Global Research Forum - International macroeconomics and finance
Co-organised by the European Central Bank, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York
| 8.30 a.m. | Registration |
| 9 a.m. | Welcome address Vítor Constâncio, Vice-President, European Central Bank Jeremy Stein, Governor, Board of Governors of the Federal Reserve System |
| Session 1 – International banking Chair: Linda S. Goldberg, Federal Reserve Bank of New York |
|
| 9.20 a.m. | Flight to where? Evidence from bank investments during the financial crisis
paper Thomas Hildebrand, E.CA Economics; Jörg Rocholl, European School of Management and Technology; Alexander Schulz, Deutsche Bundesbank presentation Discussant: Neeltje van Horen, De Nederlandsche Bank presentation |
| 10.10 a.m. | Bank credit ratings: what determines their quality?
paper Harald Hau, University of Geneva; Sam Langfield, European Systemic Risk Board; David Marqués Ibañez, European Central Bank presentation Discussant: Ricardo Correa, Board of Governors of the Federal Reserve System presentation |
| 11 a.m. | Coffee break |
| 11.30 a.m. | The valuation effects of geographic diversification
paper Luc Laeven, International Monetary Fund; Ross Levine, University of California, Berkeley presentation Discussant: José M. Campa, IESE Business School presentation |
| 12.20 p.m. | Buffet lunch |
| Session 2 – International macroeconomics Chair: John H. Rogers, Board of Governors of the Federal Reserve System |
|
| 2 p.m. | Capital controls: a normative approach
paper Anna Lipinska, Board of Governors of the Federal Reserve System; Bianca de Paoli, Federal Reserve Bank of New York presentation Discussant: Sylvain Leduc, Federal Reserve Bank of San Francisco presentation |
| 2.50 p.m. | The real exchange rate, real interest rate, and the risk premium
paper Charles Engel, University of Wisconsin presentation Discussant: Roland Straub, European Central Bank presentation |
| 3.40 p.m. | Coffee break |
| 4.10 p.m. | Saving Europe? Some unpleasant supply-side arithmetics of fiscal austerity
paper Enrique G. Mendoza, University of Maryland; Linda L. Tesar and Jing Zhang, University of Michigan presentation Discussant: Philippe Bacchetta, Université de Lausanne presentation |
| 5 p.m. | Panel discussion Erik Berglöf, Chief Economist, European Bank for Reconstruction and Development |
| 6.30 p.m. | End of first day |
| 7 p.m. | Dinner (by invitation only) Hosted by Vítor Constâncio, Vice-President, European Central Bank Keynote speech |
| Session 3 – The European crisis in a global context Chair: Marcel Fratzscher, European Central Bank |
|
| 9.30 a.m. | TARGET2 imbalances and the dynamic tragedy-of-the-commons in the Eurozone
presentation Aaron Tornell, University of California, Los Angeles presentation Discussants: Paolo Pesenti, Federal Reserve Bank of New York presentation; Philippine Cour-Thimann, European Central Bank presentation |
| 10.30 a.m. | Fiscal devaluations
presentation Emmanuel Farhi and Gita Gopinath, Harvard University; Oleg Itskhoki, Princeton University presentation Discussant: Frank Smets, European Central Bank presentation |
| 11.20 a.m. | Coffee break |
| 11.50 a.m. | A Pyrrhic victory? Bank bailouts and sovereign credit risk
presentation Philipp Schnabl, Viral V. Acharya and Itamar Drechsler, New York University Stern School of Business presentation Discussant: Kristin Forbes, Massachusetts Institute of Technology Sloan School of Management presentation |
| 12.40 p.m. | Closing lunch at ECB |
| 2.30 p.m. | End of programme |
| Conference venue | European Central Bank Eurotower CIV Kaiserstraße 29 60311 Frankfurt am Main Tel.: +49 (0) 69 1344 0 Fax: +49 (0) 69 1344 6000 E-mail: info@ecb.europa.eu |
|
| Conference language | English | |
| Dinner venue | Salon “Silhouette” at InterContinental Frankfurt Wilhelm-Leuschner Strasse 43 60329 Frankfurt am Main Tel.: +49 69 2605 0 |
|
| Hotel accommodation | Steigenberger Frankfurter Hof ***** Am Kaiserplatz 60311 Frankfurt am Main Tel.: +49 (0) 69 215 02 Fax: +49 (0) 69 215 900 E-mail: frankfurter-hof@steigenberger.de www.steigenberger.com Rate: €215 incl. breakfast Code: ECB + Meeting ID 32962 Expiry date: 9 December 2012 InterContinental Hotel Frankfurt **** |
Hilton Hotel Frankfurt **** Hochstrasse 4 60313 Frankfurt am Main Tel.: +49 (0) 69 133 80 2230 Fax: +49 (0) 69 133 80 6030 E-mail: reservationteam.frankfurt@hilton.com www.hilton.de/frankfurt Standard ECB rate: 199 € incl. breakfast Code: ECB + Meeting ID 32962 Expiry date: 9 December 2012 |
| Organisers | ECB Marcel Fratzscher European Central Bank International Policy Analysis Division Tel.: +49 (0) 69 1344 6871 E-mail: marcel.fratzscher@ecb.europa.eu |
Roland Straub European Central Bank International Policy Analysis Division Tel.: +49 (0) 69 1344 8926 E-mail: roland.straub@ecb.europa.eu |
| Board of Governors of the Federal Reserve System John Rogers Federal Reserve Board Tel.: +1 202 452 2873 E-mail: john.h.rogers@frb.gov |
Federal Reserve Bank of New York Linda Goldberg Federal Reserve Bank of New York Tel.: +1 212 720 2836 E-mail: linda.goldberg@ny.frb.org |
|
| Contact persons (logistical arrangements) |
Meike Eckardt European Central Bank International Policy Analysis Division Tel.: +49 (0) 69 1344 6827 E-mail: international.secretariat@ecb.europa.eu |
Silke Köhler European Central Bank Directorate Communications Publishing, Events and Protocol Division Tel.: +49 (0) 69 1344 8671 E-mail: evp-events@ecb.europa.eu |
| Programme | Please note that this programme may be subject to change without notice. | |