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Joint CEPR and ECB International Macroeconomics and Finance (IMF) Programme Meeting, Frankfurt am Main

Frankfurt, Duitsland
© Anton Bussemaker
datum 14 november 2019 12:00 - 15 november 2019
plaats Frankfurt am Main, Duitsland
organisatie Europese Centrale Bank (ECB)

  • indicates the presenter

Thursday, 14 November 2019



First session: Information and bubbles in open economies


Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market

Arnaud Mehl*, European Central Bank, joint with Giancarlo Corsetti and Romain Lafarguette

Discussant: Pasquale Della Corte, Imperial College London and CEPR


Stationary Rational Bubbles in Non-Linear Open Economy DSGE Models

Robert Kollmann*, Université Libre de Bruxelles and CEPR

Discussant: Julien Bengui, Bank of Canada and CEPR


Coffee break


Keynote talk

The International Transmission of Monetary Policy

Philip Lane, European Central Bank



Second session: Capital flows


International Capital Flows and Unconventional Monetary Policy

Stephanie Curcuru*, Federal Reserve Board of Governors, jointly authored with Nathan Converse, Aaron Rosenblum and Chiara Scotti

Discussant: Fernando Broner, CREI and CEPR


International Financial Flows and Misallocation: Not So Harmful After All

Fadi Hassan*, Banca d’Italia, jointly authored with Federico Cingano

Discussant: Ambrogio Cesa-Bianchi, Bank of England


Coffee break

Third session: Protectionism


Capital Controls, Inflows and the Credit Channel

Andrea Fabiani*, Universitat Pompeu Fabra, jointly authored with Martha López Piñeros, José-Luis Peydró and Paul E. Soto

Discussant: Carolina Villegas Sanchez, ESADE and CEPR


Self-Harming Trade Policy? Protectionism and Production Networks

Matteo Cacciatore*, HEC - Montréal, joint with Alessandro Barattieri

Discussant: Dennis Novy, University of Warwick and CEPR



Friday, 15 November 2019

Forth Session: Financial (dis)integration


The Inside Baseball of Sudden Stop Models

Jieran Wu*, Zhejiang University, joint with Bingbing Dong and Eric Young

Discussant: Gianluca Benigno, London School of Economics and CEPR


Monetary Union and Financial Integration

Luca Fornaro*, CREI and CEPR

Discussant: Tommaso Monacelli, Bocconi University and CEPR


Coffee break

Fifth Session: Exchange rates


The worst of both worlds: Fiscal policy and fixed exchange rates

Benjamin Born*, Frankfurt School of Finance & Management and CEPR, joint with Francesco D’Ascanio, Gernot J. Müller, Johannes Pfeifer

Discussant: Bartosz Maćkowiak, European Central Bank and CEPR


Institutional Investors, the Dollar, and US Credit Conditions

Friederike Niepmann*, Board of Governors of the Federal Reserve System and CEPR, jointly authored with Tim Schmidt-Eisenlohr

Discussant: Cedric Tille, Graduate Institute Geneva and CEPR


Lunch and end of the conference

This programme may be subject to change without notice.

General information


European Central Bank

Conference area C3.08/09, Grossmarkthalle

Main Building

Sonnemannstrasse 20

60314 Frankfurt am Main

+49 69 1344 0

Fax: +49 69 1344 6000



The sessions are structured as follows:

  • author of paper: 35 minutes
  • discussant: 15 minutes
  • questions from the audience: 10 minutes

Organising Committee

  • Philippe Bacchetta, HEC - Université de Lausanne and CEPR
  • Luca Dedola, European Central Bank and CEPR
  • Alberto Martin, European Central Bank, CREI and CEPR
  • Livio Stracca, European Central Bank



Europese Centrale Bank (ECB)

De Europese Centrale Bank (ECB) is verantwoordelijk voor het monetaire beleid van de Unie. De basisdoelstelling van de ECB is het handhaven van de prijsstabiliteit binnen de eurozone en daarmee het bewaken van de koopkracht en het beheersen van de inflatie.

Met ingang van september 2014 speelt de ECB ook een rol in het toezicht op een deel van de Europese banken.


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