International Finance and Macroeconomics Program (IFM)


The IFM Program brings together researchers with interests in international finance and monetary economics. It encompasses empirical and theoretical analysis of issues related to international financial markets and institutions, international capital flows, and monetary policy spillovers and coordination. The IFM Program strives to bring together young as well as established researchers from the fields of international economics, finance, banking, and macroeconomics, to foster dialogue and collaboration on the topics of utmost policy relevance. By including both academics and researchers at central banks and other policy institutions and promoting their interaction, the Program seeks to pursue both excellence in cutting-edge research and its application to the most important policy-relevant questions.

Program Director and Advisory Committee

The program is led by its Director Galina Hale (Term 2021-2024) and an Advisory Committee of senior central bank and academic researchers. The current members of the Advisory Committee are:

Laura Alfaro, Harvard Business School (Term 2016-2020)
Stijn Claessens, Bank for International Settlements (BIS) (Term 2016-2020)
Kristin Forbes, MIT Sloan (Term 2018-2022)
Linda Goldberg, Federal Reserve Bank of New York (Term 2018-2022)
Pierre-Olivier Gourinchas, UC Berkeley (Term 2016-2020)
Takatoshi Ito, Columbia University (Term 2017-2021)
Philip Lane, Central Bank of Ireland (Term 2017-2021)
Gian Maria Milesi-Ferretti, The Brookings Institution (Term 2016-2020)
Neeltje Van Horen, Bank of England (Term 2016-2020)

Annual Meetings of the CEBRA IFM Program:

The 5th Annual Meeting of the CEBRA’s IFM Program, jointly organised with the European Central Bank on Tuesday 19 and Wednesday 20 October, 2021 (online event)

  • The 2021 Annual Meeting of CEBRA’s IFM program focused on the implications of the growing role of digital currencies and fintech for the international monetary and financial system. It brought together high-quality researchers and policymakers to discuss the implications of digital currencies, global stablecoins and the digitalisation of finance for the international monetary system, exchange rates, capital flows, global financial assets and spillovers.
  • Keynote speakers included Eswar Prasad (Cornell University) and Tara Rice (Bank for International Settlements).
  • The 2021 conference website and program can be found here

The 2020 Annual Meeting of CEBRA’s IFM Program, Exchange Rates and Monetary Policy, 1-2 October, 2020

  • The fourth annual meeting of CEBRA’s International Finance and Macroeconomics program in conjunction with CEPR and Sveriges Riksbank, was organized virtually on October 1‐2, 2020. The meeting focused on the interaction between exchange rates and monetary policy.
  • Keynote speakers: Hélène Rey (London Business School and CEPR) and Philip Lane (European Central Bank and CEPR).
  • The 2020 program can be found here

The 2019 Annual Meeting of CEBRA’s IFM Program, sponsored by the Bank of Mexico and the Financial Stability and Development (FSD) Network of the Inter-American Development Bank (IDB).

  • Focused on all aspects and issues related to the effect of monetary policy normalization on emerging market economies (EMEs).
  • The call for papers can be found here.
  • Keynote speaker: Kristin Forbes (Jerome and Dorothy Lemelson Professor of Management and Global Economics, MIT)

The 2018 Annual Meeting of CEBRA’s IFM program on “Risk, Volatility and Central Bank’s Policies” was hosted by the Bank of Spain in Madrid on 29-30 November 2018.

  • The conference was co-organized by the Bank of Spain and CEBRA’s IFM program and covered a broad range of topics related to risk and market volatility.
  • The meeting featured keynote speeches by Torben Andersen (Kellogg School of Management, Northwestern University) and Ricardo Reis (London School of Economics and Political Science).
  • The conference program can be found here.

The 2017 Annual Meeting of CEBRA’s IFM program on “Fragmentation of International Trade and Finance and Risks from Rising Protectionism” was hosted by the Bank of England in London on 19-20 October 2017.

  • The conference was co-organized by the Bank of England and CEBRA’s IFM program and focused on all aspects of international financial and trade flows, with an emphasis on how they may respond to protectionist measures, actual and hypothetical. Of particular interest was the question of how global patterns of capital and trade flows might be altered by trade and capital restrictions.
  • The keynote speakers included Linda Goldberg (Federal Reserve Bank of New York) and Maurice Obstfeld (International Monetary Fund).
  • The conference program can be found here.