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 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 (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, 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

  • The 2019 annual meeting of the IFM program is sponsored by the Bank of Mexico and the Financial Stability and Development (FSD) Network of the Inter-American Development Bank (IDB). It will focus on all aspects and issues related to the effect of monetary policy normalization on emerging market economies (EMEs). An ideal mix of papers will include both theoretical and empirical work.

         Specific topics could be related but are not restricted to:

    • Effects of monetary policy normalization on cross-border lending and the financial sector in EMEs
    • Monetary and financial policy reaction of EMEs and optimal response
    • Fiscal policy space in EMEs
    • Implications for the banking system development in the EMEs
    • Real effects of monetary policy normalization in EMEs

         Keynote speaker: 

Kristin Forbes (Jerome and Dorothy Lemelson Professor of         Management and Global Economics, MIT)

The call for papers can be found here.

  • The 2018 annual meeting of the IFM program on “Risk, Volatility and Central Bank’s Policies” was hosted by the Bank of Spain and did take place in Madrid on 29-30 November 2018. The conference was co-organized by the Bank of Spain and CEBRA’s IFM program and did aim to cover 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).

For further details, access the final program here.

  • 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-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 were Linda Goldberg (Federal Reserve Bank of New York) and Maurice Obstfeld (International Monetary Fund).

To get an impression of the conference, access the final program here.