Second BIS Research Network meeting on macroeconomics and global financial markets

Background

On 10-11 March 2015, the BIS held the second BIS Research Network meeting, bringing together researchers from academia and central banks exploring long-range research issues related to banking, monetary policy, regulation and financial stability. With macroeconomics and global financial markets as main theme, participants discussed how to measure the macroeconomic impact of monetary policy at the zero lower bound, global asset allocation shifts, what are the new features of the business cycle, and the policy mix in the aftermath of the global financial crisis.

Tuesday 10 March

13:45-14:00

Welcoming remarks by Jaime Caruana (remarks)

14:00-16:15

Session 1:

Understanding the impact of monetary policy

Chair: Hyun Song Shin
"Measuring the macroeconomic impact of monetary policy at the zero lower bound" by Jing Cynthia Wu and Fan Dora Xia (paper, presentation)
"The liquidity premium of near-money assets" by Stefan Nagel (paper)
"A shadow policy rate to calibrate US monetary policy at the zero lower bound" by Marco Lombardi and Feng Zhu (paper, presentation)

16:30-18:45

Session 2:

Financial markets and monetary policy

 

 

Chair: Jean-Charles Rochet
"Stock returns over the FOMC cycle" by Anna Cieslak, Adair Morse and Annette Vissing-Jørgensen (paper)
"Global asset allocation shifts" by Tim-Alexander Kroencke, Maik Schmeling and Andreas Schrimpf (paper, presentation)
"Efficiently inefficient markets for assets and asset management" by Nicolae Garleanu and Lasse Heje Pedersen (paper)

Wednesday 11 March

09:00-11:15

Session 3:

Understanding business cycles and the transmission mechanism

Chair: Claudio Borio
"Monetary policy surprises, credit costs and economic activity" by Mark Gertler and Peter Karadi (paper, presentation)
"Reconciling Hayek's and Keynes' views of recessions" by Paul Beaudry, Dana Galizia and Franck Portier (paper, presentation)
"Inflation dynamics during the financial crisis" by Simon Gilchrist, Jae Sim, Raphael Schoenle, Jae Sim and Egon Zakrajsek (paper, presentation)

11:30-12:15

Session 4:

Policy mix in the aftermath of a financial crisis

Chair: Beatrice Weder di Mauro
"Fiscal multipliers in recessions" by Matthew Canzoneri, Fabrice Collard, Harris Dellas and Behzad Diba (paper, presentation)

13:30-15:00

Session 4:

Policy mix in the aftermath of a financial crisis (continued)

"A model of secular stagnation" by Neil Mehrotra and Gauti Eggertsson (paper, presentation)
"What drives the short-run cost of fiscal consolidation?" by Ryan Banerjee and Fabrizio Zampolli (paper, presentation)

15:00-15:15

Next steps: Hyun Song Shin