Second BIS Research Network meeting on macroeconomics and global financial markets, Basel, March 10-11, 2015

BISOn March 10-11, I attended a very interesting conference at the Bank of International Settlements in Basel. The objective of the conference was to bring together researchers from academia and central banks, to explore long-range research issues related to banking, monetary policy, regulation and financial stability. With macroeconomics and global financial markets as main theme, participants discussed how to measure the macroeconomic impact of monetary policy at the zero lower bound, global asset allocation shifts, what are the new features of the business cycle, and the policy mix in the aftermath of the global financial crisis.

The program of that conference can be found here and is also below. I presented my research with Paul Beaudry and Dana Galizia “Reconciling Hayek’s and Keynes’ views of recessions”.

Tuesday 10 March

Welcoming remarks by Jaime Caruana (remarks)

Session 1: Understanding the impact of monetary policy

Chair: Hyun Song Shin

“Measuring the macroeconomic impact of monetary policy at the zero lower bound” by Jing Cynthia Wu and Fan Dora Xia
“The liquidity premium of near-money assets” by Stefan Nagel
“A shadow policy rate to calibrate US monetary policy at the zero lower bound” by Marco Lombardi and Feng Zhu

Session 2: Financial markets and monetary policy

Chair: Jean-Charles Rochet

“Stock returns over the FOMC cycle” by Anna Cieslak, Adair Morse and Annette Vissing-Jørgensen (paper)
“Global asset allocation shifts” by Tim-Alexander Kroencke, Maik Schmeling and Andreas Schrimpf (paper, presentation)
“Efficiently inefficient markets for assets and asset management” by Nicolae Garleanu and Lasse Heje Pedersen

Wednesday 11 March

Session 3: Understanding business cycles and the transmission mechanism

Chair: Claudio Borio

“Monetary policy surprises, credit costs and economic activity” by Mark Gertler and Peter Karadi
“Reconciling Hayek’s and Keynes’ views of recessions” by Paul Beaudry, Dana Galizia and Franck Portier
“Inflation dynamics during the financial crisis” by Simon Gilchrist, Jae Sim, Raphael Schoenle, Jae Sim and Egon Zakrajsek

Session 4: Policy mix in the aftermath of a financial crisis

Chair: Beatrice Weder di Mauro

“Fiscal multipliers in recessions” by Matthew Canzoneri, Fabrice Collard, Harris Dellas and Behzad Diba

Session 4:  Policy mix in the aftermath of a financial crisis (continued)

“A model of secular stagnation” by Neil Mehrotra and Gauti Eggertsson (paper, presentation)
“What drives the short-run cost of fiscal consolidation?” by Ryan Banerjee and Fabrizio Zampolli

Next steps: Hyun Song Shin

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