1st Conference of the BIS CCA Research Network on "Incorporating financial stability considerations into central bank policy models"

Welcome remarks: José Luis Escrivá (Bank for International Settlements)

BIS survey: Current state of policy models in the Americas: how financial considerations are currently being taken into account?
Presenter: Carlos Montoro (Bank for International Settlements) (presentation)

Paper presentations: 35 minutes - Discussion: 15 minutes - Open discussion: 15 minutes

Session I
Chair: Fernando Tenjo (CEMLA)

1. Traditional and matter-of-fact financial frictions in a DSGE model for Brazil: the role of macroprudential instruments and monetary policy
by Fabia de Carvalho, Marcos Castro and Silvio Costa (Central Bank of Brazil) (paper, presentation)
Discussant: Kalin Nikolov (European Central Bank) (comments)

2. A new policy model to analyse macroprudential and monetary policies
by Sami Alpanda, Gino Cateau and Cesaire Meh (Bank of Canada) (paper, presentation)
Discussant: Julien Bengui (Université de Montréal) (comments)

Session II
Chair: Ramon Moreno (Bank for International Settlements)

3. Financial stability in a small macroeconomic model
by Horacio Aguirre and Emilio Blanco (Central Bank of Argentina) (paper, presentation)
Discussant: Francesco Zanetti (Oxford University) (comments)

4. Macroeconomic and financial interactions in Chile: an estimated DSGE approach
by Javier Garcia-Cicco and Markus Kirchner (Central Bank of Chile) (paper, presentation)
Discussant: Anella Munro (Reserve Bank of New Zealand) (comments)

Invited session: Current efforts to include financial stability considerations in policy models

Assessing macro-purdential policies in a macroeconmic model with three layers of defaults
Presenter: Kalin Nikolov (European Central Bank) (presentation)

Three must-haves of model-aided macroprudential analysis
Presenter: Jaromir Benes (International Monetary Fund) (presentation)

Session III
Chair: Alberto Torres (Bank of Mexico)

5. Macroprudential policies in a commodity exporting economy
by Andres Gonzalez (U. Los Andes), Franz Hamann and Diego Rodriguez (Bank of the Republic, Colombia) (paper, presentation)
Discussant: Alessandro Rebucci (Johns Hopkins Carey Business School) (comments)

6. Financial considerations in a small open economy model for Mexico
by Francisco Adame, Jessica Roldán and Miguel Zerecero (Bank of Mexico) (paper, presentation)
Discussant: Tommaso Monacelli (Bocconi University) (comments)

Session IV
Chair: José Luis Escrivá (Bank for International Settlements)

7. Spillovers, capital flows and prudential regulation in small open economies
by Paul Castillo, Cesar Carrera, Marco Ortiz and Hugo Vega (Central Reserve Bank of Peru) (paper, presentation)
Discussant: Gianluca Benigno (London School of Economics) (comments)

8. Macroeconomic effects of banking sector losses across structural models
by Luca Guerrieri and Matteo Iacoviello (Board of Governors of the Federal Reserve System) (paper, presentation)
Discussant: Raoul Minetti (Michigan State University) (comments)

Central bank roundtable: What do central banks need to do in order to incorporate financial stability considerations in their models
Rhys Mendes (Deputy Chief, Canadian Economic Analysis Department, Bank of Canada) (presentation)
Philipp Hartmann (Deputy Director General Research, European Central Bank) (presentation)
Andreas Lehnert (Deputy Director, Office of Financial Stability Policy and Research, Board of Governors of the Federal Reserve System) (presentation)

Remarks: Professor Enrique Mendoza (Academic Adviser) (presentation)

Final Remarks: José Luis Escrivá (Chief Representative, BIS Office of the Americas)