Hong Kong Monetary Authority and the Federal Reserve Bank of New York

Conference on Domestic and International Dimensions of Unconventional Monetary Policy


20 March 2014 (Thursday) - 21 March 2014 (Friday)

Room 5601, 56/F, Two International Finance Centre, 8 Finance Street, Central


Thursday, 20 March
1:00 - 1:30 Registration

1:30 - 1:45 Opening Remarks by Norman T.L. Chan, Chief Executive, HKMA

Session 1 Cross-Border Effects of Unconventional Policies

Chair: Paolo Pesenti (Federal Reserve Bank of New York)

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)

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)

3:45 – 4:15 Coffee Break

Session 2 Monetary Policy Implementation and Transmission at the ZLB

Chair: Dong He (HKMA)

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)

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)

7:00 – 9:00 Dinner Speech “China’s Growth Outlook, Financial Risks and Reforms” by Jun Ma (Deutsche Bank) (By invitation only)

Friday, 21 March
8:30 – 9:00 Registration and Coffee

Session 3 Theoretical Perspectives on Liquidity and Financial Markets

Chair: Hans Genberg (The SEACEN Centre)

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)

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)

11:00 – 11:30 Coffee Break

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)

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)

Session 4 Modeling Credit Easing

Chair: Argia Sbordone (Federal Reserve Bank of New York)

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)

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)

4:00 – 4:30 Coffee Break

4:30 – 6:00 Panel Discussion:
Moderator: Dong He (HKMA)
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 -

* : Presenter