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2019 Annual Meeting of the Central Bank Research Association at The 2019 Annual Meeting of the Central Bank Research Association at the School of International and Public Affairs, Columbia University, and the Federal Reserve Bank of New York, July 18-20, 2019, NYC, USA Disclaimer Participation of the list of co-sponsoring institutions (Center for Economic Policy Research, Swiss National Bank, Asian Bureau of Finance and Economic Research, Federal Reserve Bank of New York, Federal Reserve Bank of St. Louis, Bank of Israel, Federal Reserve Bank of Cleveland, European Central Bank, International Bank Research Network, Sveriges Riksbank, Federal Reserve Bank of San Francisco, Norges Bank, Bank of Spain, Bank of Japan, Bank of Korea, Bank of Canada, Columbia University, International Monetary Fund, Oesterreichische Nationalbank, Federal Reserve Bank of Minneapolis, Deutsche Bundesbank, Central Bank of Ireland, Financial Stability Board, Goethe University Frankfurt) 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 2019 annual meeting are strictly those of the authors, discussants, and other participants and not those of CEBRA, the co-sponsoring institutions or any other institutions. 1 Friday, 19 July 2019, Venue: SIPA Columbia, 420 West 118th Street, New York, NY 8am – 9am Registration and Breakfast 9am – 10.55am Parallel Sessions I. including a High-level Panel on Cyber Risk and Financial Stability Chair: Patricia C. Mosser (Director, MPA in Economic Policy Management, Columbia SIPA) Speakers: Darrell Duffie (Dean Witter Distinguished Professor of Finance at Stanford University) Benjamin Flatgard (Executive Director for Cybersecurity at JP Morgan Chase) Jason Healey (Senior Research Scholar at Columbia and Public Affairs and Adjunct Professor of International and Public Affairs) Christopher Wilson (Senior Financial Sector Expert at IMF) 10.55am – 11.05am Coffee Break 11.05am – 1pm Parallel Sessions II. including a High-level Panel on Technology and the Future of the Monetary and Financial System Chair: Raphael Auer (Principal Economist at BIS, President of CEBRA) Speakers: James Bullard (President of the Federal Reserve Bank of St. Louis) Gary Gensler (Professor of Practice at MIT and Senior Advisor of the MIT Digital Currency Initiative (former Chairman of the U.S. CFTC)) Sam Kalyanam (Head of Financial Crimes and Compliance, IBM) 1pm – 2.30pm Poster Session I. and Lunch Break 2.30pm – 4.25pm Parallel Sessions III. 4.25pm – 4.30pm Coffee Break 4.30pm – 6.20pm Columbia SIPA Panel on Central Bank Independence Chair: Takatoshi Ito (Professor of International and Public Affairs at Columbia University) Speakers: Jacob Frenkel (Chairman of JPMorgan Chase International, former Governor of the Bank of Israel) Haruhiko Kuroda (Governor of the Bank of Japan) Athanasios Orphanides (Professor of Practice at MIT, former Governor of the Central Bank of Cyprus) Eric Rosengren (President of the Federal Reserve Bank of Boston) 2 2019 CEBRA Annual Meeting: July 19-20 Program at Columbia SIPA 420 West 118th Street, New York City Program: Friday July 19, SIPA Columbia University Room\session Altschul Auditorium, Room 417 Room 403 Room 407 Room 402B Room 410 Room 413 8am – 9am Registration (4th floor) and Breakfast (15th floor) 9am - 10.55am High-level Panel on Cyber Risk Session 27*: Understanding Market Based Session 14*: Chinese Macroeconomic Issues Session 6*: Competition, Prices and Inflation Session 16*: Monetary Policy in the New Session 22: Integrated Monetary- and Parallel Sessions I. (4th floor) Finance and Non-bank Financial Institutions Normal Macroprudential Policy and Financial Stability Chair: Organizer: Central Bank of Ireland Organizer: Federal Reserve Bank of San Organizer: Bank of Israel Organizer: Bank of Spain Organizer: International Monetary Fund Patricia C. Mosser (Director, MPA in Committee: Neil Killeen, Reamonn Lydon, Francisco - Center for Pacific Basin Studies Committee: Itamar CasPi and Sigal Ribon Committee: Oscar Arce, Galo Nuño, (IMF) Economic Policy Management, Kitty Moloney, Gerard O'Reilly (all Central Committee: Zheng Liu and Mark SPiegel (both Bank of Israel) Alessandro Galesi, and Carlos Thomas (all Committee: Tobias Adrian and Gaston Gelos Bank of Ireland) (both FRB San Francisco) Bank of Spain) (both IMF) Columbia SIPA) Dissecting the Impact of Imports from Low- Speakers: Empirical Network Contagion for US Financial Macroeconomic Effects of China’s Financial Wage Countries on French Consumer Prices A Model of Intermediation Money, Interest, Monetary and Macroprudential Policy with Darrell Duffie (Dean Witter Institutions Policies SoPhie Guilloux-Nefussi, Banque de France and Prices Endogenous Risk Distinguished Professor of Finance Fernando Duarte, Fed NY (joint with Collin Tao Zha, Fed Atlanta (joint with Kaiji Chen) (joint with Juan Carluccio, Erwan Gautier) Saki Bigio, UCLA (joint with Yuliy Sannkiov) Pawel Zabczyk, IMF (joint with Tobias Adrian, Jones) Fernando Duarte, Nellie Liang) at Stanford University) Optimal Capital Account Liberalization in Firm Dynamics and Pricing under Customer Negative nominal interest rates and the bank Benjamin Flatgard (Executive Similar Investors China Capital Accumulation lending channel Digging Deeper – Evidence on the Effects of Director for Cybersecurity at JP Diane Pierret, HEC Lausanne (joint with Mark Spiegel, Fed San Francisco (joint with Pau Roldan, Bank of Spain (joint with Sonia Ragnar Juelsrud, Norges Bank (joint with Macroprudential Policies from a New Morgan Chase) Sascha Steffen, Co-Pierre Georg) Zheng Liu, Jingyi Zhang) Gilbukh) Gauti Eggertsson, Lawrence H Summers, Ella Database Getz Wold) Erlend Nier, IMF (joint with Zohair Alam, Jason Healey (Senior Research Stress testing market-based finance Corruption as Collateral More Amazon Effects: Online Competition Adrian Alter, Jesse Eiseman, Gaston Gelos, Scholar at Columbia and Public Benjamin King, BoE (joint with Pavel Min Ouyang, Tsinghua University (joint with and Pricing Behaviors Monetary Policy Strategies for a Low-Rate Heedon Kang, Naixi Wang) Affairs and Adjunct Professor of Chichkanov, Graeme Douglas, Yordan Shengxing Zhang) Alberto Cavallo, Harvard University Environment International and Public Affairs) Georgiev, James Howa) John Roberts, Federal Reserve (joint with Ben Managing GDP tail risk Cyclical Dynamics of Trade Credit with Multi-Product Pricing: Theory and Evidence Bernanke, Mike Kiley) Thibaut DuPrey, Bank of Canada (joint with Christopher Wilson (Senior Financial International Porfolio Debt and Special Production Networks For Large Retailers in Israel Alexander Ueberfeldt) Sector ExPert at IMF) Purpose Entities: Evidence from Ireland Junjie Xia, Peking University (joint with Marco Bonomo, InsPer Institute (joint with A large Central Bank Balance Sheet? Floor vs Peter McQuade, Central Bank of Ireland (joint Wukuang Cun, Vincenzo Quadrini, Qi Sun) Carlos Carvalho, Sigal Ribon, Rodolfo Rigato) Corridor Systems in a New Keynesian A Risk-centric Model of Demand Recessions with Vahagn Galstyan, Eduardo Maqui) Environment and Macroprudential Policy Dominik Thaler, Banco de EsPana (joint with Alp Simsek, MIT (joint with Ricardo Caballero) Oscar Arce, Galo Nuño, Carlos Thomas) 10.55am – 11.05am Coffee Break (6th floor) 11.05am - 1pm High-level Panel on Technology Session 28*: Post-implementation Session 9: International Trade and Session 7*: Inflation – Drivers and Dynamics Session 17*: Evolution of Monetary Policy Session 23*: Macroprudential Policies and Parallel Sessions II. (4th floor) Evaluations of the G20 Financial Regulatory Macroeconomics Frameworks: Past, Present, and Future the Capital Flow Cycle and the Future of the Monetary Reforms and Financial System Organizer: CEBRA ITM Research Program Organizer: Federal Reserve Bank of Cleveland Organizer: Bank of JaPan Organizer: Oesterreichische Nationalbank Chair: Organizer: Financial Stability Board (FSB) Committee: Sebastian Heise (FRB NY) and - Center for Inflation Research Committee: Shigenori Shiratsuka, Nao Sudo, (OeNB) Committee: Dietrich Domanski and Christian Joaquin Blaum (Brown University) Committee: Robert Rich and Raphael and Shingo Watanabe (all Bank of Japan) Committee: Helene Schuberth and Markus Raphael Auer (PrinciPal Economist Schmieder (both FSB) Schoenle ( both FRB Cleveland) Eller (both OeNB) at BIS, President of CEBRA) The Dynamics of the U.S. Trade Balance and Exchange Arrangements entering the 21st Speakers: Do the Basel III capital reforms reduce the Real Exchange Rate: The J Curve and Trade Sticky prices and the transmission mechanism Century: Which anchor will hold? Cross-border Banking and the Circumvention James Bullard (President of the implicit subsidy of systemically important Costs? of monetary policy: A minimal test of New Ethan Ilzetzki, LSE (joint with Carmen of Macroprudential and Capital Control banks? Australian evidence George Alessandria, University of Rochester Keynesian models Reinhart, Ken Rogoff) Measures Federal Reserve Bank of St. Louis) James Cummings, Macquarie University (joint (joint with Horag Choi) Guido Ascari, University of Oxford (joint with Eugenio Cerutti, IMF (joint with Haonan Gary Gensler (Professor of Practice with Yilian Guo) Timo Haber) The first twenty years of the European Central Zhou) at MIT and Senior Advisor of the Discussant: Skander von den Heuvel Protectionism and the Business
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