International Journal of Central Banking (IJCB) and Hong Kong Institute for Monetary Research (HKIMR)

International Journal of Central Banking (IJCB) Spring 2012 Conference


17 May 2012 (Thursday) - 18 May 2012 (Friday)



17 May 2012
8:00-8:50 Registration, Breakfast and coffee

8:50-9:00 Opening Remarks

John Williams (Federal Reserve Bank of San Francisco and IJCB Managing Editor)
Session I The Impact of Unconventional Monetary Policy on Asset Markets Chair: Harrison Hong (Princeton University and IJCB Co-Editor)

9:00-10:15 Term Structure Modeling with Supply Factors and Applications to Federal Reserve’s Large Scale Asset Purchase Programs Evaluations
Canlin Li (Federal Reserve Board)
Min Wei (Federal Reserve Board)

Discussant: Mark Loewenstein (University of Maryland)

10:15-10:45 Coffee Break

10:45-12:00 The Impact of Policy Initiatives on Credit Spreads during the 2007-09 Financial Crisis
Alan Rai (University of New South Wales)

Discussant: Jialin Yu (Columbia University)

12:00-12:30 Commentator: Hanno Lustig (University of California, Los Angeles)

12:30-14:00 Luncheon [By invitation]

Session II Monetary Policy and Financial Crises Chair: Douglas Gale (New York University and IJCB Co-Editor)

14:00-15:15 Business Cycles and Financial Crises: The Roles of Credit Supply and Demand Shocks
James M. Nason (Federal Reserve Bank of Philadelphia)
Ellis W. Tallman (Oberlin College and Federal Reserve Bank of Cleveland)

Discussant: Gianni De Nicolo (IMF)

15:15-15:45 Coffee Break

15:45-17:00 The Low Monetary Rates Paradox, Banking Stability and Credit: Evidence from the Euro Area
Angela Maddaloni (European Central Bank)
José-Luis Peydró (Universitat Pompeu Fabra)

Discussant: Egon Zakrajsek (Federal Reserve Board)

18:00 Dinner [By invitation]

18 May 2012
8:30-9:00 Breakfast and coffee

Session III Capital and Macroprudential Regulation Chair: Rafael Repullo (CEMFI and IJCB Co-Editor)

9:00-10:15 Long term effects of equity capital on the interest rate and the demand on credit
Alfredo Martin-Oliver (Universitat de les Illes Balears)
Sonia Ruano (Banco de España)
Vincente Salas-Fumas (Universidad de Zaragoza)

Discussant: Gianni De Nicolo (IMF)

10:15-10:45 Coffee Break

10:45-12:00 Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses
Filiz Unsal (IMF)

Discussant: Douglas Gale (New York University and IJCB Co-Editor)

12:00-12:30 Commentator: Gianluca Benigno (London School of Economics)

12:30-14:00 Luncheon [By invitation]

14:00-14:30 Remarks by Dong He (Hong Kong Monetary Authority)

14:30-15:00 Q&A and open discussion

15:00 Conference adjourns