16th BIS Annual Conference
Friday 23 June 2017, Palace Hotel, Lucerne, Switzerland
| Opening remarks Jaime Caruana, Bank for International Settlements |
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| Session 1: The global interest rate environment | ||
| Chair: | Thomas Jordan, Swiss National Bank | |
| Author: | Richard H Clarida, Columbia University (paper) (presentation) | |
| Paper: | "The global factor in neutral policy rates: some implications for exchange rates, monetary policy and policy coordination" | |
| Discussants: | Narayana Kocherlakota, University of Rochester (presentation) Lucrezia Reichlin, London Business School (presentation) |
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| Session 2: Low interest rates and changes in financial intermediation | ||
| Chair: | Elvira Nabiullina, Central Bank of the Russian Federation | |
| Author: | Luigi Zingales, University of Chicago Booth School of Business | |
| Paper: | "The origins of Italian NPLs" | |
| Discussants: | Viral V Acharya, Reserve Bank of India (presentation) Isabel Schnabel, University of Bonn (presentation) |
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| Session 3: Why are interest rates so low? | ||
| Chair: | Stephen S Poloz, Bank of Canada | |
| Author: | Ricardo Caballero, Massachusetts Institute of Technology (paper 1) (paper 2) (presentation) | |
| Paper: | "On the macroeconomics of risk intolerance" | |
| Discussants: | Mohamed El-Erian, Allianz (written remarks) David Laidler, University of Western Ontario (written remarks) |
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| Session 4: Inside money and monetary policy | ||
| Chair: | Ilan Goldfajn, Central Bank of Brazil | |
| Author: | Monika Piazzesi, Stanford University (paper) (presentation) | |
| Paper: | "Payments, credit and asset prices" | |
| Discussants: | Markus Brunnermeier, Princeton University (presentation) Sukhdave Singh, Central Bank of Malaysia (written remarks) |
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| Wrap-up panel: Monetary policy and financial stability in a low interest rate environment: challenges ahead | ||
| Chair: | Jens Weidmann, Chairman, BIS Board; President, Deutsche Bundesbank | |
| Panellists: | Alan Blinder, Princeton University Philip Lowe, Reserve Bank of Australia |
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