Hong Kong Monetary Authority, Federal Reserve Board and Federal Reserve Bank of Atlanta

Unconventional Monetary Policy: Lessons Learned


12 October 2017 (Thursday) - 13 October 2017 (Friday)

Harbour Room, 56/F, Two International Finance Centre, Central, Hong Kong


<Thursday October 12>

8:30 am – 9:00 am Registration and Welcome Coffee

9:00 am – 9:10 am Welcome Remarks

by Norman T. L. Chan, Chief Executive, Hong Kong Monetary Authority
9:10 am – 9:50 am Keynote Speech

by Raphael Bostic, President, Federal Reserve Bank of Atlanta
9:50 am – 10:20 am Coffee Break

Session 1 Monetary Policy in a Low Interest Rate Environment

Session Chair: Lillian Cheung, Hong Kong Monetary Authority and Hong Kong Institute for Monetary Research
10:20 am – 11:10 am Monetary Policy in a Low Interest Rate World
John Roberts (Federal Reserve Board)

Discussant: Paolo Pesenti (Federal Reserve Bank of New York)
paper-1_john-roberts.pdf slides-john-roberts.pdf slides-paolo-pesenti-revised-.pdf
11:10 am – 12:00 nn Does a Big Bazooka Matter? Central Bank Balance-Sheet Policies and Exchange Rates
Luca Dedola (European Central Bank and CEPR)

Discussant: Pengfei Wang (Hong Kong University of Science and Technology)
slides-luca-dedola-final-.pdf slides-pengfei-wang.pdf
12:00 nn – 1:50 pm In-house Luncheon Speech (By invitation)
“International Spillovers of Monetary Policy”
by Steven Kamin, Director of the Division of International Finance, Federal Reserve Board

Session 2 Unconventional Monetary Policy and Its Spillovers to Emerging Market Economies

Session Chair: John Rogers, Federal Reserve Board
1:50 pm – 2:40 pm Effects of US Quantitative Easing on Emerging Market Economies
Arpita Chatterjee (University of New South Wales)

Discussant: Jongrim Ha (The World Bank)
paper-arptia-chatterjee-revised-.pdf slides-arpita-chatterjee-revised-.pdf slides-jongrim-ha-final-.pdf
2:40 pm – 3:30 pm Emerging Market Corporate Leverage and Global Financial Conditions
Adrian Alter (International Monetary Fund)

Discussant: Hunter Clark (Federal Reserve Bank of New York)
paper-adrian-alter-revised-.pdf slides-adrian-alter.pdf slides-hunter-clark.pdf
3:30 pm – 4:00 pm Coffee Break

Session 3 Unconventional Monetary Policy and Banking Lending Rate Pass-through

Session Chair: Hongyi Chen, Hong Kong Institute for Monetary Research
4:00 pm – 4:50 pm Effectiveness of Unconventional Monetary Policies in a Low Interest Rate Environment

Andrew Filardo (Bank for International Settlements)

Discussant: Ji Zhang (Tsinghua University PBC School of Finance)
4:50 pm – 5:40 pm Mending the Broken Link: Heterogeneous Bank Lending and Monetary Policy Pass-through
Matteo Ciccarelli (European Central Bank)

Discussant: Feng Zhu (Bank for International Settlements)
paper-matteo-ciccarelli.pdf slides-matteo-ciccarelli.pdf
6:00 pm Conference Dinner (By Invitation)

<Friday October 13>

8:30 am – 9:00 am Registration and Coffee

Session 4 Unconventional Monetary Policy and Real Economy

Session Chair: Tao Zha, Federal Reserve Bank of Atlanta
9:00 am – 9:50 am Did QE lead banks to relax their lending standards? Evidence from the Federal Reserve’s LSAPs
Tom Zimmermann (QuantCo, Inc)

Discussant: Dora Xia (Bank for International Settlements)
paper-tom-zimmermann-revised-.pdf slides-tom-zimmermann.pdf
9:50 am – 10:40 am Did ECB Liquidity Injections Help The Real Economy?
Dragon Tang (University of Hong Kong)

Discussant: Mico Loretan (Swiss National Bank)
paper-dragon-tang-revised-.pdf slides-dragon-tang.pdf
10:40 am – 11:00 am Coffee Break

Session 5 Unconventional Monetary Policy and Financial Stability

Session Chair: Matthew Yiu, Hong Kong Institute for Monetary Research
11:00 am – 11:50 am Unconventional Monetary Policy and Risk-Taking: Evidence from Agency Mortgage REITs
W. Scott Frame (Federal Reserve Bank of Atlanta)

Discussant: Yongheng Deng (National University of Singapore)
paper-scott-frame.pdf slides-scott-frame.pdf slides-yongheng-deng.pdf
11:50 am – 12:40 am Dynamics of Market Anomalies and Measurement Errors of Risk-free Interest Rates
Cho-Hoi Hui (Hong Kong Monetary Authority)

Discussant: Tao Li (City University of Hong Kong)
paper-cho-hoi-hui.pdf slides-cho-hoi-hui-revised-.pdf
12:40 pm Closing Remarks