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. The program is led by its Director Galina Hale (Term 2016-2020) 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 (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, U Columbia (Term 2017-2021)

Philip Lane, Central Bank of Ireland (Term 2017-2021)

Gian Maria Milesi-Ferretti , IMF (Term 2016-2020)

Neeltje Van Horen, Bank of England (Term 2016-2020)

Annual meetings

2018 Annual meeting

The 2018 annual meeting of the IFM program on “Risk, Volatility and Central Bank’s Policies” will be hosted by the Bank of Spain and will take place in Madrid on 29-30 November 2018. The conference is co-organised by the Bank of Spain and CEBRA’s IFM program and aims to cover a broad range of topics related to risk and market volatility.

The topics to be covered during the conference include, but are not limited to:

  • Measurement of global risk and volatility and more broadly global financial conditions and stress indicator
  • Monetary policy and financial stability in an environment of low volatility
  • The international risk-taking channel of monetary policy
  • Effects of risk and volatility on international spillovers and global liquidity
  • Implication of monetary policy normalizations on cross-border lending, risk-taking, and volatility
  • Leverage, interconnectedness, and risk-taking
  • Effects of global risk and volatility on real sector decisions

Keynote speakers:
Torben Andersen (Kellogg School of Management, Northwestern University)
Ricardo Reis (London School of Economics and Political Science)

Access the program of this event

2017 Annual meeting

The 2017 annual meeting of the IFM program on “Fragmentation of International Trade and Finance and Risks from Rising Protectionism” was hosted by the Bank of England and took place in London on 19-20 October 2017. The conference was co-organised 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 topics covered during the conference included, but were not limited to:

  • Exchange rate response to trade and capital restrictions
  • Global location/distribution of financial centers
  • Patterns of trade diversion
  • Current account deficit financing
  • Effectiveness of trade and capital-account barriers
  • Role of labour mobility in trade and financial integration
  • Lessons from historical episodes of protectionism
  • The distributional impact of trade and capital-account openness and restrictions
  • Centrality of the dollar as the world currency
  • Implications of fragmentation for financial stability
  • Implications and risks from retrenchment from global regulatory coordination

Keynote speakers:
Linda Goldberg (Federal Reserve Bank of New York)
Maurice Obstfeld (International Monetary Fund)

Access the program of this event