SIDE Summer School of Econometrics

held at the Bank of Italy SADIBA Center in Perugia in July 2017

The topic of the first week will be “Non-Parametric Bayesian Models for Big Data and Macro/Finance ” by Prof. Tamara Broderick (MIT) and Prof. Joshua Chan (UTS) from July 10th to July 14th.

The topic of the second week will be “High-Dimensional Econometrics” by Prof. Mehmet Caner (OSU) and Prof. Anders Bredahl Kock (Aarhus and CREATES) from July 17th to July 21st.

The new deadline for applications is May 31st, 2017. More details at and

Additional details can be found on

RESEARCH FELLOWSHIP PROGRAMS, Hong Kong Institute for Monetary Research

Access the call here

The Hong Kong Institute for Monetary Research (HKIMR) accepts applications for positions as  visiting Research Fellow on an ongoing and highly competitive basis under the two following programmes.

The HKIMR offers an attractive remuneration package, including travel and accommodation allowances. If you are interested and meet the specific requirements, please email a proposal of 3-5 pages together with your curriculum vita to Hong Kong Institute for Monetary Research ( The Council of Advisors reviews proposals on a quarterly basis. Since the Council frequently requests clarifications of the proposed projects, applicants need to apply well in advance of their desired dates of visit.

Call: CEBRA Workshop for Commodities and Macroeconomics, September 28‐29, 2017 at the Federal Reserve Board, Washington, DC, USA

CEBRA Workshop for Commodities and Macroeconomics

Thursday and Friday, September 28‐29, 2017

Hosted by the Federal Reserve Board, Washington, DC, USA

Call for papers
The Federal Reserve Board will host a CEBRA workshop for Commodities and Macroeconomics in Washington DC on September 28‐29, 2017. The workshop will focus on the broad economic implications of commodity markets. We invite researchers to submit papers on any aspect of the economics of commodities (including energy, metals, and agricultural products) and their interaction with the broader economy.

Specific topics could be related (but not restricted) to:
 Modeling and forecasting commodity prices and quantities.
 Measure of expectations and their role in commodity price movements.
 The roles of demand, supply, and financial shocks in driving commodity prices.
 Speculation and commodity prices.
 Interactions between commodity prices and financial markets.
 Technological innovation and adoption in commodity markets.
 Analysis investigating commodity project investment and production decisions.
 Broad macroeconomic implications of commodity price fluctuations.
 The welfare effects of shocks in particular commodity markets, e.g., falling oil prices.
 Monetary or fiscal policy responses to commodity price fluctuations.
 Fiscal budgeting and hedging policies for commodity‐producing countries.
 Aggregate output and inflation responses to commodity price movements.
 Commodity price cycles’ effects on the global economy, emerging economies, or
commodity‐producing economies.
The submitting author must be a member of CEBRA. To join CEBRA free of charge, please
The deadline for submissions is June 15, 2017. Please send drafts of completed papers to Authors of accepted papers will be informed by July 31.
Please address any questions to
Scientific committee: Martin Bodenstein, Deepa Datta, Benjamin Johannsen, Maria Tito, and Robert Vigfusson

CEBRA Board Call for Papers Commodities and Macro


(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)

Call: Fragmentation of International Trade and Finance and Risks from Rising Protectionism. Annual meeting of the International Finance and Macroeconomics Program @ Bank of England, London, October 19-20, 2017

The first annual meeting of CEBRA’s International Finance and Macroeconomics program is sponsored by the Bank of England. The submitting author must be a member of CEBRA. To join CEBRA free of charge, please visit:
The deadline for submissions is May 15, 2017.


Program: CEBRA’s Sessions at the WEAI 2017 meetings in San Diego

On June 25-29, 2017 CEBRA is organizing five sessions at the 2017 annual meeting of the Western Economic Association International in San Diego. The program is outlined below and the time schedule of the sessions will be posted on the web page of WEAI later this year.

Access the call here.

Bold indicates the scheduled presenter.

SESSION 1: The Future of Unconventional Monetary Policies

  1. Margarita Rubio (University of Nottingham), “Macroprudential Policies in a Low Interest-Rate Environment”
  2. Annukka Ristiniemi (Riksbank), “Quantitative easing and the price-liquidity trade-off”
  3. Mario Crucini (Vanderbilt), Did Unconventional Fiscal Policy under the ARRA Help Those Most In Need? A County-Level Analysis
  4. Pau Rabanal (IMF), “Should Unconventional Monetary Policies Become Conventional?”

SESSION 2: Applied Macroeconomics and Time Series Econometrics

  1. Andreas Fischer (Swiss National Bank), “Portfolio rebalancing in times of stress”
  2. Ine Van Robays (ECB), “Time-variation in US monetary policy spillovers: Good versus bad times”
  3. Martin Berka (University of Auckland), “Structural determinants of real exchange rates in the OECD”
  4. Tatsuma Wada (Keio Univeristy), TBA

SESSION 3: The effects and transmission of monetary policy

  1. Johannes Wieland (UCSD), “Financial Dampening”
  2. Kevin Lansing (FRB-SF), “Endogenous Regime Shifts in a New Keynesian Model With a Time-Varying Natural Rate of Interest”
  3. Julien Champagne (Bank of Canada), “The Macroeconomic Effects of Monetary Policy in a Small-Open Economy : Narrative Evidence from Canada”
  4. Sami Alpanda (UCF), “Household Debt Overhand and the Transmission of Monetary Policy”

SESSION 4: Asset markets Linkages: Risks and Spillovers
ORGANIZER: YU-CHIN CHEN, University of Washington

  1. Alexandra Tabova (FRB Board), “Searching for Yield Abroad: Risk-Taking through Foreign Investment in U.S. Bonds”
  2. Dorislav Dobrev (FRB Board), “High-Frequency Cross-Market Trading: Model Free Measurement and Applications”
  3. Anthony Landry (Bank of Canada), “Capital-Goods imports and US Growth”
  4. Yu-chin Chen (Washington), “Exchange rates and yield curves in the era of unconventional monetary policies”

SESSION 5: Central bank policy and household decisions

  1. Chomsisengphet Souphala (Office of the Comptroller of the Currency), “Monetary Policy Shock, Cash Demand and Consumption: Evidence from Turkey”
  2. Matilda Kilström (Riksbank), “Household Debt and Monetary Policy: Revealing the Cash-Flow Channel”
  3. Edison Yu (Philadelphia Fed), “Uncertainty and Consumer Credit Decisions”
  4. Xin Zhang (Riksbank), “Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending”

Call for applications: Research Unit Visiting Scholars Programme at the Bank of Finland, Monetary Policy and Research Department, Fall/Winter 2017

The Bank of Finland’s Research Unit (RU) invites applications for the Visiting Scholars Programme in the areas of macroeconomics, monetary policy, financial stability and financial markets. More information are available under
The application deadline is April 30, 2017.


Call: Understanding inflation: lessons from the past, lessons for the future?

Frankfurt am Main, 21-22 September 2017

Many countries have seen low inflation in recent years, and both structural and cyclical factors seem to have contributed to this. The aim of the conference is to enhance our understanding of the drivers and dynamics of inflation and of inflation expectations, to draw conclusions from the most recent low inflation environment as well as from earlier episodes, and to discuss lessons for the future. The conference is intended to provide a forum for discussing innovative research and to facilitate exchanges of views between researchers and policymakers.

Submission Deadline: 31 May 2017

For further information, please visit the website.