Exchange Rates and External Adjustment


Swiss National Bank, International Monetary Fund, and IMF Economic Review

Zurich, June 24-25 2016

The Swiss National Bank (SNB), the International Monetary Fund (IMF) and the IMF Economic Review are organizing a joint conference on “Exchange Rates and External Adjustment”. The conference will provide a forum to discuss recent theoretical and empirical research on the macroeconomics and microeconomics of external adjustment, the optimal response of monetary, exchange rate and macroprudential policies when financial frictions matter, the effects of sovereign risk, and the role of exchange rates at the sector and aggregate levels. The conference will be hosted by the Swiss National Bank and will take place in Zurich, Switzerland on June 24-25, 2016.


Day 1 – June 24
Registration / Conference Venue:
Metropol, Fraumünsterstrasse 12, 8001 Zurich
Session I Financial Frictions and Macroeconomic Policies
Revisiting Macroprudential Policy In Open-Economy Models With Financial Frictions
Authors: Stephanie-Schmitt-Grohe (Columbia University) and Martin Uribe (Columbia University)

Discussant: Damiano Sandri (IMF)
Coffee Break
Exchange Rate Adjustment in Financial Crises
Authors: Michael Devereux (University of British Columbia) and Changhua Yu (CCER, Peking University)

Discussant: Tommaso Monacelli (Bocconi)
Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
Authors: Olivier Blanchard (PIIE), Jonathan D. Ostry (IMF), Atish R. Ghosh (IMF), and Marcos Chamon(IMF)

Discussant: Luca Fornaro (CREI)
Lunch break
Session II Exchange Rates, Trade, and Capital Flows
China’s Imbalances: Trade Integration in a Dynamic General Equilibrium Model
Authors: George Alessandria (University of Rochester), Horag Choi (Monash University), and Dan Lu (University of Rochester)

Discussant: Raphael Auer (SNB)
How Important are Trade Prices for Trade Flows?
Authors: Logan T. Lewis (Federal Reserve Board)

Discussant: Kim Ruhl (NYU Stern)
Coffee Break
Session III Exchange Rates and Trade
Exchange Rates and Trade: Disconnected?
Authors: Daniel Leigh (IMF), Weicheng Lian (IMF),Marcos Poplawski-Ribeiro (IMF), Rachel Szymanski (IMF), Viktor Tsyrennikov (IMF) and Hong Yang (IMF)

Discussant: Matthieu Bussiere (Bank of France)
The Case for Flexible Exchange Rates in a Great Recession
Authors: Giancarlo Corsetti (Cambridge University), Keith Kuester (University of Bonn) andGernot Mueller (University of Tuebingen)

Discussant: Giovanni Lombardo (BIS)

Speaker: Maurice Obstfeld, Economic Counsellor and Research Department Director, International Monetary Fund
Day 2 – June 25
Session IV Inflation Dynamics
The Distributional Consequences of Large Devaluations
Authors: Javier Cravino (University of Michigan) and Andrei Levchenko (University of Michigan)

Discussant: Raphael Schoenle (Brandeis)
International Inflation Spillovers Through Input Linkages
Authors: Raphael Auer (BIS and SNB), Andrei Levchenko (University of Michigan), and Philip Sauré (SNB)

Discussant: Ariel Burstein (UCLA)
Coffee Break
Session V Exchange Rate Policies
Sustainable Exchange Rates: Currency Pegs and the Central Bank’s Balance Sheet
Authors: Manuel Amador (Minneapolis Fed and University of Minnesota), Javier Bianchi (Minneapolis Fed), Luigi Bocola (Northwestern University) and Fabrizio Perri (Minneapolis Fed)

Discussant: Marco Del Negro (New York Fed)
Exchange Rate Disconnect
Authors: Oleg Itskhoki (Princeton University) and Dmitry Mukhin (Princeton University)

Discussant: Cedric Tille (The Graduate Institute Geneva)

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