“Spillovers of conventional and unconventional monetary policy: the role of real and financial linkages”

That’s the topic of a conference sponsored and hosted by the Swiss National Bank and co-sponsored with the Bank for International Settlements (BIS), the Dallas Fed, the Centre for Economic Policy Research (CEPR), and the Journal of International Money and Finance.

Figure 2: Impulse response function for 25 bp reduction in the 5 year rate. From Rogers, Scotti and Wright (2015).

The links to the papers are here.

Opening remarks: Thomas Jordan

Chairman of the Governing Board, Swiss National Bank

Session I

“Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions”

Authors: Joshua Aizenman (USC), Menzie D. Chinn (Wisconsin), and Hiro

Ito (PSU)

Discussant: Atish Rex Ghosh (International Monetary Fund)

Session II

“Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies”

Authors: Matteo Cacciatore (HEC Montréal), Romain Duval (IMF), Fabio

Ghironi (University of Washington and CEPR), and Giuseppe Fiori (North

Carolina State University)

Discussant: Giancarlo Corsetti (Cambridge University)

“Self-Oriented Monetary Policy, Global Financial Markets and

Excess Volatility of International Capital Flows”

Authors: Michael B. Devereux (UBC and CEPR) and Giovanni Lombardo

(BIS)

Discussant: Aitor Erce (European Stability Mechanism)

Session III

“What drives the funding currency mix of banks?”

Authors: Signe Krogstrup (Swiss National Bank) and Cédric Tille (Graduate

Institute and CEPR)

Discussant: Adrian van Rixtel (Bank for International Settlements)

“The impact of international swap lines on stock returns of banks in emerging markets”

Authors: Alin Andries (Alexandru Ioan Cuza University of Iasi), Andreas

Fischer (Swiss National Bank and CEPR), and Pɪnar Yeşin (Swiss National

Bank)

Discussant: Andreas Schrimpf (Bank for International Settlements)

Keynote address: Claudio Borio (Bank for International Settlements)

Session IV

“Unconventional Monetary Policy and International Risk Premia”

Authors: John Rogers (Federal Reserve Board), Chiara Scotti (Federal

Reserve Board), and Jonathan Wright (Johns Hopkins University)

Discussant: Julieta Yung (Dallas Fed)

“If the Fed sneezes, who gets a cold?”

Authors: Luca Dedola (ECB and CEPR), Giulia Rivolta (University of

Brescia), and Livio Stracca (ECB)

Discussant: Mark Wynne (Dallas Fed)

Session V

“Trilemma, not Dilemma: Financial Globalisation and Monetary Policy Effectiveness”

Authors: Georgios Georgiadis (ECB) and Arnaud Mehl (ECB)

Discussant: Sandra Eickmeier (Bundesbank)

Organization committee: Raphael Auer, Menzie Chinn, Giancarlo Corsetti, Andrew Filardo, Andreas Fischer, Mark Wynne.