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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. 

SI 2016 International Finance & Macroeconomics 

Jeffrey A. Frankel, Sebnem Kalemli-Ozcan, and Olivier Jeanne, Organizers 

July 11-15, 2016 

Royal Sonesta Hotel
Charles Suites

40 Edwin H. Land Blvd.
Cambridge, MA

PROGRAM

Monday, July 11
8:00 am	Coffee and pastries
	Exchange Rate Puzzles
8:30 am	Kristin Forbes, Massachusetts Institute of Technology and NBER Ida Hjortsoe, Bank of England Tsvetelina G. Nenova, Bank of England The Shocks Matter: Improving our Estimates of Exchange Rate Pass-Through Discussant: Gita Gopinath, Harvard University and NBER
9:30 am	Break
9:45 am	Oleg Itskhoki, Princeton University and NBER Dmitry Mukhin, Princeton University Exchange Rate Disconnect in General Equilibrium Discussant: Charles Engel, University of Wisconsin at Madison and NBER
10:45 am	Break
11:00 am	Jonathan Eaton, Pennsylvania State University and NBER Samuel S. Kortum, Yale University and NBER Brent Neiman, University of Chicago and NBER Obstfeld and Rogoff's International Macro Puzzles: A Quantitative Assessment Discussant: Kenneth S. Rogoff, Harvard University and NBER
12:00 n	Adjourn and lunch
4:00 pm	IFM Data Group
Tuesday, July 12
8:00 am	Coffee and pastries
	Capital Flows, Exchange Rates and Policies
8:30 am	Olivier J. Blanchard, Peterson Institute for International Economics and NBER Jonathan D. Ostry, International Monetary Fund Atish R. Ghosh, International Monetary Fund Marcos Chamon, International Monetary Fund Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence Discussant: Jeffrey Frankel, Harvard University and NBER
9:30 am	Break
9:45 am	Kosuke Aoki, University of Tokyo Gianluca Benigno, London School of Economics Nobuhiro Kiyotaki, Princeton University and NBER Monetary and Financial Policies in Emerging Markets Discussant: Anton Korinek, Johns Hopkins University and NBER
10:45 am	Break
11:00 am	Boris Hofmann, Bank for International Settlements Ilhyock Shim, Bank for International Settlements Hyun Song Shin, Princeton University and NBER Risk-taking Channel of Currency Appreciation Discussant: Roberto Chang, Rutgers University and NBER
12:00 n	Adjourn and lunch
Wednesday, July 13
8:00 am	Coffee and pastries
	International Financial System and Monetary Policy: Joint session with MEFM
8:30 am	Emmanuel Farhi, Harvard University and NBER Matteo Maggiori, Harvard University and NBER A Model of the International Monetary System Discussant: Hélène Rey, London Business School and NBER
9:30 am	Break
9:45 am	Wenxin Du, Federal Reserve Board Alexander Tepper, Princeton University Adrien Verdelhan, Massachusetts Institute of Technology and NBER Deviations from Covered Interest Rate Parity Discussant: Benjamin Hebert, Stanford University
10:45 am	Break
11:00 am	Falk Bräuning, VU Amsterdam Victoria Ivashina, Harvard University and NBER Monetary Policy and Global Banking Discussant: Linda S. Goldberg, Federal Reserve Bank of New York and NBER
12:00 n	Adjourn and lunch
6:00 pm	Clambake at the Royal Sonesta Hotel
Thursday, July 14
8:00 am	Coffee and pastries
	Foreign Currency Debt
8:30 am	Pablo Ottonello, University of Michigan Diego Perez, New York University The Currency Composition of Sovereign Debt Discussant: Cristina Arellano, Federal Reserve Bank of Minneapolis and NBER
9:30 am	Break
9:45 am	Wenxin Du, Federal Reserve Board Carolin Pflueger, University of British Columbia Jesse Schreger, Princeton University and NBER Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy Discussant: Vincenzo Quadrini, University of Southern California
10:45 am	Break
11:00 am	Galina Hale, Federal Reserve Bank of San Francisco Peter C. Jones, University of California at Berkeley Mark M. Spiegel, Federal Reserve Bank of San Francisco The Rise in Home Currency Issuance Discussant: Francis E. Warnock, University of Virginia and NBER
12:00 n	Adjourn and lunch
	International Trade & Macroeconomics Workshop
1:00 pm	Julian di Giovanni, Universitat Pompeu Fabra Andrei Levchenko, University of Michigan and NBER Isabelle Mejean, Ecole Polytechnique The Micro Origins of International Business Cycle Comovement Discussant: Silvana Tenreyro, London School of Economics
2:00 pm	Sophie Guilloux-Nefussi, Banque de France Globalization, Market Structure and Inflation Dynamics Discussant: Oleg Itskhoki, Princeton University and NBER
3:00 pm	Break
3:30 pm	Ricardo M. Reyes-Heroles, Princeton University The Role of Trade Costs in the Surge of Trade Imbalances Discussant: Doireann Fitzgerald, Federal Reserve Bank of Minneapolis and NBER
4:30 pm	Kiminori Matsuyama, Northwestern University Iryna Sushko, Institute of Mathematics, National Academy of Sciences of Ukraine Laura Gardini, University of Urbino Globalization and Synchronization of Innovation Cycles Discussant: Christopher Tonetti, Stanford University and NBER
5:30 pm	Adjourn
Friday, July 15
8:00 am	Coffee and pastries
	Capital Flows and Currency Wars
8:30 am	Ricardo J. Caballero, Massachusetts Institute of Technology and NBER Emmanuel Farhi, Harvard University and NBER Pierre-Olivier Gourinchas, University of California at Berkeley and NBER Global Imbalances and Currency Wars at the ZLB Discussant: Gauti B. Eggertsson, Brown University and NBER
9:30 am	Break
9:45 am	Ina Simonovska, University of California at Davis and NBER Espen Henriksen, University of California at Davis Joel David, University of Southern California The Risky Capital of Emerging Markets Discussant: Tarek Alexander Hassan, University of Chicago and NBER
10:45 am	Break
11:00 am	Marcos Chamon, International Monetary Fund Marcio Garcia, PUC-Rio Laura Souza, Itaú Unibanco FX Interventions in Brazil: A Synthetic Control Approach Discussant: Michael W. Klein, Tufts University and NBER
12:00 n	Adjourn and lunch