(updated) Program of the 2017 Annual Meeting at Bank of Canada, July 20-21, Ottawa, Canada

Program of the 2017 Annual Meeting of the

Central Bank Research Association

Hosted by the Bank of Canada

     July 20-21, 2017, Ottawa, Canada

Access the updated program here

The annual meeting of the Central Bank Research Association (CEBRA) brings together policy-relevant research on topics of interest to central banks and international financial institutions. CEBRA’s 2017 Annual Meeting is organized jointly with the Bank of Canada (BoC) and takes place on July 20-21 2017 at the BoC’s conference center in Ottawa.

The 2017 meeting features six sessions jointly organized by CEBRA and BoC. Further, the meeting features special sessions organized by the Bank for International Settlements (BIS), the International Monetary Fund (IMF), and the World Bank (WB), as well as an invited session organized by the National Bureau of Economic Research (NBER).

Scientific committee:

 Chair: Rhys Mendes (BoC)

Members: Enrique Alberola (BIS), Marcus Brunnermeier (Princeton & NBER), Stephen Cecchetti (Brandeis & NBER), Giovanni Dell’Ariccia (IMF), Jean-Sébastien Fontaine (BoC), Galina Hale (FRBSF), Leonardo Gambacorta (BIS), Scott Hendry (BoC), Raju Huidrom (WB), Emanuel Kohlscheen (BIS), Ayhan Kose (WB), Oleksiy Kryvtsov (BoC), Sylvain Leduc (BoC), John Rogers (FRB), Georg Strasser (ECB), and Jing Yang (BoC).

Program Overview

Thursday, 20th July 2017
Registration and Welcome Remarks
9.00-13.00: Parallel Sessions
Session 1 – Unconventional monetary policy Session 2 – Financial globalization and Monetary Policy
Session  4 – Micro price dynamics and inflation Session 3 – Fintech and payments
Lunch & Break: 13.00-15.00
15.00-17.00 Session 7 (Plenary Session)

Low interest rates, bank business models and changes in financial intermediation

(BIS Special Session)

17.00-17.45 Keynote Talk
Conference Dinner


Friday, 21st July 2017
8.30-12.30: Parallel Sessions
Session 5 – Financial and macro dimensions of commodity cycles Session 9 – Monetary Policy and Financial Stability (IMF Special Session)
Session 6 – Oil Prices, Monetary Policy, and the Macroeconomy Session 8 – Cyclical spillovers (World Bank Special Session)
Lunch & Break: 13.00-14.30
14.30-16.30 Session 10 (Plenary Session)

Recent advances in international macro-finance

(NBER Special Session)

16.30-17.30 CEBRA Presentation and Annual Assembly
Social Activity

Detailed List of Sessions

# Topic Organizing Institution  
1. Unconventional monetary policy


CEBRA & Bank of Canada


Jean-Sébastien Fontaine (BoC) and Jing Yang (BoC)
  Miles Kimball, Ruchir Agarwal “Breaking Through the Zero Lower Bound” Discussant: TBC
  Yi Zhang  

“Shadow Rates, Forward Guidance, and Unconventional Monetary Policy”

Discussant: Jens Christensen (FRB San Francisco)
  Luca Dedola, Georgios Georgiadis, Johannes Grab, Arnaud Mehl “Does a Big Bazooka Matter? Central Bank Balance-Sheet Policies and Exchange Rates” Discussant: Christopher Neely (FRB St-Louis)
2. Financial globalization and Monetary Policy CEBRA’s IFM Program & Bank of Canada Galina Hale (FRBSF & Director of CEBRA’s IFM Program)
  Georgios Georgiadis, Martina Jancokova  

“Financial Globalisation, Monetary Policy Spillovers and Macro-modelling: Tales from 1001 Shocks”


Discussant: Abrogio Cesa-Bianchi (Bank of England)
  Inhwan So  

“Bank Globalization and Monetary Policy Transmission in Small Open Economies”

Discussant: Anthony Landry (Bank of Canada)
  Jin Cao,  Valeriya Dinger  

“Financial Globalization and Bank Lending: The Limits of Domestic Monetary Policy?”










Discussant: Georgia Bush (Bank of Mexico)
3. Fintech and payments CEBRA & Bank of Canada Scott Hendry (BoC)
  Mohammad Davoodalhosseini  

“Central Bank Digital Currency and Monetary Policy”


Discussant: Wilko Bolt (De Nederlandsche Bank)
  Jack Meaning, Emily Clayton, Ben Dyson “Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency” Discussant: Charles Kahn (U. of Illinois)
4. Micro price dynamics and inflation CEBRA & Bank of Canada Oleksiy Kryvtsov (BoC), John Rogers (FRB), and Georg Strasser (ECB)
  Henning Weber, Klaus Adam “The Optimal Inflation Rate with Heterogenous Firms”


Discussant: Raphael Schoenle  (Brandeis)
  Raphael Auer, Ariel Burstein, Sarah M. Lein “Price and Quantity responses to large exchange rate shocks: evidence from the great Swiss appreciation” 



Discussant: Georg Strasser (ECB)


  Natalie Chen, Wanyu Chung, Dennis Novy Vehicle Currency Pricing, Trade, and Exchange Rate Pass-Through


Discussant: Ben Tomlin  (Bank of Canada)
5. Financial and macro dimensions of commodity cycles CEBRA & Bank of Canada Enrique Alberola (BIS), Emanuel Kohlscheen (BIS)
  Enrique Alberola, Gianluca Benigno  

“Revisiting the Commodity Curse: a Financial Perspective”



Discussant: Franz Hamann (Banco de la Republica, Colombia)

  Steven Poelhekke, Thorsten Beck “Follow the money – Does the financial sector intermediate natural resource windfalls?”  

Discussant: Fernando Duarte (NY Fed)

  Rhys Bidder, Adam Shapiro “Drilling into Bank Balance Sheets: Examining Portfolio Responses to an Oil Shock”  

Discussant: Victoria Nuguer (IADB)

  Junior Maih, Hilde Bjornland, Vegard Larsen “Oil and macroeconomic (in)stability” Discussant: Marco Lombardi (BIS)
6. Oil Prices, Monetary Policy, and the Macroeconomy CEBRA & Bank of Canada Oleksiy Kryvtsov (BoC) and Sylvain Leduc (BoC)
  Kirstin Hubrich, Fédéric Holm-Hadulla “Macroeconomic implications of oil price fluctuations: A regime-switching framework for the euro area” Discussant: Soojin Jo (Dallas Fed)
  Robert Vigfusson, Deepa Datta, Benjamin K. Johannsen, Hannah Kwon “Oil, Equities, and the Zero Lower Bound”


Discussant: Reinhard Ellwanger (Bank of Canada)
  Kevin Moran, Sylvain Leduc, Robert Vigfusson “Learning in the Oil Future Markets – Evidence and Macroeconomic Implications” Discussant: Ron Alquist (Kings Peak Asset Management)
  Andy Filardo, Marco Lombardi, and Carlos Montoro “Monetary policy spillovers, global commodity prices and cooperation” Discussant: Drago Bergholt (Norges Bank)


7 Low interest rates, bank business models and changes in financial intermediation Bank for International Settlements Leonardo Gambacorta (BIS)
  Bernd Schwaab, Andre Lucas, Julia Schaumburg Bank business models at zero interest rates

Discussant: Michal Kowalik (Federal Reserve Boston)
  Viktors Stebunovs, Seung Jung Lee, Gregory J. Cohen Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks Discussant: Lev Ratnovski (IMF)

Christoph Basten, Mike Mariathasan KU Leuven

Bank Profitability and Risk-Taking When Interest Rates are Negative






Discussant: Raymond Chaudron (De Nederlandsche Bank)
8 Monetary Policy and Financial Stability International Monetary Fund Sole Martinez Peria (IMF) & Giovanni Dell’Ariccia (IMF)
  Victoria Nuguer, Julio A. Carrillo, Enrique G. Mendoza, Jessica Roldan-Pena  

“Tight Money – Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies”


Discussant: Sole Martinez Peria
  Fernando Duarte, Tobias Adrian  

“Financial Vulnerability and Monetary Policy”

Discussant: Victoria Nuguer
  Gee Hee Hong  

“Unconventional Monetary Policy and Bank Credit Supply”



Discussant: Fernando Duarte
9 Cyclical spillovers World Bank Raju Huidrom (WB) and Ayhan Kose (WB)

Raju Huidrom, Thomas Helbling, M. Ayhan Kose, Christopher Otrok



“How do Business Cycles Become Global? Common Shocks or Spillovers?”



Discussant: Serdar Kabaca (BoC)

  Alessandro Rebucci, Ambrogio Cesa-Bianchiy, Andrea Ferreroz,



“International Credit Supply Shocks”



Discussant: Gurnain Pasricha (BoC)

  Christian Friedrich, Pierre Guérin “The Dynamics of Capital Flow Episodes” Discussant: Gee Hee Hong (IMF)
10 Recent advances in international macro-finance National Bureau of Economic Research Marcus Brunnermeier (Princeton & NBER) and Stephen Cecchetti (Brandeis & NBER)
  Sebnem Kalemli-Ozcan* Yusuf Soner Baskaya, Julian di Giovanni, and Mehmet Fatih Ulu  

“International Spillovers and Local Credit Cycles”



Discussant: Anusha Chari (University of North Carolina)

  Hanno Lustig, Robert J. Richmond  

“Gravity in FX R2: Understanding the Factor Structure in Exchange Rates”


Discussant:  Bob Hodrick (Columbia University)


  Oleg Itskhoki and Dmitry Mukhin  

“Exchange Rate Disconnect in General Equilibrium”


Discussant: Eric van Wincoop (University of Virginia)