| Thursday, 20 March |
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| 1:00 - 1:30 |
Registration
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| 1:30 - 1:45 |
Opening Remarks by Norman T.L. Chan, Chief Executive, HKMA
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| Session 1 |
Cross-Border Effects of Unconventional Policies
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Chair: Paolo Pesenti (Federal Reserve Bank of New York)
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| 1:45 – 2:45 |
A Global Monetary Tsunami? On the Spillovers of US Quantitative Easing
Marcel Fratzcher (DIW Berlin and Humboldt-University Berlin)
Marco Lo Duca* (European Central Bank)
Roland Straub (European Central Bank)
Discussant: John H. Rogers (Federal Reserve Board)
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| 2:45 – 3:45 |
Global Impact of US Monetary Policy at the Zero Lower Bound
Qianying Chen (International Monetary Fund)
Andrew Filardo* (Bank for International Settlements)
Dong He (Hong Kong Monetary Authority)
Feng Zhu (Bank for International Settlements)
Discussant: Sylvain Leduc (Federal Reserve Bank of San Francisco)
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| 3:45 – 4:15 |
Coffee Break
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| Session 2 |
Monetary Policy Implementation and Transmission at the ZLB
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Chair: Dong He (HKMA)
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| 4:15 – 5:15 |
Measuring the Effect of the Zero Lower Bound on Yields and Exchange Rates in the U.K. and Germany
Eric Swanson* (Federal Reserve Bank of San Francisco)
John C. Williams (Federal Reserve Bank of San Francisco)
Discussant: Mico Loretan (Swiss National Bank)
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| 5:15 – 6:15 |
Federal Reserve Tools for Managing Rates and Reserves
Antoine Martin (Federal Reserve Bank of New York)
James McAndrews* (Federal Reserve Bank of New York)
Ali Palida (Federal Reserve Bank of New York)
David Skeie (Federal Reserve Bank of New York)
Discussant: Morten L. Bech (Bank for International Settlements)
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| 7:00 – 9:00 |
Dinner Speech “China’s Growth Outlook, Financial Risks and Reforms” by Jun Ma (Deutsche Bank) (By invitation only)
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| Friday, 21 March |
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| 8:30 – 9:00 |
Registration and Coffee
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| Session 3 |
Theoretical Perspectives on Liquidity and Financial Markets
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Chair: Hans Genberg (The SEACEN Centre)
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| 9:00 – 10:00 |
Safe Assets, Liquidity and Monetary Policy
Pierpaolo Benigno* (Einaudi Institute for Economics and Finance and LUISS Guido Carli)
Salvatore Nistico (Sapienza University of Rome)
Discussant: Luca Dedola (European Central Bank)
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| 10:00 – 11:00 |
Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing
Saroj Bhattarai (Pennsylvania State University)
Gauti B. Eggertsson* (Brown University)
Bulat Gafarov (Pennsylvania State University)
Discussant: Andrew Levin (International Monetary Fund)
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| 11:00 – 11:30 |
Coffee Break
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| 11:30 – 12:30 |
Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints
Aloisio Araujo (IMPA and EPGE-FGV)
Susan Schommer (IMPA)
Michael Woodford* (Columbia University)
Discussant: Giancarlo Corsetti (Cambridge University)
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| 12:30 – 2:00 |
Luncheon Hosted by Mr. Norman T.L. Chan (HKMA) and Invited Lecture “Do Central Bank Balance Sheets Matter?” by Prof. Chris Sims (Princeton University) (By Invitation Only)
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| Session 4 |
Modeling Credit Easing
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Chair: Argia Sbordone (Federal Reserve Bank of New York)
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| 2:00 – 3:00 |
Breaking the Spell with Credit-Easing: Self-Confirming Credit Crises in Competitive Search Economies
Gaetano Gaballo* (Banque de France)
Ramon Marimon (European University Institute)
Discussant: Tack Yun (Seoul National University)
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| 3:00 – 4:00 |
(Un) conventional Policy and the Zero Lower Bound
Fiorella De Fiore* (European Central Bank)
Oreste Tristani (European Central Bank)
Discussant: Jinill Kim (Korea University)
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| 4:00 – 4:30 |
Coffee Break
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| 4:30 – 6:00 |
Panel Discussion:
Moderator: Dong He (HKMA)
Panellists:
Kazuo Momma (Bank of Japan)
Alberto G. Musalem (Federal Reserve Bank of New York)
Mehmet Yörükoğlu (Central Bank of the Republic of Turkey)
- End of Conference -
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| * : Presenter |
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