Chair: Robert Kelly, Central Bank of Ireland HoF 2.45 ‐ Monetary Policy Room Credit Supply Shocks, Network Effects, and the Real Economy Laura Alfaro, Harvard Business School (joint with Manuel Garcia Monetary Policy and Macro‐Finance Santana and Enrique Moral‐Benit) The session is organized by CEBRA ‐ Monetary Policy and Discussant: Terry O’Malley, Central Bank of Ireland Macro‐Finance Program Session Chair: David Lopez‐Salido, Federal Reserve Board Consumption and Savings in a Low Interest‐rate Environment Andreas Kuchler, (joint with Simon Juul A Demand Theory of the Price Level Hviid) Marcus Hagedorn, University of Oslo Discussant: Elena Mazza, Central Bank of Ireland Discussant: Bilbiie, University of Lausanne, PSE, and CEPR Employment Effects of Unconventional Monetary Policy: What to Expect from the Lower Bound on Interest Rates: Evidence from QE Evidence from Derivatives Prices Stephan Luck, Federal Reserve Board (joint with Tom Thomas Mertens, Federal Reserve Bank of San Francisco (joint Zimmermann) with John C. Williams) Discussant: David Byrne, Central Bank of Ireland Discussant: Elmar Mertens, Deutsche Bundesbank HoF 1.27 ‐ International Macroeconomics Room A Macroeconomic Model with Financial Panics Andrea Prestipino, Federal Reserve Board (joint with Mark Policy Challenges in Open Economies Gertler and Nobuhiro Kiyotaki) The session is organized by the Swiss National Bank Discussant: Alejandro Van der Ghote, ECB Chair: Carlos Lenz, Swiss National Bank HoF 3.36 ‐ Finance Room Uncertainty and Economic Activity: A Multi‐Country Perspective Liquidity and Market Functioning II Ambrogio Cesa Bianchi, Bank of England (joint with M. Hashem The session is organized by the Bank for International Pesaran and Alessandro Rebucci) Settlements (BIS) Discussant: Ugo Panizza, The Graduate Institute, Geneva Chair: Egemen Eren and Andreas Schrimpf, both BIS Quantitative Easing in a Small Open Economy: An International High‐Frequency Cross‐Market Trading: Model Free Portfolio Balancing Approach Measurement and Applications Serdar Kabaca, Bank of Canada Dobrislav Dobrev, Federal Reserve Board (joint with Ernst Discussant: Tobias Cwik, Swiss National Bank Schaumburg) Discussant: Francis Breedon, Queen Mary University Time‐Consistent Monetary Policy, Terms of Trade Manipulation and Welfare in Open Economies Discriminatory Pricing of Over‐the‐Counter Derivatives Sebastian Schmidt, ECB Peter Hoffmann, ECB (joint with Harald Hau, Sam Langfield and Discussant: TBA Yannick Timmer) Discussant: Puriya Abbassi, Deutsche Bundesbank HoF 1.28 ‐ Trade/Real Room Optimal Debt‐Maturity Management Multinational Firms and Capital Flows Galo Nuño, Banco de España (joint with Saki Bigio and Juan The session is organized by CEBRA ‐ International Finance and Passadore) Macroeconomics Program Session Discussant: Anna Zabai, BIS Chair: Philip Lane, Central Bank of Ireland, and Gian Maria Milesi‐Ferretti, IMF

Financial Constraints, Institutions, and Foreign Ownership Rahul Mukherjee, IHEID (joint with Ron Alquist, Nicolas Berman and Linda Tesar) Discussant: Peter McQuade, Central Bank of Ireland Foreign Currency Loans and Credit Risk: Evidence from U.S. Banks Friederike Niepmann, Federal Reserve Board (joint with Tim Schmidt‐Eisenlohr) Discussant: Cian Allen, Trinity College

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Tuesday, 21 August 10.45 – 12.45 Parallel Sessions IV

HoF E.01: Housing Room HoF 1.28 ‐ Trade/Real Room (cont.) Household Finance and the Transmission of Monetary Policy Technology Diffusion from the Global Frontier The session is organized by the European Central Bank ‐ DG Richard Bräuer, Halle Institute for Economic Research (joint Research with Eric Bartelsman) Chair: Oreste Tristiani, ECB Discussant: Matthias Mertens, IWH Halle Doves for the Rich, Hawks for the Poor? Distributional Firm Heterogeneity and Trade in EU Countries: a Cross‐Country Consequences of Monetary Policy Analysis Nils Goernemann, Federal Reserve Board (joint with Keith Paloma Lopez‐Garcia, ECB (joint with Claire Giordano) Kuester and Makoto Nakajima) Discussant: Roberta Serafini, ECB Discussant: Winfried Koeniger, University of St. Gallen HoF 2.45 ‐ Monetary Policy Room Transmission of Monetary Policy with Heterogeneity in Micro Origins of Aggregate Fluctuations Household Portfolios CEBRA Presidential Session Ralph Luetticke, University College London Chair: Raphael Schoenle, Brandeis University Discussant: Federica Romei, Stockholm School of Economics The Origins of Firm Heterogeneity: A Production Network Optimal Monetary Policy with Heterogeneous Agents Approach Galo Nuño, Banco de España (joint with Carlos Thomas) Glenn Magerman, ECARES/ULB (joint with Andrew Bernard, Discussant: Marcus Hagedorn, University of Oslo Emmanuel Dhyne, Kalina Manova, Andreas Moxnes) HoF 1.27 ‐ International Macroeconomics Room Discussant: Jasmine Xiao, University of Notre Dame International Spillovers of Monetary Policy Through Banks Price Rigidities and the Granular Origins of Aggregate The session is organized by the International Banking Research Fluctuations Network (IBRN) Raphael Schoenle, Brandeis University (joint with Ernesto Chair: Claudia Buch, Deutsche Bundesbank & IBRN Pasten and Michael Weber) Discussant: Sebastian Heise, Federal Reserve Bank of New York Internal Liquidity Management and Local Credit Provision Nicholas Coleman, Federal Reserve Board (joint with Ricardo Monetary Policy and the Firm: Some Empirical Evidence Correa, Leo Feler and Jason Goldrosen) Gabor Pinter, Bank of England (joint with Saleem Bahaj and Discussant: Galina Hale, Fed San Francisco Angus Foulis) Discussant: Georg Strasser, ECB Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market HoF 3.36 ‐ Finance Room Balint Horvath, University of Bristol (joint with Asli Demirgüç‐ Financial Intermediation and Liquidity Kunt and Harry Huizinga) The session is organized by the Research Center SAFE & Goethe Discussant: Friederike Niepmann, Federal Reserve Board University Frankfurt Explaining Monetary Spillovers: The Matrix Reloaded Chair: Ester Faia, Goethe University Frankfurt Andreas Schrimpf, BIS (joint with Dora Xia and Jonathan Analyzing Loan Underwriting Time: A New Determinant on Kearns) Loan Performance Discussant: Georgios Georgiadis, ECB Mikel Bedayo, (joint with Gabriel Jimenez, Jose‐ HoF 1.28 ‐ Trade/Real Room Luis Peydro and Raquel Vegas) Discussant: Vincenzo Pezone, Goethe University Frankfurt Globalization and Productivity The session is organized by the Competitiveness Research The Importance of Deposit Insurance Credibility Network (Compnet) Diana Bonfim, and Católica Lisbon SBE (joint Chair: Filippo di Mauro, National University of Singapore and with Joao A. C. Santos) Compnet Discussant: Carlo Altavilla, ECB The Post‐Crisis TFP Growth Slowdown in CEE Countries: Structural Stress Tests Exploring the Role of Global Value Chains Sigurd Galaasen, Norges Bank (joint with Dean Corbae, Pablo Katerina Gradeva, ECB (joint with Francesco Chiacchio and D'Erasmo, Alfonso Irarrazabal and Thomas Siemsen) Paloma Lopez‐Garcia) Discussant: Oliver de Groot, ECB Discussant: Laura Alfaro, Harvard Business School

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Tuesday, 21 August 16.15 – 18.00 Parallel Sessions V HoF E.01: Housing Room HoF 2.45 ‐ Monetary Policy Room Void Expectations and Monetary Policy The session is organized by the Research Center SAFE & Goethe HoF 1.27 ‐ International Macroeconomics Room University Frankfurt Heterogeneity and Monetary Policy Chair: David Lopez‐Salido, Federal Reserve Board The session is organized by the Research Center SAFE & Goethe Central Bank Balance Sheet Policies without Rational University Frankfurt Expectations Chair: Moritz Lenel, Princeton University Luigi Iovino, Bocconi University (joint with Dmitriy Sergeyev) Non‐performing Loans, Credit Supply and Risk‐taking: Big Data On Credible Monetary Policies under Model Uncertainty Evidence from 15 Credit Registers Anna Orlik, Federal Reserve Board (joint with Ignacio Presno) Frank Smets, ECB (joint with Carlo Altavilla, Jose‐Luis Peydro, Miguel Boucinha) The Paradox of Global Thrift Federica Romei, Stockholm School of Economics (joint with Luca A Catch‐22 for HANK Models: No Puzzles, No Amplification Fornaro) Florin Bilbiie, University of Lausanne, PSE, and CEPR Forward Guidance with Bayesian Learning and Estimation Concerted Efforts? Monetary Policy and Macro‐Prudential David Lopez‐Salido, Federal Reserve Board Tools Andrea Ferrero, University of Oxford (joint with Richard HoF 3.36 ‐ Finance Room Harrison and Benjamin Nelson) Money and Financial Markets Safe Assets, Collateralized Lending and Monetary Policy The session is organized by the Research Center SAFE & Goethe Moritz Lenel, Princeton University University Frankfurt Chair: Galina B. Hale, Fed San Francisco HoF 1.28 ‐ Trade/Real Room The Shifting Drivers of Global Liquidity International Prices, Firm Dynamics and Productivity Stefan Avdjiev, Bank for International Settlements (joint with The session is organized by the Research Center SAFE & Goethe Leonardo Gambacorta, Linda Goldberg and Stefano Schiaffi) University Frankfurt Chair: Jean‐Stéphane Mésonnier, Banque de France Money and Capital in a Persistent Liquidity Trap Yannick Kalantzis, Banque de France (joint with Philippe Vehicle Currency Pricing and Exchange Rate Pass‐Through Bacchetta and Kenza Benhima) Dennis Novy, University of Warwick (joint with Natalie Chen and Wanyu Chung) Special Repo Rates and the Cross‐Section of Bond Prices Aaron Pancost, University of Texas at Austin (joint with Stefania (Un)Competitive Devaluations and Firm Dynamics D'Amico) Alexander Rodnyansky, University of Cambridge The Rise in Home Currency Issuance Offshore Profit Shifting and Domestic Productivity Galina B. Hale, Fed San Francisco (joint with Peter Jones and Measurement Mark M. Spiegel) Kim Ruhl, Pennsylvania State University (joint with Fatih Guvenen, Ray Mataloni Jr., and Dylan Rassier) Dollar Funding and Firm‐Level Exports Jean‐Stéphane Mésonnier, Banque de France (joint with Antoine Berthou and Guillaume Horny)

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Poster Sessions – Details

Monday, 20 August Tuesday, 21 August 12.45 – 14.15 Poster Session I 12.45 – 14.15 Poster Session II House of Finance, foyer, ground floor House of Finance, foyer, ground floor

A. Inflation, Output and Interest Rates Towards the Limit, a A. Flow‐Based Borrowing Constraints and Macroeconomic View from a Simple Semi‐structural Model Fluctuations Javier Gomez, Banco de la Republica Colombia Thomas Drechsel, London School of Economics

B. Coordinating Monetary and Financial Regulatory Policies B. Revisiting the Current Account: Insights from Sectoral Alejandro Van der Ghote, ECB Balances Cian Allen,

C. Insurers as Asset Managers and Systemic Risk Anastasia Kartasheva, BIS (joint with Andrew Ellul, Chotibhak C. Home Biased Expectation and Macroeconomic Imbalances Jotikasthira, Christian T. Lundblad, Wolf Wagner) in a Monetary Union Dennis Bonam, (joint with Gavin Goy) D. Measuring the Effect of Forward Guidance in Small Open Economies: The Case of Israel Ari Kutai, Bank of Israel D. Peer Information on the Costs of Credit Yangming Bao, Research Center SAFE

E. Bad Sovereign or Bad Balance Sheets? Euro Interbank F. Uncovered Return Parity: Equity Returns and Currency Market Fragmentation and Monetary Policy, 2011‐2 Returns Claire Labonne, Federal Reserve Bank of Boston Edouard Djeutem, Bank of Canada (joint with Geoffrey Dunbar)

F. Lender of Last Resort versus Buyer of Last Resort — Evidence E. Commodity Prices and Macroeconomic Growth: A Semi‐ from the European Sovereign Debt Crisis parametric Error‐Correction Model Approach Diane Pierret, University of Lausanne (joint with Viral Acharya, Steve Mbollo, University of Ottawa Sascha Steffen)

F. Panel Data Test for Bubbles with an Application to House Prices G. Monetary Policy Transmission to Consumer Financial Stress Itamar Caspi, Bank of Israel and Durable Consumption

Konstantinos Tatsiramos, University of Luxembourg and LISER

(joint with Dimitris Georgarakos) H. Do Regulatory Capital Requirements Matter for Bond Yields? H. QE Effects on Prices through a Fiscal Channel Andreas Pfingsten, University of Münster (joint with Catharina Yuto Kajita, Waseda University (joint with Kozo Ueda) Claussen, Johannes Kriebel)

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Goethe University Frankfurt Campus Westend

Plenary Sessions & CEBRA Meeting HZ 3

Registration & Parallel & Poster Sessions

Dinner – ground floor