IEF Workshop
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XXV Workshop in International Economics and Finance, Buenos Aires, 2023
28, 29 y 30 de Agosto
Universidad Torcuato Di TellaProgram | PDF
Monday, August 28th, 2023 | Room SV203, UTDT
(Presentaciones en inglés sin traducción simultánea)9.30-9:45 Accreditation & coffee
9:45-10:00 Welcoming Remarks
Juan José Cruces, Universidad Torcuato Di Tella
Fernando Álvarez, Becker Friedman Institute
Alejandro Izquierdo, Inter-American Development BankChair: Constantino Hevia (Universidad Torcuato Di Tella)
10:00-11:15
"Sanctions and the Exchange Rate" | Dmitry Mukhin (London School of Economics) and Oleg Itskhoki
Discussant: Javier García-Cicco (Universidad de San Andrés)11:15-12.30
"Models of Balance of Payments Crises with Capital Controls" | Andrés Neumeyer (Universidad Torcuato Di Tella), Emilio Espino and Alfonso Gauna
Discussant: Andrés Fernández Martin (International Monetary Fund)12:30-2:00 Lunch (by invitation only)
Chair: Emilio Espino (Universidad Torcuato Di Tella)
2:00-3:15
"Nonlinear Inflation Dynamics in Menu Cost Economies" | Andrés Blanco (Federal Reserve Bank of Atlanta), Virgiliu Midigrigan, Corina Boar and Callum Jones
Discussant: Ernesto Pasten (Banco Central de Chile)3:15-4:30
""A Theory of Payment-Chain Crises" | Saki Bigio (University of California, Los Angeles)
Discussant: Julián Kozlowski (Federal Reserve Bank of St. Louis)
4:30-5:00 Coffee Break
Chair: Fernando Álvarez (University of Chicago)
5:00-6:15 Keynote lecture: Thomas Sargent (New York University) | "Critique and Consequence"Tuesday, August 29th, 2023 | | Room SV203, UTDT
(Presentaciones en inglés sin traducción simultánea)
9.45-10:00 Coffee
Chair: Francisco Roch (Universidad Torcuato Di Tella)
10:00-11:15
"Expected Inflation and Welfare: The Role of Consumer Search" | Francisca Sara-Zaror (Federal Reserve Board)
Discussant: Manuel Macera (Universidad Torcuato Di Tella)
11:15-12.30
"Political Economy of Sovereign Debt: A Theory of Cycles of Populism and Austerity" | Ali Shourideh (Carnegie Mellon University), Alessandro Dovis and Mikhail Golosov
Discussant: Francisco Roldán (International Monetary Fund)
12:30-2:00 Lunch (by invitation only)Chair: Pablo Sanguinetti (Universidad Torcuato Di Tella)
2:00-3:15
"Staggered Contracts and Unemployment During Recessions" | Effrosyni Adamopoulou (University of Mannheim), Luis Díez Catalán and Ernesto Villanueva
Discussant: Martín Beraja (Massachusetts Institute of Technology)
3:15-4:30
"Urban Welfare: Tourism in Barcelona" | Rocío Madera (Southern Methodist University), Treb Allen, Simon Fuchs, Sharat Ganapati, Alberto Graziano and Judit Montoriol-Garriga
Discussant: Ariel Burstein (University of California, Los Angeles)
4:30-5:00 Coffee Break
Chair: Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis, Universidad Torcuato Di Tella)
5:00-6:15 Keynote Lecture: Iván Werning (Massachusetts Institute of Technology) | "Inflation is Conflict"
Wednesday, August 30th, 2023 | Room SV303
Policy Session
8:15-8:30 Coffee8:30-10:30 The Conquest of Fiscal Deficits: Dos and Do Nots in Latin America
Chair: Francisco Gismondi (ADEBA)
Daniel Artana, FIEL
Alejandro Izquierdo, Inter-American Development Bank
Carola Pessino, Inter-American Development Bank
9:30-10:30 Central Bank Independence, Commmitment and Dollarization
Chair: Iván Werning, Massachusetts Institute of Technology
Luis Céspedes, Board Member, Banco Central de Chile
Federico Sturzenegger, Universidad de San Andrés
Carlos Viana de Carvalho, former Deputy Governor Banco Central do Brasil
10:30-11:00 Coffee Break11:00-12:15 The Conquest of Inflation
Chair: Fernando Álvarez, University of Chicago
Thomas Sargent, New York University
Juan Pablo Nicolini, Federal Reserve Bank of Minneapolis and Universidad Torcuato Di Tella
12:15-13:30 Argentina’s Economic Policy 2023-2027
Chair: Andrés Neumeyer, Universidad Torcuato Di Tella
Gabriel Rubinstein, Vice-ministro de Economía de la Nación
Luciano Laspina, Diputado nacional, Juntos por el Cambio
*The organization of this event is possible thanks to the generous financial support provided by: LACEA, the World Bank LAC Chief Economist Office, The Becker Friedman Institute, ADEBA and the Inter-American Development Bank’s Research Department.
Scientific Committee
Cristina Arellano, Laura Castillo-Martínez, Alejandro Izquierdo, Andrés Neumeyer, Stephanie Schmitt-Grohé, Guillermo Vuletin. -
XXIV Workshop in International Economics and Finance, Montevideo, 2022
9:15-9:30
Opening remarks
Andy Neumeyer (Universidad Torcuato di Tella)
Gerardo Licandro (Banco Central del Uruguay)9:30-10:30
“Beware the Side Effects: Capital Controls, Misallocation and Welfare”
Eugenia Andreasen (Universidad de Chile), Sofía Bauducco (Central Bank of Chile), Evangelina Dardati (Universidad Diego Portales) and Enrique Mendoza (University of Pennsylvania)
Discussant: Victoria Nuguer (Inter-American Development Bank)10:30-11:30
“The Micro Anatomy of Macro Consumption Adjustments”
Guntin (University of Rochester), Pablo Ottonello (University of Michigan) and Diego J. Perez (New York University)
Discussant: Serafín Frache (Universidad de Montevideo)11:45-12:45
“Terms-of-Trade Shocks are Not all Alike”
Luciana Juvenal (International Monetary Fund), Federico Di Pace (Bank of England) and Ivan Petrella (Warwick Business School)
Discussant: Elizabeth Bucacos (Banco Central del Uruguay)14:30-15:30
“Central Bank Independence and Inflation in Latin America—Through the Lens of History”
Samuel Pienknagura (International Monetary Fund) and Luis I. Jacome (Georgetown University)
Discussant: Sara Calvo (Columbia University)16:00-17:30
Monetary Policy and External Shocks in Latin America: Global Inflation Pressure, Monetary Tightening and Liquidity
Chair: Diego Labat, Governor, Banco Central del Uruguay
Panel: Guillermo Calvo, Professor, Columbia University
Pablo García Silva, Vice Governor, Banco Central de Chile
Federico Sturzenegger, Professor, Universidad de San Andrés and Harvard Kennedy SchoolFriday, November 18th
9:30-10:30
“Making Sovereign Debt Safe with a Financial Stability”
Ramon Marimon (Universitat Pompeu Fabra), Yan Liu (Purdue University) and Adrien Wicht (European University Institute)
Discussant: Emilio Espino (Univeresidad Torcuato di Tella)10:30-11:30
“Information Spillovers and Sovereign Debt: Theory Meets the Eurozone Crisis”
Harold L. Cole (University of Pennsylvania), Daniel Neuhann (University of Texas at Austin) and Guillermo Ordoñez (University of Pennsylvania)
Discussant: Hugo Hopenhayn (University of California, Los Angeles)11:45-12:45
“Default and Interest Rate Shocks: Renegotiation Matters”
Timothy J. Kehoe (University of Minnesota and Federal Reserve Bank of Minneapolis), Victor Almeida (Carleton College), Carlos Esquivel (Rutgers University) and Juan Pablo Nicolini (Universidad Torcuato Di Tella & Federal Reserve Bank of Minneapolis)
Discussant: Francisco Roch (Universidad Torcuato di Tella)14:30-15:30
“World Financial Cycles”
Patrick Kehoe (Stanford University), Yan Bai (University of Rochester), Pierlauro Lopez (Federal Reserve Bank of Cleveland) and Fabricio Perri (Federal Reserve Bank of Minneapolis)
Discussant: Constantino Hevia (Universidad Torcuato di Tella)16:00-17:30
Latin America’s Fiscal Challenges
Chair: Gerardo Licandro (Banco Central del Uruguay)
“Dealing with Debt”, Andrew Powell (Inter-American Development Bank)
“Will we adjust better this time?”, Guillermo Vuletín (The World Bank)
“Lessons from (Monetary and Fiscal) History”, Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Torcuato di Tella) -
XXIII Workshop in International Economics and Finance, Quito, 2021
Thursday, November 18, 2021
10.15-10.30
Welcoming Remarks
Vicente Albornoz: Decano de la Facultad de Ciencias Económicas y Administrativas, Universidad de Las Américas
Gonzalo Mendieta, Rector, Universidad de Las AméricasSession 1
Chair: Cristina Arellano (Federal Reserve Bank of Minneapolis)
10.30-11.30
“Constrained Efficient Borrowing with Sovereign Default Risk" Leonardo Martínez (International Monetary Fund), Francisco Roch and Juan Carlos Hatchondo
11.30-12.30
“Self-fulfilling Debt Crisis and Limits to Arbitrage”
Gastón Chaumont (University of Rochester), Grey Gordon and Bruno SultanumSession 2
Chair: Stephanie Schmitt-Grohe (Columbia University)
14.00-15.00
“Domestic Policies and Sovereign Default”
Emilio Espino (Universidad Torcuato Di Tella)15.00-16.00
“Partial Defaults”
Cristina Arellano (Federal Reserve Bank of Minneapolis), Xavier Mateos-Planas and José Victor Rios-RullOpen Session
Chair: Andrés Neumeyer (Universidad Torcuato Di Tella)
16.30-17.30
¿Hacia dónde va América Latina después de la pandemia?
William Maloney (World Bank) and Richard Martinez (Inter-American Development Bank).
Moderator: Andrés Neumeyer (Universidad Torcuato Di Tella)17.30-17.45
Coffee Break
17.45-19.15
Instituciones para fortalecer la dolarización en la economía ecuatoriana
Juan Pablo Nicolini (Universidad Torcuato Di Tella & Federal Reserve Bank of Minneapolis), Martin Uribe (Columbia University), Augusto De La Torre (Universidad de las Américas) and Simón Cueva (Ministry of Economics and Finance)
Moderator: Vicente Albornoz (Universidad de Las Américas)Friday, November 19, 2021
Session 3
Chair: Susana Herrero (Universidad de Las Américas)
9.30-10.30
“A Reassessment of the Cost of Currency Pegs under Wage and Price Rigidities”
Constantino Hevia (Universidad Torcuato Di Tella) and Juan Pablo Nicolini10.30-11.30
“COVID-19 in Unequal Societies”
Andrés Neumeyer (Universidad Torcuato Di Tella), Constantino Hevia and Manuel MaceraKeynote Lecture
Chair: Juan Pablo Nicolini (Universidad Torcuato Di Tella & Federal Reserve Bank of Minneapolis)
12.00-13.00
“Optimal Bank Reserve Remuneration and Capital Control Policy”
Stephanie Schmitt-Grohe (Columbia University), Chun-Che Chi and Martin Uribe13.00-13.15
Closing Remarks
Augusto de la Torre (Universidad de Las Américas) -
XXII Workshop in International Economics and Finance, Kingston, 2019
9.00-10.00
OPENING CEREMONY
Welcome Governor Brian Wynter (Bank of Jamaica)
Opening Remarks Minister Nigel Clarke
Keynote Address Carlos Fernandez Valdovinos
Administrative Announcements
Policy Session
10.00-11.00
Topic: Inflation Targeting: Lessons for Emerging Economies
Paulina Restrepo-Echavarria (Federal Reserve Bank of St Louis), Andrés Neumeyer (UTDT), Andrew Powell (IDB), Wayne Robinson (BoJ)
Chair:
11.00-11.45
Coffee Break and Group Photograph
Session 1
11.45-12.15
“Expectations' Anchoring and Inflation Persistence”
Francesca Caselli (IMF)
12.15-12.45
“No”Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect“
Nicolás Magud (IMF)
12.45-14.15
Lunch
Session 2
14.15-15.15
“Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal”
Harold Cole (University of Pennsylvania)
Discussant: Juan Passadore (IEF)
15.15-16.15
“Global Banks and Systemic Debt Crises”
Diego Pérez (New York University)
Discussant: Javier Garcia Cicco (BCRA)
16.15-16.45
Coffee Break
Session 3
16.45-17.45
“Monetary Independence and Rollover Crises”
Javier Bianchi (Minneapolis FED)
Discussant: Paulina Restrepo Echevarría (St. Louis Fed)
20.00
Cocktail Reception
Bank of Jamaica Foyer
Tuesday 19th, March , 2019
09.00-10.00
“Escaping the Losses from Trade: The Impact of Heterogeneity on Skill Acquisition”
Gastón Navarro (Brown University)
Discussant: Julieta Caunedo (Cornell University)
10.00-10.30
Coffee Break
10.30-11.30
“Trade in Commodities and Business Cycle Volatility”
Fernando Leibovici (St. Louis FED)
Discussant: Constantino Hevia (UTDT)
11.30-12.30
“Production Network Dynamics and the Propagation of Shocks”
Federico Huneeus (Princeton University)
Discussant: Danial Lashkari (Boston College and Yale)
12.30-14.00
Lunch
Session 4
14.00-15.00
“Collateral Booms and Information Depletion”
Alberto Martin (CREI)
Discussant: Juan Pablo Xandri (Princeton University)
15.00-16.00
“Aggregate Dynamics in Lumpy Economies”
Andrés Blanco (University of Michigan)
Discussant: Andrés Drenik (Columbia University)
16.00-16.30
Coffee Break
Session 5
16.30-17.30
“Ramsey Taxation in the Global Economy”
VV Chari (University of Minnesota)
Discussant: Pablo Kurlat (Stanford University)
17.30-18.00
CLOSING EXCERCISE
Closing Remarks – Conference Chairman
Presentations
Vote of Thanks
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XXI Workshop in International Economics and Finance, Mexico City, 2018
Monday, March 12, 2018
9.15-9.30
Welcoming Remarks
Session 1
9.30-10.30
Foreign Exchange Intervention Redux
Roberto Chang (Rutgers University)
Discussant: Paolo Cavallino (International Monetary Fund)
10.30-11.30
Fiscal Origins of Monetary Paradoxes
Nicolás Caramp (UC Davis)
Discussant: Victoria Nuguer (Inter-American Development Bank)
11.30-11.45
Coffee Break
Session 2
11.45-12.45
Of Cities and Slums
Alexander Monge-Naranjo (Federal Reserve Bank of St. Louis and Washington University)
Discussant: Daniel da Mata (Instituto de Pesquisa Economica Aplicada)
12.45-14.15
Lunch
Policy Session
14.15-16.00
Monetary Policy Challenges in the Americas
David Andolfatto (Federal Reserve Bank of St. Louis), Daniel Chiquiar (Banco de México), Andrés Neumeyer (Banco Central de la República Argentina) & Carlos Végh (The World Bank)
16.00-16.15
Coffee Break
Session 3
16.15-16.45
The Financial Transmission of Sectoral Shocks: Evidence from the Spanish Housing Bubble
Tom Schmitz (Bocconi University)
16.45-17.15
Labor Heterogeneity and the Pattern of Trade
Alfonso Cebreros Zurita (Banco de México)
17.15-17.45
Sovereign Default and Optimal Debt Restructuring: A Dynamic Discrete Choice Approach
Maximiliano Dvorkin (Federal Reserve bank of St. Louis)
20.00
Conference Dinner at Restaurant El Mayor
Tuesday, March 13, 2018
Session 4
10.00-11.00
Macroprudential Policy in the Presence of External Risks
Ricardo Reyes-Heroles (Federal Reserve Board)
Discussant: Tito Cordella (The World Bank)
11.00-12.00
Fiscal rules and the sovereign default premium
Leonardo Martínez (International Monetary Fund)
Discussant: Jessica Roldan (Banco de México)
12.00-12.15
Coffee Break
12.15-13.15
Long-Term Finance and Investment with Frictional Asset Markets
Julián Kozlowski (New York University)
Discussant: Sebastian Di Tella (Stanford University)
13.15-14.45
Lunch
Session 5
14.45-15.45
Capital Controls and Firm Performance: The Effects of the Chilean Encaje
Eugenia Andreasen (Universidad de Santiago de Chile)
Discussant: Andrés Fernández (Inter-American Development Bank)
15.45-16.00
Coffee Break
Session 6
16.00-17.00
Monetary News, U.S. Interest Rate and Business Cycles in Emerging Economies
Alejandro Vicondoa (Pontificia Universidad Católica de Chile)
Discussant: Andrew Powell (Inter-American Development Bank)
17.00-18.00
Financial and Price Stability in Emerging Markets: The Role of the Interest Rate
Martín Tobal (Banco de México)
Discussant: Julio Carrillo Abrego (Banco de México)
18.00-18.15
Closing Remarks
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XX Workshop in International Economics and Finance, Buenos Aires 2017
Banco Central de la República Argentina, Salón Bosch | Reconquista 266, Buenos Aires
Monday, March 20, 2017 | Sala Bosch, BCRA
10.15-10.30
Welcoming Remarks
Emilio Espino (UTDT)
Money & Banking
Chair: Juan Pablo Nicolini (UTDT & Minneapolis FED)
10.30-11.30
International Monetary Theory: Mundell-Fleming Redux
Yuliy Sannikov (Princeton University)
Discussant: Ivan Werning (MIT)
11.30-12.30
Financial Repression: Evidence and Theory
V.V. Chari (University of Minnesota)
Discussant: Pablo Kurlat (Stanford University)
12.30-14.00
Lunch
Financial Intermediation
Chair: Andrew Powell (Inter-American Development Bank)
14.00-15.00
Credit Supply Shocks, Network Effects, and the Real Economy
Enrique Moral-Benito (Bank of Spain)
Discussant: Andrew Powell (Inter-American Development Bank)
15.00-16.00
Optimal Regulation of Financial Intermediaries
Sebastián Di Tella (Stanford University)Discussant: Huberto Ennis (Richmond FED)
16.00-16.30
Coffee Break
Capital Flows in Emerging Markets
Chair: Laura D’ Amato (Banco Central de la República Argentina)
16.30-17.30
Fiscal Policy, Sovereign Risk and Unemployment
Ignacio Presno (Federal Reserve Board)
Discussant: Juan Sánchez (St. Louis FED)
17.30-18.00
Balance Sheet Effects in Colombia Non-Financial Firms
César Pabón & Juan Camilo Medellín (Fedesarrollo)
Discussant: Tito Cordella (The World Bank)
18.00-18.30
Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows
Anusha Chari (University of North Carolina at Chapel Hill)
Discussant: Tito Cordella (The World Bank)
20.00
Conference Dinner at Happening
Tuesday, March 21, 2017 | Sala Bosch, BCRA
Labor Market Dynamics
Chair: Emilio Espino (UTDT)
10.00-11.00
Labor Market Dynamics After Nominal Devaluations
Andres Drenik (Columbia University)
Discussant: Andrés Fernández (Inter-American Development Bank)
11.00-12.00
Andrés Blanco (University of Michigan)
Discussant: Alberto Martín (CREI)
12.00-13.30
Lunch
Challenges in Economic Policy
Chair: Samuel Pienknagura (The World Bank)
13.30-14.15
Monetary and Fiscal History of Latin America
Juan Pablo Nicolini (UTDT & Minneapolis FED)
14.15-15.00
Panel with Chief Economists
Daniel Chiquiar (Banco de México)
Carlos Viana de Carvalho (Banco Central do Brasil)
Andrés Neumeyer (Banco Central de la República Argentina)
15.00-15.30
Coffee Break
Technology, Finance and Development
Chair: Andrew Powell (Inter-American Development Bank)
15.30-16.15
Keynote Address: Robert E. Hall (Stanford University)
Secular Stagnation in Modern Economies
16.15-17.00
Closing Remarks: Federico Sturzenegger (President, Banco Central de la República Argentina)
Finance and Development
The organization of this event would not be possible without the financial support provided by: LACEA, the World Bank LAC Chief Economist Office, the Inter-American Development Bank’s Research Department and the Central Bank of Argentina. -
XIX Workshop in International Economics and Finance, Bogotá, 2016
Thursday, March 10, 2016
09.00-09.30
Opening Remarks
José Darío Uribe (Banco de la República), Issam Abousleiman (World Bank) and Rafael de la Cruz (Inter-American Development Bank)
Capital Flows and Sovereign Debt
Chair: Andrés Fernández (Inter-American Development Bank)
09.30-10.40
Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
Lee Ohanian (University of Californa, Los Angeles), Paulina Restrepo-Echavarría (St. Louis FED) and Mark Wright (Chicago FED)
Discussant: Constantino Hevia (Universidad Torcuato Di Tella)
Coffee Break
10.55-12.05
The Risky Capital of Emerging Markets
Joel David (University of Southern California), Espen Henriksen (University of Southern California) and Ina Simonovska (University of Southern California)
Discussant: Juan Carlos Hatchondo (Indiana University)
12.05-13.20
Lunch
13.20-14.30
Sovereign Cocos: Liquidity, Default, and the Reprofiling of Debt Payments
Juan Carlos Hatchondo (Indiana University), Leonardo Martinez (IMF), Yasin Kürsat Önder (Central Bank of Turkey) and Francisco Roch (IMF)Discussant: Tito Cordella (World Bank)
Misallocation and Growth
Chair: Andrew Powell (Inter-American Development Bank)
14.30-15.40
Natural Resources and Global Misallocation
Alex Monge-Naranjo (St. Louis FED), Juan Sánchez (St. Louis FED) and Raul Santaeulalia-Llopis (Washington University)
Discussant: Fernando Jaramillo (Universidad del Rosario)
Coffee Break
15.55-17.05
Credit, Misallocation and Productivity Growth: A Disaggregated Analysis
Felipe Meza (ITAM), Sangeeta Pratap (Hunter College) and Carlos Urrutia (ITAM)
Discusssant: Julieta Caunedo (Cornell University)
19.30
Conference Dinner at Restaurante Club Colombia
Friday, March 11, 2016
Policy Panel
Chair: Hernando Vargas Herrera (Banco de la República)
9.30-11.30
Policy Panel: Fiscal and Monetary Policy Challenges in Latin America and the Caribbean
Andrés Neumeyer (Banco Central de Argentina), Guillermo Perry (Universidad de los Andes), Andrew Powell (Inter-American Development Bank), Augusto de la Torre (World Bank) and Carlos Vegh (Johns Hopkins University)
12.00-13.15
Lunch
Credit, Export and Business Cycles
Chair: Tito Cordella (World Bank)
13.15-14.25
Specialization in Bank Lending: Evidence from Exporting Firms
Daniel Paravisini (London School of Economics), Verónica Rappoport (London School of Economics) and Philipp Schnabl (New York University Stern)
Discussant: Marcela Eslava (Universidad de los Andes)
14.25-15.35
The Aggregate Implications of Regional Business Cycles
Martín Beraja (University of Chicago), Erik Hurst (University of Chicago) and Juan Ospina (University of Chicago)
Discussant: Marc Hofstetter (Universidad de los Andes)
Coffee Break
15.50-17.00
Effect of Household Credit on Sectoral Composition: Evidence from Mexico
Jagdish Tripathy (Universitat Pompeu Fabra)
Discussant: Sergio Schmukler (World Bank)
17.00-17.10
Closing Remarks
Tito Cordella (World Bank)
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XVIII Workshop in International Economics and Finance, Antigua, 2015
Thursday, March 12, 2015
09.15-09.30 Opening Remarks
Sovereign Debt
09.30-10.40
Domestic Debt and Sovereign Defaults
Enrico Mallucci (London School of Economics)
Discussant: Cristina Arellano
10.40-11.50
Sovereign Debt, Domestic Banks and the Provision of Public Liquidity
Diego Perez (Stanford University)
Discussant: Alberto Martin
Coffee Break
12.05-13.15
Robust Conditional Predictions in Dynamic Games: An Application to Sovereign Debt
Juan Pablo Xandri (Princeton University) and Juan Passadore (Massachusetts Institute of Technology)Discussant: Pablo Kurlat
13.15-14.45
Lunch
Social Insurance and Informality
14.45-15.55
Unemployment Insurance in High Informality Countries
Emilio Espino (Universidad Torcuato Di Tella) & Juan Sánchez (Federal Reserve Bank of St. Louis)
Coffee Break
16.10-17.30
Remittances, Entrepreneurship and Employment Dynamics over the Business Cycle
Federico Mandelman (Federal Reserve Bank of Atlanta) & Alan Finkelstein Shapiro (Universidad de Los Andes)
Discusssant: Constantino Hevia
Friday, March 13, 2015
Financial Crises
09.30-10.40
Financial Crises and Endogenous Volatility
Gaston Navarro (New York University)
Discussant: Tito Cordella
Coffee Break
10.40-11.50
Capital Unemployment, Financial Shocks, and Investment Slumps
Pablo Ottonello (Columbia University)
Discussant: Julieta Caunedo
12.05-13.20
Lunch
13.20-14.30
Risk Banks and Macroprudential Policy for Emerging Economies
Victoria Nuguer (Banco de México) & Gabriel Cuadra (Banco de México)
Discussant: Andrés Fernández Martin
Entrepreneurship and Regulations
14.30-15.40
Jessica Torres Coronado (Tecnológico de Monterrey School of Government)
Discussant: Paulina Restrepo Echavarria
Coffee Break
15.55-17.15
Policy Session: “Macroeconomic Policy Choices for Small Economies in the face of Global Monetary Policy Shifts and Volatile Flows of Capital and Remittances”
Angel Ubide (Peterson Institute for International Economics), Angel Alberola (Bank for International Settlements), Andrew Powell (Inter-American Development Bank) & Augusto de la Torre (The World Bank)
Chair: Julio R. Suárez (President, Bank of Guatemala)
17.45-18.00
Closing Remarks: Humberto López
20.30
Conference Dinner
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XVII Workshop in International Economics and Finance, San José, 2014
8.45-9.10 Opening Remarks: Andrés Neumeyer (UTDT and Inter-American Development Bank) & Alonso Alfaro Ureña (BCCR)
09.10-10.20 "Capital Goods Trade and Economic Development" View
Michael Sposi (Federal Reserve Bank of Dallas), B. Ravikumar and Piyusha Mutreja
Discussant: Samuel Pienknagura
Chair: Alexander Monge
10.40-11.50 "Demand Expectations and the Timing of Stimulus Policies" View
Bernardo Guimaraes (Sao Paulo School of Economics) and Caio Machado
Discussant: Mark Wright
11.50-13.00 "Innovation and Production in the Global Economy" View
Andrés Rodriguez-Clare (UC Berkeley and NBER), Costas Arkolakis, Stephen Yeaple and Natalia Ramondo
Discussant: Veronica Rappoport
13.00-14.00
Chair: José Pablo Barquero Romero
14.00-15.10 "The Anatomy of French Production Hierarchies" View
Lorenzo Caliendo (Yale University), Ferdinando Monte and Esteban Rossi-Hansberg
Discussant: Alexander Monge
15.10-16.20 "Economic Development and the Organization of Production" View
Nicolas Roys (University of Winsconsin Madison) and Ananth Seshadri
Discussant: Juan Sanchez
Chair: Andrés Neumeyer
16.40-17.40 Policy Session "Entrepreneurship & Productivity in Latin America"
Augusto de la Torre (The World Bank), Pablo Sanguinetti (Corporación Andina de Fomento) and Santiago Levy (Inter-American Development Bank)
Chair: Andrew Powell
09.00-10.10 "Credit Constraints and Growth in a Global Economy" View
Keyu Jin (London School of Economics), Nicolas Coeurdacier and Stéphane Guibaud
Discussant: Francisco Buera
Chair: Constantino Hevia
10.10-10.50 "Capital Market Financing, Firm Growth and Firm Size Distribution" View
Sergio Schmukler (The World Bank), Ross Levine and Sergio Schmukler and Tatiana Didier
Discussant: Eugenia Andreasen
Chair: Constantino Hevia
11.10-11.50 "Capital Flows, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Market Economies" View
Alessandro Rebucci (John Hopkins Carey Business School), Ambrogio Cesa-Bianchi and Luis Felipe Cespedes Cifuentes
Discussant: Andrew Powell
Chair: Roger Madrigal
11.50-12.50 Key Note Lecture. "Easy but Deep Facets of Liquidity: Liquidity Boom/Crunch/Trap and the Price Theory of Money", Guillemo Calvo
12.50-14.00
Chair: Alonso Alfaro Ureña
14.00-15.10 "Managing Credit Bubbles" View
Alberto Martin (Universitat Pompeu Fabra and CREI) and Jaume Ventura
Discussant: Emilio Espino
Chair: Tito Cordella
15.30-16.10 "Are Capital Controls Prudential? An Empirical Investigation" View
Andrés Fernández (Inter-American Development Bank), Alessandro Rebucci and Martin Uribe
Discussant: Jessica Roldán
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XVI Workshop in International Economics and Finance, Santo Domingo, 2013
The XIII Workshop in International Economics and Finance took place in Santo Domingo on June 6-7, 2013.
Thursday, June 6, 2013
8.30-8.45 Registration
8.45-9.10 Opening Remarks
Pablo Andrés Neumeyer, Director Departamento de Economía, Universidad Torcuato Di Tella
Héctor Valdez Albizu, Gobernador del Banco Central de la República Dominicana
9.10-13.00 Sovereign Debt and Sovereign Default
Moderator: Pablo Andrés Neumeyer
9:10-10:20 Cristina Arellano (Federal Reserve Bank of Minneapolis), Ban Yai, Linkages across Sovereign Debt Markets
Discussant: Alexander Monge Naranjo (Federal Reserve Bank of St Louis)
Coffee Break
10:40-11:50 César Sosa-Padilla (McMaster University), Juan Carlos Hatchondo, Leonardo Martinez, Debt Dilution and Sovereign Default Risk
Discussant: Guido Sandleris (Universidad Torcuato Di Tella)
11:50-13:00 Alessandro Dovis (University of Minnesota), Efficient Sovereign Default
Discussant: Pablo Kurlat (Stanford University)
13:00-14:00 Lunch
14.00-15.10 Invited Lecture
Moderator: Guillermo Calvo
14:00-15:10 Manuel Amador (Stanford University), Mark Aguiar, Emmanuel Farhi, Gita Gopinath, Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises
Discussant: Eduardo Fernandez Arias (Inter-American Development Bank)
Coffee Break
15.30-16.30 Sovereign Debt Restructuring: Global and Regional
Moderator: Tito Cordella
Panelists
Andrew Powell, Principal Advisor, Inter-American Development Bank
Frank Fuentes Brito, Director, Departamento Internacional, Banco Central de la República Dominicana
20:30 Conference Dinner | Pat’e Palo http://www.patepalo.com/
Friday, June 7, 2013
10.00-11.10 Keynote Lecture
Moderator: Guillermo Calvo
10:00-11:10 Ivan Werning (MIT), Guido Lorenzoni, Slow-Motion Sovereign Debt Crises
Discussant: Hugo Hopenhayn (UCLA)
Coffee Break
11.30-16.40 Wages, Employment and Macroeconomic Shocks in Latin America
Moderator: Guido Sandleris
11:30-12:40 Julián Messina (The World Bank), Anna Sanz-de-Galdeano, Wage Rigidity and Disinflation in Emerging Countries
Discussant: Hernan Ruffo (Universidad Torcuato Di Tella)
13:00-14:00 Lunch
14:00-15:10 Marcela Eslava (Universidad de los Andes), John Haltiwanger, Young businesses, Entrepreneurship, and the Dynamics of Employment and Output in Colombia’s Manufacturing Industry
Discussant: Maya Eden (The World Bank)
Coffee Break
15:30-16:40 Javier Garcia-Cicco (Universidad Católica Argentina), Alberto Naudon, Rodrigo Heresi, The Real Effects of Global Risk Shocks in Small Open Economies
Discussant: Andrés Fernández Martín (Inter-American Development Bank)
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XV Workshop in International Economics and Finance, Barcelona, 2012
The XV Workshop in International Economics and Finance took place in Barcelona on July 2-4, 2012.
Hosted by CREI, Universitat Pompeu Fabra
Room: 13.007, Ramon Turró BuildingOrganizers: Fernando Broner (CREI and Universitat Pompeu Fabra), Tito Cordella (The World Bank), Andrew Powell (InterAmerican Development Bank), Alberto Martin (CREI and Universitat Pompeu Fabra), Andrés Neumeyer (Universidad Torcuato Di Tella), Guido Sandleris (Universidad Torcuato Di Tella), and Martín Uribe (Columbia University)
The organization of the conference has received funding from the European Research Council under the European
Union's Seventh Framework Programme / ERC grant agreement nº 263846 – KF&EM "International Capital Flows and Emerging Markets"Monday, July 2
08.45-09.00 Registration
09:00-11:00 CAPITAL CONTROLS
“A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation”
Arnaud Costinot (MIT), Guido Lorenzoni (MIT) and IvánWerning (MIT)Discussant: Kenza Benhima (Université de Lausanne)
“Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls”
Marcel Fratzscher (ECB), Kristin Forbes (MIT Sloan School of Management) and Roland Straub (ECB)Discussant: Andrés Neumeyer (Universidad Torcuato Di Tella)
11:00-11.20 Coffee Break
11:20-13:20 BANKING CRISES AND BAILOUTS
“Foreign Borrowing, Portfolio Allocation and Bailouts”
Eric Mengus (Toulouse School of Economics)Discussant: Nicola Gennaioli (CREI, UPF, Barcelona GSE and CEPR)
“Bailouts, Contagion, and Risk Taking”
DellAriccia Giovanni, (IMF and CEPR), Lev Ratnovski (IMF)Discussant: Aaron Tornell (UCLA)
13:20-14:50 Lunch**
14:50-16:50 MACROECONOMICS OF EXCHANGE RATE REGIMES
“Prudential Policy for Peggers”
Stephanie Schmitt-Grohé (Columbia University) and Martín Uribe (Columbia University)Discussant: Jaume Ventura (CREI, UPF and Barcelona GSE)
“Dealing with the Trilemma: Capital Controls and Government Spending”
Iván Werning (MIT) and Emmanuel FarhiDiscussant: Jordi Galí (CREI, UPF and Barcelona GSE)
16:50-17:10 Coffee Break
17:10-18:10 KEYNOTE LECTURE
“Prospero’s Liquidity Traps, Sudden Stops and Jobless Recovery“
Guillermo Calvo (Columbia University)21:00 Dinner (by invitation only)**
Tuesday, July 39:00-10:30 FACTS FOR THOUGHT I
“Secondary Bond Markets and Sovereign Risk in Times of Crisis: An Empirical Assessment”
Sauré Philip (European University Institute) and Filippo Brutti (University of Zurich)Discussant: Aitor Erce (Bank of Spain)
“Varieties of Sovereign Crises: Latin America, 1820-1931”
Pablo Vega-García” (George Washington University) and Graciela Kaminsky (George Washington University)Discussant: Gerardo della Paolera (Central European University)
10:30-10:50 Coffee Break
10:50-12:50 SOVEREIGN DEBT AND DEFAULT
“Sovereign Default and Banking”
Igor Livshits (University of Western Ontario) and Koen Schoors (University of Ghent)Discussant: Tito Cordella (The World Bank)
“Fiscal Discoveries, Stops and Defaults”
Rancière, Romain, (Paris School of Economics and IMF), Luis Catão (IMF) and Ana Fostel (George Washington University)Discussant: Guido Sandleris (Universidad Torcuato Di Tella)
12:50-14:20 Lunch**
14:20-15:50 FACTS FOR THOUGHT II
“On the International Transmission of Shocks: Micro-evidence from Mutual Fund Portfolios”
Sergio Schmukler (The World Bank) and Claudio Raddatz (The World Bank)Discussant: Gaston Gelos (IMF)
“Scarring Recessions and Credit Constraints: Evidence from Colombian Plant Dynamics”
Marc Hofstetter Gascon (Universidad de los Andes), Marcela Eslava (Universidad de Los Andes), Arturo Galindo (IDB) and Alejandro Izquierdo (IDB)Discussant: Carolina Villegas (ESADE)
15:50-16:10 Coffee Break
16:10-18:10 FINANCIAL MARKETS
“Strategic Complementarity, Fragility, and Regulation”
Vives, Xavier (IESE Business School)Discussant: Luis Garicano (London School of Economics)
“Financial Globalization, Inequality, and the Raising of Public Debt”
Eva De Francisco (Towson University), Marina Azzimonti (Federal Reserve Bank of Philadelphia) and Vincenzo Quadrini (University of Southern California)Discussant: Bernardo Guimaraes (London School of Economics)
21:00 Dinner (by invitation only)**
Timing: 35-15-10 for long presentations; 25-10-10 for short presentations
*Denotes speaker
**Meals provided by CREI -
XIV Workshop in International Economics and Finance, Buenos Aires, 2012
Monday, April 2
10:00 – 10:20 Registration
10:20 – 10:40 Opening Remarks
10:40 – 11:50 Buera, Francisco (Federal Reserve Bank of Minneapolis) with Fernando Alvarez, and Robert E. LucasDiscussant: Patrick Kehoe
11:50-13:00 Lucas, Robert E. (University of Chicago) with Benjamin Moll
Discussant: Hugo A. Hopenhayn
13:00-14:30 Lunch
14:30-15:40 Stokey, Nancy L. (University of Chicago)
Discussant: Bernardo de Vasconcellos Guimaraes
15:40-16:50 Ernesto Pastén (Central Bank of Chile and Research Fellow, Toulouse School of Economics)
16:50 – 17:20 Coffee Break
17.20 – 18:30 Mc Grattan, Ellen (Federal Reserve Bank of Minneapolis) with Tom Holmes, and Ed Prescott
Discussant: Juan Carlos Hallak
Tuesday, April 39:10 - 10:20 Chamley, Christophe (Boston University and PSE) with Carlos Álvarez-Nogal
Discussant: Guido Sandleris
10:20 – 10:40 Coffee Break
10:40 - 11:50 Bianchi, Javier (NYU and U of Wisconsin).
Discussant: Andrew Powell
11:50 – 13:00 Kehoe, Timothy J., (University of Minnesota, Federal Reserve Bank of Minneapolis and NBER) with Juan Carlos Conesa
Discussant: Tito Cordella
13:00 - 14:45 Lunch
14:45 – 16:15 Policy session
16.15 – 16:30 Coffee break
16:30 – 17:40 Espino, Emilio (Universidad Torcuato Di Tella) with Pablo Beker
Discussant: Luis H. B. Braido
17:40 – 18:50 Gonçalves, Carlos Eduardo (University of Sao Paulo) with Bernardo Guimaraes
Discussant: Pedro Teles
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XIII Workshop in International Economics and Finance, Lima, 2011
Monday 16 (Universidad del Pacífico)
14:00 – 14:30 Registration
14:30 – 14:45 Opening Remarks
Julio Velarde (President, Central Bank of Peru)
Felipe Portocarrero (President, Universidad del Pacífico)
Andrés Neumeyer (Universidad Torcuato Di Tella)
14:45 – 16:30 Policy Session 1: High commodity prices, capital inflows to emerging markets and policy challenges: a view from the trenches
Julio Velarde (Central Bank of Peru)
Mario Bergara (Central Bank of Uruguay)
Augusto De la Torre (World Bank)
Chair: Mercedes Araoz (Universidad del Pacífico)
16:30 – 16:45 Coffee Break
16:45 – 18:30 Policy Session 2: High commodity prices, banking and capital flows regulation in emerging markets
Michael Dooley (University of California Santa Cruz)
Guillermo Calvo (Columbia University)
Andrew Powell (Inter-American Development Bank)
Chair: Renzo Rossini (Central Bank of Peru)
18:30 – 20:00 Welcome cocktail
Tuesday 17 (Hotel Novotel)
Morning Chair: Adrian Armas (Central Bank of Peru)
10:00 – 11:10 Andres Neumeyer (Universidad Torcuato Di Tella)
Co-author: Fernando Alvarez (University of Chicago), Martin Gonzalez Rozada (Universidad Torcuato Di Tella) and Martin Beraja (Universidad Torcuato Di Tella)
From Hyperinflation to Stable Prices: Argentina's evidence on menu cost models
Discussant: Manuel Amador (Stanford University)
11:10 – 11:30 Coffee Break
11:30 – 12:40 Martin Uribe (Columbia University and National Bureau of Economic Research)
Co-author: Stephanie Schmitt-Grohe (Columbia University, Centre for Economic Policy Research, and National Bureau of Economic Research)
Discussant: Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Torcuato Di Tella)
12:40 – 14:40 Lunch
Afternoon Chair: Eduardo Morón (Universidad del Pacífico)
14:40 – 15:50 Paul Castillo (Central Bank of Peru)
Co-author: Carlos Montoro (Bank for International Settlements)
Monetary Policy in the Presence of Informal Labour Markets
Discussant: Hernan Ruffo (Centro de Estudios Monetarios y Financieros and Universidad Torcuato Di Tella)
15:50 – 16:10 Coffee Break
16:10 – 17:20 Pablo D’Erasmo (University of Maryland)
Co-author: Hernan Moscoso Boedo (University of Virginia) and Asli Senkal (University of Virginia)
Misallocation, Informality and Human Capital
Discussant: Hugo Hopenhayn (University of California-Los Angeles and National Bureau of Economic Research)
17:20 – 18:30 Stefano Giglio (Harvard University)
Credit Default Swap Spreads and systemic Financial Risk
Discussant: Andrés Fernández Martín (Universidad de los Andes)
20:00 – 23:00 Dinner
Wednesday 18 (Hotel Novotel)
Morning Chair: Tito Cordella (World Bank)
9:00 – 10:10 Gita Gopinath (Harvard University and National Bureau of Economic Research)
Co-author: Brent Neiman (University of Chicago and National Bureau of Economic Research)
Trade Adjustment and Productivity in Large Crises
Discussant: Guido Sandleris (Universidad Torcuato Di Tella)
10:10 – 10:30 Coffee Break
10:30 – 11:40 Saki Bigio (New York University)
Discussant: Alberto Martin (Centre de Recerca en Economia Internacional, Universitat Pompeu Fabra and Centre for Economic Policy Research)
11:40 – 12:50 Filippo Taddei (Collegio Carlo Alberto)
Co-author: Alberto Martin (Centre de Recerca en Economia Internacional, Universitat Pompeu Fabra and Centre for Economic Policy Research)
International Capital Flows and Credit Market Imperfections a Tale of Two Frictions
Discussant: Varadarajan V.Chari (University of Minnesota)
12:50 – 14:50 Lunch
Afternoon Chair: Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Torcuato Di Tella)
14:50 – 15:30 Aitor Erce (Bank of Spain)
Co-author: Fernando Broner (Universitat Pompeu Fabra, Centre for Economic Policy Research and Centre de Recerca en Economia Internacional), Tatiana Didier (World Bank) and Sergio Schmukler (World Bank).
Gross Capital Flows: Dynamics and Crises
Discussant: Andrew Powell (Inter-American Development Bank)
15:30 – 16:10 Juan Cruces (Universidad Torcuato Di Tella)
Co-author: Christoph Trebesch
Sovereign Defaults: The Price of Haircuts
Discussant: Eduardo Fernandez-Arias (Inter-American Development Bank)
16:10 – 16:30 Coffee Break
16:30 – 17:10 Neeltje Van Horen (De Nederlandsche Bank)
Co-author: Ralph De Haas (European Bank for Reconstruction and Development)
Running for the Exit: International Banks and Crisis Transmission
Discussant: Tito Cordella (World Bank)
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XII Workshop in International Economics and Finance, Río de Janeiro, 2010
The XII Workshop in International Economics and Finance took place in Rio de Janeiro on April 8-10, 2010.
Thursday 8
11:00 – 13:00 Registration
14:00 – 14:30 Opening Remarks
Makhtar Diop
Andrés Neumeyer
Carlos Hamilton Vasconcelos Araújo
14:30 – 15:40 Gian Maria Milesi-Ferretti
Discussant: Nelson Ferreira Souza Sobrinho
15:40 – 16:50 Patrick Kehoe
Discussant: Pedro Teles
16:50 – 17:20 Coffee Break
17:20 – 19:00 Policy Session – The Challenges of Financial Regulation in the Aftermath of the Global Crisis
Alexandre Tombini
Augusto de la Torre
Andrew Powell
Rubens Sardenberg
19:00 – 21:00 Welcome cocktail hosted by Banco Central do Brasil
Friday 9
10:00 – 11:10 George Alessandria
Discussant: Isabel Correia
11:10 – 11:30 Coffee Break
11:30 – 12:40 Brent Neiman
Discussant: Timothy Kehoe
12:40 – 13:40 Lunch
13:40 – 14:50 Elías Albagli
Discussant: Carlos da Costa
14:50 – 15:10 Coffee Break
15:10 – 16:20 Tatiana Didier (World Bank)
Co-authors: Roberto Rigobon (MIT and NBER) and Sergio Schmukler (World Bank).
16:20 – 17:30 Javier Bianchi
Discussant: Alessandro Rebucci
20:00 – 23:00 Dinner hosted by World Bank
9:30 – 10:40 Pablo Kurlat
Discussant: Raquel Fernández
10:40 – 11:00 Coffee Break
11:00 – 12:10 Emanuel Farhi
Discussant: Pricila Maziero
12:10 – 13:20 V. V. Chari
Discussant: Hugo Hopenhayn
13:20 – 14:30 Lunch
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XI Workshop in International Economics and Finance, Montevideo, 2009
The XI Workshop in International Economics and Finance took place in Montevideo on March 12-13, 2009.
Thursday March 12
10.00-11.15 Andrés Fernández (Universidad de los Andes/Rutgers University) On the Sources of Aggregate Fluctuations in Emerging Economies
Discussant: Martin Uribe (Columbia University)11.15-12.30 Sandra-Lizarazo (ITAM) Money, Credit and Default
Discussant: Martin Uribe (Columbia University)12.30-1:45 Lunch 1.45-2.15 Welcoming Remarks
Mario Bergara, President Banco Central de Uruguay2:15-3:45 Lawrence Christiano (Northwestern University and the Federal Reserve Bank of Minnneapolis) V.V. Chari (University of Minnesota and Federal Reserve Bank ofMinneapolis) and Patrick J. Kehoe (Federal Reserve Bank of Minneapolis, University of Minnesota, and NBER) Facts and Myths about the Financial Crisis of 2008
Discussant: Simon Potter (Federal Reserve Bank of New York)4:15-5.15 Panel on Rethinking Financial Regulation and Monetary Policy
Chair: Andres Neumeyer, (Universidad Torcato di Tella)Augusto de la Torre (The World Bank) Regulatory Reform: Integrating Paradigms
Guillermo Calvo (Columbia University) The Simple Macroeconomics of Liquidity Swings and Crashes, A Toxic Stimulus Package
Friday March 13
9.30 – 10.45 Fernando Broner (Pompeu Fabra) Jaume Ventura (Pompeu Fabra) Rethinking the effects of financial liberalization
Discussant: Fernando Alvarez (University of Chicago)11.15-12.30 Alberto Martin (Pompeu Fabra and CREI, CEPR) Nicola Gennaioli (Pompeu Fabra and CREI) Stefano Rossi (Stockholm School of Economics) Institutions and Foreign Finance: Sovereign and Privat Flows
Discussant: Eduardo Fernandez Arias (IADB)12.30-1:45 Lunch 1.45-3.00 Ananth Ramanarayanan (Federal Reserve Bank of Dallas) Cristina Arellano (University of Minnesota and Federal Reserve Bank of Minneapolis) Default and the Maturity Structure in Sovereign Bonds
Discussant: Hugo Hopenhayn (UCLA)3.30-4.45 Pablo Guerrón-Quintana (North Carolina State University) Martín Uribe (Columbia University), Jesús Fernández-Villaverde (University of Pennsylvania, NBER, and CEPR) and Juan F. Rubio-Ramírez (Duke University and Federal Reserve Bank of Atlanta) Risk Matters: The Real Effects of Volatility Shocks
Discussant: Marco Bonomo (EPGE, Getulio Vargas Foundation)5.00-6.15 Veronica Rappoport (Columbia Business School) Natalia Ramondo (University of Texas-Austin) The Role of Multinational Production in a Risky Environment
Discussant: Alex Monge (Penn State University)8.30 Conference Dinner Saturday March 14
9.30 – 10.45 Rebecca Barros (IBRE, Getulio Vargas Foundation) Silvia Matos (IBRE, Getulio Vargas Foundation), Marco Bonomo (EPGE, Getulio Vargas Foundation), Carlos Carvalho (Federal Reserve Bank of New York) Price Setting in a Variable Macroeconomic Environment: Evidence from Brazilian CPI
Discussant: Paul Castillo (Central Bank of Peru)11.15-12.30 Yongseok Shin (Washington University in St. Louis and University of Wisconsin-Madison), Paco Buera (UCLA) Productivity Growth and Capital Outflow: The Case of a Small Opening Economy
Discussant: Guido Sandleris (UTDT)12.30-1:45 Lunch 1.45-3.00 Romain Rancière (IMF, PSE and CEPR) Aaron Tornell (UCLA and NBER) Systemic Risk-Taking and the US Financial Crisis
Discussant: Tito Cordella (The World Bank)3.30-4.45 Andrei A. Levchenko (University of Michigan and IMF) Julian di Giovanni (IMF) International Trade and Aggregate Fluctuations in Granular Economies
Discussant: Constantino Hevia (The World Bank) -
X Workshop in International Economics and Finance, Buenos Aires, 2008
The X Workshop in International Economics and Finance took place in Buenos Aires on March 16-18, 2008.
Sunday, March 16, 2008
Aula 2, Sede Alcorta
9:30-9:45 Welcoming Remarks:
Guillermo Calvo, Larry Christiano
Chair: Guillermo Calvo (Columbia University)
9:45-11:00 “Restructuring the Sovereign Debt Restructuring Mechanism", Rohan Pitchfor (University of Sydney) and Mark Wright (UCLA)
Discussant: Jonathan Eaton (New York University)
11:00-11:15 Coffee break
Chair: Paloma Casero (The World Bank)
11:15-12:30 “Internal Debt Crises and Sovereign Defaults”, Cristina Arellano (University of Minnesota, Federal Reserve Bank of Minneapolis), Narayana Kocherlakota (University of Minnesota, Federal Reserve Bank of Minneapolis, NBER)
Discussant: Guido Sandleris (Universidad T. Di Tella)
12:30-14:00 Lunch
Chair: David Gould (The World Bank)
14:00-15:15 “Inflating the Beast: Political Incentives under Uncertainty”, Pierre Yared (Columbia University) and Ricardo Caballero (MIT and NBER)
Discussant: Tito Cordella (The World Bank)
15:15-15:30 Coffee break
Chair: Andrew Powell (IADB)
15:30-16:45 “Real Business Cycles in Emerging Countries", Javier Garcia-Cicco (Duke University and NBER), Roberto Pancrazi (Duke University and NBER) and Martin Uribe (Duke University and NBER)
Discussant: Enrique Mendoza (University of Maryland)
16:45-17:00 Coffee break
17:00-18:15 “A Solution to the Default Risk-Business Cycle Disconnect”, Enrique G. Mendoza (University of Maryland and NBER) and Vivian Z. Yue (NYU)
Discussant: Andy Neumeyer (UTDT)
Lunes, 17 de Marzo de 2008
Auditorio, Sede Miñones
Problemas en el norte y fiesta en el sur: Dilemas de política económica
8:45-9:00 Acreditación y desayuno
9:00-9:30 Bienvenida.
Álvaro Fernández Bravo, Director, New York University en Buenos Aires
Andrés Neumeyer, Profesor, Universidad Torcuato Di Tella
Augusto de la Torre, Economista Jefe para América Latina y el Caribe, Banco Mundial
9:30-10:30 Visión General
Moderador: Guillermo Calvo (Columbia University)
Eduardo Levy-Yeyati, Director y Jefe de Estudios y EStrategia para América Latina, Barclays Capital
“Anatomía de la debacle estadounidense”
Augusto de la Torre, Economista Jefe para América Latina y el Caribe, Banco Mundial
“Lecciones e impacto sobre América Latina”
10:30-10:45 Café
11:00-12:15 Respuestas de política económica
Moderador: Bernardo Kosacoff, Director de CEPAL Buenos Aires
Jose de Gregorio, Presidente, Banco Central de Chile
“El precio del cobre, la crisis sub-prime y la política económica en Chile”
Martín Lousteau, Ministro de Economía y Producción, República Argentina
“Política Económica Argentina”
12:15-12:30 Comentarios finales: Juan Pablo Nicolini, Rector, Universidad T. Di Tella (2001-2009)
Monday, March 17, 2008
Aula 2, Sede Alcorta
Chair: Hernán Lacunza (BCRA)
14:00-15:15 “A theory of Liquidity and Regulation of Financial Intermediation”, Emmanuel Farhi (Harvard University and NBER), Mikail Golosov (MIT and NBER) and Aleh Tsyvinski (Harvard University and NBER)
Discussant: Alberto Martín (Universitat Pompeu Fabra)
15:15-15:30 Coffee break
Chair: Eduardo Cavallo (IADB)
15:30-16:45 “A Theory of Credit Scoring and Competitive Pricing of Default Risk", Satyajit Chatterjee (Federal Reserve Bank of Philadelphia), Dean Corbae (University of Texas at Austin), and Jose–Victor Rios-Rull (University of Pennsylvania, University of Minnesota, and CAERP)
Discussant: Lawrence Christiano (Northwestern University)
16:45-17:00 Coffee break
17:00-18:15 “Capital Flows and Asset Prices”, Kosyje Aoki (LSE), Gianluca Benigno (LSE), and Nobuhiro Kiyotaki (Princeton University)
Discussant: Emilio Espino (Universidad T Di Tella)
Tuesday, March 18, 2008Aula 2, Sede Alcorta
Chair: Miguel Braun (CIPPEC, Universidad de Buenos Aires)
10:00-11:15 “Equilibrium Default", Hugo Hopenhayn (UCLA) and Ivan Werning (MIT)
Discussant: Emmanuel Farhi (Harvard University)
11:15-11:30 Coffee break
11:30-12:45 “Fiscal Policy over the Real Business Cycle: A Positive Theory”, Marco Battaglini (Princeton University) and Stephen Coate (Cornell University)
Discussant: Ivan Werning (MIT)
12:45-14:15 Lunch
Chair: George Mc Candless (BCRA)
14:15-15:30 “Bankruptcy Law and Credit Market: A General-Equilibrium Approach", Aloiso Araujo (EPGE/FGV and IMPA) and Bruno Funchal (FUCAPE Business School)
Discussant: Enrique Kawamura (U de San Andrés)
15:30-15:45 Coffee break
15:45-17:00 “Finance and Development: A tale of Two Sectors", Francisco J. Buera ( Northwestern University), Joseph P. Kaboski (Ohio State University) and Yongseok Shin (University of Wisconsin)
Discussant: Juan Pablo Nicolini (UTDT)
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IX Workshop in International Economics and Finance, Santiago de Chile, 2007
The IX Workshop in International Economics and Finance took place in Santiago de Chile on March 16-19, 2007.
PROGRAM
Friday, March 16, 2007
9:00-9:30 Welcoming Remarks
Juan Pablo Nicolini (UTDT)
Rodrigo Valdés (Banco Central de Chile)
Opening
Andrés Velasco (Minister of Finance, Chile)
Session I: Chair: Oscar Landerretche
9:30-11:00 “Persistent Appreciations and Overshooting: A Normative Analysis”
Ricardo Caballero (MIT) and Guido Lorenzoni (MIT)
Discussant: Klaus Schmidt-Hebbel (Banco Central de Chile)11:00-11:30 Coffee break
Session II: Chair: Oscar Landerretche
11:30-13:00 “Interest Rate Rules, Inflation Stabilization and Imperfect Credibility: The Small Open Economy Case"
Guillermo Calvo (Columbia University)
Discussant: José De Gregorio (Banco Central de Chile)13:00-15:30 Lunch
Session III: Chair: Pablo García
15:30-17:00 “NeoclassicalMiracles"
Rody Manuelli (University of Wisconsin)
Discussant: Diego Restuccia (University of Toronto)
17:00-17:30 Coffee break.
Session IV: Chair: Pablo García
17:30-19:00 “Comparative Advantage, Demand for External Finance, and Financial Development"
Quy-Toan Do (World Bank) and Andrei Levchenko (IMF)
Discussant: Juan Carlos Hallak (University of Michigan)
Saturday, March 17, 2007
Session V: Chair: Diego Saravia9:30-11:00 “Sovereign Risk and Secondary Markets”
Fernando Broner (Universitat Pompeu Fabra), Alberto Martin (CREI and UPF), and Jaime Ventura (CREI and UPF)
Discussant: Willie Fuchs (University of Chicago)
11:00-11:30 Coffee break.
Session VI: Chair: Diego Saravia
11:30-13:00 “Electoral Uncertainty and the Volatility of International Capital Flows”
Roberto Chang (Rutgers University)
Discussant: Tito Cordella (World Bank)13:00-15:30 Lunch
Session VII: Chair: Luis Felipe Céspedes
15:30-17:00 “Credit Constraints, Firm Dynamics and the Transmission of External Financial Shocks”
Carlos Urrutia (ITAM) and Sageenta Patrap (Hunter College & Graduate Center, CUNY)
Discussant: Kevin Cowan (Banco Central de Chile)
17:00-17:30 Coffee break.
Session VIII: Chair: Luis Felipe Céspedes
17:30-19:00 "Confidence Crises, Credibility andTheInflationTarget Level"
Aloisio Araujo (Getulio Vargas and Instituto de Matematica Pura e Aplicada) and Rafael Santos (Banco Central Do Brasil)
Discussant: Manuel Amador (Stanford University)
Monday, March 19, 2007
Session IX: Chair: Juan Pablo Nicolini
9:00-10:30 "The Conquest of South American Inflation"
Thomas Sargent (NYU), Noah Williams (Princeton University) and Tao Zha (Federal Reserve Bank of Atlanta)
Discussant: Martin Uribe (Duke University)
10:30-11:00 Coffee breakPolicy Discussion and Book Presentation
11:00-12:30 “Macroeconomic Policies in Emerging Economies”
Chair: Andrés Neumeyer (UTDT)
Panel: Guillermo Perry (The World Bank)
Mario Marcel (CIEPLAN)
Guillermo Calvo (Columbia University)
Vittorio Corbo (Central Bank of Chile)
12:30-13:15 Central Bank of Chile book presentation: “Monetary Policy under Inflation Targeting”
Edited by Frederic S. Mishkin (Columbia University) and Klaus Schmidt-Hebbel (Central Bank of Chile)Chair: Vittorio Corbo (Governor, Central Bank of Chile)
Presentation: Carlos Massad (Former Governor, Central Bank of Chile)
Venue: Patio Inglés, Central Bank of Chile
13.15-14:00 Final Cocktail
Venue: Patio Inglés, Central Bank of Chile -
VIII Workshop in International Economics and Finance, Buenos Aires, 2005
December 2-5, 2005, Buenos Aires.
Friday, December 2
14.30 - 16.00
Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate
Kim Ruhl (University of Texas, Austin) and Timothy J. Kehoe (University of Minnesota)
Discussant: Marcelo Veracierto (Federal Reserve Bank of Chicago)16.00 – 17.30
Phoenix Miracles Recovering From Systemic Financial Crises In Emerging Markets
Alejandro Izquierdo (IADB), Guillermo A. Calvo (IADB), and Ernesto Talvi (CERS).
Discussants: Andrés Neumeyer (UTDT)Saturday, December 3
9.30 – 11.00
Sovereign Default and Debt Renegotiation
Vivian Zhanwei Yue (New York University)
Discussant: Kenneth Kletzer (University of California, Santa Cruz)11.30 – 13.00
Competition for Default
Quid Pro Quo: Sudden Stops and Commitment
Eduardo Cavallo (Harvard University, KSG) and Andrés Velasco (Harvard University, KSG)
Discussant: Andrew Powell (UTDT and IADB)15.30 – 17.00
Optimal Fiscal Policy and Amplification in a Small Open Economy
Manuel Amador (Harvard University), Mark Aguiar (Federal Reserve Bank of Boston) and Gita Gopinath (Harvard University)
Discussants: William Fuchs (University of Chicago)Sunday, December 4
9.30 – 11.00
Size, Geography, and Foreign Direct Investment
Natalia Ramondo (University of Chicago)
Discussant: Hugo Hopenhayn (UCLA)11.30 – 13.00
Is it is or is it Ain't my Obligation? Regional Debt in a Fiscal Federation
Russell Cooper, (University of Texas, Austin) Hubert Kempf (Université de Paris I, Pantheon-Sorbonne) and Dan Peled (University of Haifa)
Discussant: Sebastian Ludmer (University of Chicago)14.30 – 16.00
Macroeconomic Risk and Banking Crises in Emerging Market Countries: Business Fluctuations with Financial Crashes
Marcelo Oviedo (Iowa State University)
Discussant: Fernando Alvarez (University of Chicago)Monday, December 5
On Monday we had a traditional Argentine barbeque.
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VII Workshop in International Economics and Finance, Buenos Aires, 2004
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VI Workshop in International Economics and Finance, Buenos Aires, 2003
Monday, December 8th, 2003, UTDT Campus, Buenos Aires
9.00 - 9.30
Breakfast
9.30 - 11.00
Government Finance in the Wake of a Currency Crises
Craig Burnside, UVirginia; Martin Eichenbaum, Northwestern University, NBER and FRBChicago; and Sergio Rebelo, Northwestern University, NBER and CEPR.
Discussant: Claudio Irigoyen, BCRA.
11.15 - 12.45
On the Empirics of Sudden Stops
Guillermo Calvo, IADB; Alejandro Izquierdo, IADB; and Luis Fernando Mejía, University of Chicago.
Discussant: Martin Eichenbaum, Northwestern University, NBER and FRBChicago.
12.45 - 15.15
Lunch
15.15 - 16.45
Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation
Laura Alfaro, Harvard Business School; Sebnem Kalemli-Ozcan, University of Houston; Vadym Volosovych, University of Houston.
Discussant. Federico Sturzenegger, Ph.D.in Economics, MIT.
17.00 - 18.30
Tough Policies: Incredible Policies?
Alejandro Neut, MIT; and Andres Velasco, Harvard University and NBER.
Discussant: Nancy Stokey, University of Chicago.. Tuesday, December 9th, 2003.
UTDT Campus
Miñones 2177, Buenos AiresPolicy sessions
15.00-15.15
Apertura
Gonzalo Verdomar Weiss, Director Fundación Banco Francés.
Andrés Neumeyer, Director Departamento de Economía UTDT.
15.15-15.55
Crisis Financieras en América Latina
Guillermo Calvo, Professor, University of Maryland.
15.55-17.05
¿Cómo Evitar las Crisis Financiera?
Panelistas: Andrés Velasco, Kennedy School of Government.
Pablo Guidotti, Universidad Torcuato Di Tella.
Craig Burnside, University of Virginia.
Ernesto Talvi, CERES.
Moderador: Andrés Neumeyer, Director Departamento de Economía UTDT.
17.05-17.35
Refrigerios
17.35-18.45
¿Para qué sirve el ALCA?
Panelistas: Adalberto Rodríguez Giavarini, ex Canciller República Argentina.
Cristina Terra, Fundação Getulio Vargas.
Patricio Meller, CEA, Universidad de Chile.
Pablo Sanguinetti, Universidad Torcuato Di Tella.
Moderador: Juan Pablo Nicolini, Rector Universidad Torcuato Di Tella (2001-2009).
18.45-19.25
Las Ventajas del Comercio Internacional
Robert E. Lucas Jr, Profesor, University of Chicago, Nobel Laureate in Economics, 1995.
19.25-19.35
Palabras Finales
Juan Pablo Nicolini, Rector Universidad Torcuato Di Tella.. Wednesday, December 10th, 2003.
Resort de Campo y Polo9.00 - 9.30
Breakfast
9.30 - 11.00
Risk and Wealth in Models of Self-Fulfilling Currency Attacks
Bernardo Guimarães, Yale University; and Stephen Morris, Yale University.
Discussant: Hugo Hopenhayn, University of California at Los Angeles.
11.30 - 13.00
A Recontracting Sovereign Debt Model with Trade Credit
Emanuel Kohlscheen, Stockholm University; and Stephen O'Connel, Swarthmore College, USA.
Discussant: William Fuchs, Stanford University.
13.00 - 15.00
Lunch
15.00 - 16.30
Hedging Sudden Stops and Precautionary Recessions: A Quantitative Framework
Ricardo Caballero, MIT; and Stavros Panageas, MIT.
Discussant: Dave Backus, NYU.. Thursday, December 11th, 2003.
Resort de Campo y Polo9.00 - 9.30
Breakfast
9.30 - 11.00
Some Implications of the Eaton-Kortum Model of International Trade
Robert E. Lucas, Jr. University of Chicago.
Dicussant: Jonathan Eaton, NYU.
11.30 - 13.00
Standstills and an International Bankruptcy Court
Jonathan Eaton, NYU.
Discussant: Raquel Fernandez, NYU. -
V Workshop in International Economics and Finance, Buenos Aires, 2002
August 19-22, 2002, Buenos Aires, Argentina
PROGRAM
The format of the presentations will be following: presenters will have 60 minutes,
discussants 15 while 15 minutes will be devoted for general discussionAcademic Sessions
Monday, August 19
"Sudden Stops, the Real Exchange Rate and Fiscal Sustainability: Argentina's Lessons"
Guillermo Calvo, Interamerican Development Bank.
Discussant: Martín Uribe, University of Pennsylvania.
"Speculative Attacks on Debts, Dollarization and Optimal Currency Areas"
Marcia Leon, Research Department, Central Bank of Brazil. (with Aloisio Araujo)
Discussant: Timothy J. Kehoe, University of Minnesota and Federal Reserve Bank of Minneapolis.
"Endogenous Financial Intermediation and the Real Effects of Capital Account Liberalization"
George Alessandria, Ohio State University (with Jun Quian)
Discussant: Alejandro Hernández, ITAM.. Tuesday, August 20
"Human Capital, Organizations, and Foreign Direct Investment"
Alexander Monge-Naranjo, Northwestern University
Discussant: Hugo Hopenhayn, Universidad T. Di Tella and University of rochester
"Anticipated Ramsey Reforms and the Uniform Taxation Principle: the Role of International Financial Markets"
Stephanie Schmitt-Grohe, Rutgers University (with Martin Uribe)
Discussant: Pedro Teles, Federal Reserve Bank of Chicago
"Decades lost and found: Chile and Mexico in the 1980s and 1990s"
Raphael Bergoeing, Universidad de Chile (with Timothy J. Kehoe and Patrick J. Kehoe )
Discussant: Enrique Mendoza, University of Maryland. Wednesday, August 21
"Short Run Pain, Long Run Gain: The Effects of Financial Liberalization"
Graciela Kaminsky; George Washington University (with Sergio Schmukler)
Discussant: Jeremy Bulow, Stanford Graduate School of Business.
"Banking on Foreigners: The Behavior of International Bank Lending to Latin America, 1985-2000"
Andrew Powell, UTDT (with Maria Soledad Martinez Peria and Ivanna Vladkova Hollar)
Discussant: Miguel Kiguel, Banco Hipotecario.
"On the Benefits of Capital Account Liberalization"
Pierre-Olivier Gourinchas, Princeton University (with Olivier Jeanne)
Discussant: Andres Velasco, Kennedy School of Government, Harvard University.. Thursday, August 22
"The Anatomy of A Multiple Crisis: Why Was Argentina Special And What Can We Learn From It"
Guillermo Perry, The World Bank (with Luis Serven)
Discussant: Federico Sturzenegger, Universidad T. Di Tella
"Argentina's Financial Crisis: Floating Money, Sinking Banking"
Sergio L. Schmukler, The World Bank (with Augusto de la Torre and EduardoLevy Yeyati)
Discussant: Ernesto Talvi, CERES*.
CONFERENCE ON ECONOMIC POLICY
Monday, August 19
Opening
Pablo Andrés Neumeyer, Director, Department of Economics, Universidad T. Di Tella
Aldo Pignanelli, President, Argentine Central Bank
"Sovereign Bankruptcy: Can We Do Better, How?"
Chair: Graciela Cairoli, Vice President, Capital Markets Argentina
Panel: Martin Anidjar, Vice President, JP Morgan Chase
Jeremy Bulow, Professor of Economics, Stanford Graduate School of Business
Pablo Guidotti, Universidad T. Di Tella
"Bank Runs: Lessons from North America in the XIX Century".
Chair: Finn Kydland, Professor, Carnegie Mellon University
Lecturer: Edward Green, Senior Vice President, Federal Reserve Bank of Chicago
"Future Banking Arrangements for Argentina".
Chair: Axel Von Trotsenburg, Director for Argentina, Chile, Paraguay, Uruguay, The World Bank*
Panel: Miguel Kiguel, President, Banco Hipotecario
Emilio Cardenas, Executive Director, HSBC Argentina Holdings S.A.
Pedro Pou, Former President Argentine Central Bank
"In Memory of Rudi Dornbusch".
Chair: Carlos Rodriguez, Rector, Universidad del CEMA
Federico Sturzenegger, Director, Escuela de Economía Empresarial, Universidad T. Di Tella
José de Gregorio, Consejero, Banco de Chile
Alejandro Werner, Director de Estudios Económicos, Banco de México
Ilan Golfajn, Director, Banco do Brasil*
"Fiscal Institutions in Argentina: What is the Problem and How to Fix It".
Chair: Guillermo Calvo
Panel: Juan Carlos Romero, Gobernador de la Provincia de Salta.
José Manuel de la Sota, Gobernador de la Provincia de Córdoba.
Felipe Sola, Gobernador de la Provincia de Buenos Aires.
Closing Remaks
Guillermo Calvo, Inter American Development Bank. -
IV Workshop in International Economics and Finance, Buenos Aires, 2001
August 20-22, 2001, Buenos Aires, Argentina
BRAINSTORMING SESSIONS PROGRAM
MONDAY, AUGUST 20
"When is it optimal to abandon a fixed exchange rate?"
Carlos Vegh (UCLA) with Sergio Rebelo (NWU).
Discussant: Robert Flood (IMF).
"Competition in Sovereign Debt Markets and the Role of the IMF"
Bernardo Paasche (CMU) and Stanley Zinn (CMU).
Discussant: Kenneth Kletzer.
"Margin Calls, Trading Costs, and the Sudden Stops of Capital inflows into Emerging Markets"
Enrique Mendoza (Duke) with Katherin Smith.
Discussant: Fabrizio Perri (NYU).. TUESDAY, AUGUST 21
"Herd Behavior and Contagion in Financial Markets"
Marco Cipriani (NYU) with Antonio Guarino.
Discussant: V. V. Chari (U of Minnesota).
"Financial Crises and Herds"
V. V. Chari (U of Minnesota) with Pat Kehoe.
Discussant: Franklin Allen (Wharton).
"Holding International Reserves in the Era of High Capital Mobility"
Nancy Marion (Dartmouth) with Robert Flood (IMF).
Discussant: Craig Burnside (The World Bank).. WEDNESDAY, AUGUST 22
"Business Cycles in Emerging Economies: The Role of Interest Rates"
Fabrizio Perri (NYU) with Andy Neumeyer (UTDT).
Discussant: Martin Schneider (UCLA).
"The Composition of International Capital Flows: Risk Sharing Through Foreign Direct Investment"
Rui Albuquerque (Rochester).
Discussant: Ivan Werning (U of Chicago).
"On the gains to international trade in risky financial assets"
Steve Davis (Chicago GSB) with S. Davis and J. Nalewaik.
Discussant: Urban Jehrmann (Wharton and Minneapolis Fed).. CONFERENCE ON ECONOMIC POLICY
THURSDAY, AUGUST 23Opening
Mario Blejer, Vice-President, Banco Central de la Republica Argentina
Pablo A. Neumeyer, UTDT
New Deal Policies and the Persistence of the Great Depression
Lecture: Lee Ohanian, UCLA
Exchange Rate Regimes in Emerging Economies
Chair: Juan Pablo Nicolini
Jose de Gregorio, Banco Central de Chile
Miguel Kiguel, Banco Hipotecario y Universidad Di Tella
Barry Eichengreen, University of California, Berkeley
Capital Flows to Argentina: Is there an Immaculate Default?
Chair: Pablo Andrés Neumeyer
Gullermo Perry, The World Bank
Guillermo Mondino, Jefe del Gabinete de Asesores del Ministro de Economía
Gerardo della Paolera, Universidad T. Di Tella
Argentine Economic Policy:_Restoring Growth
Chair: Guillermo Calvo
Pablo Guidotti, UTDT and former Vice-Ministro de Economía
Pablo Gerchunoff, UTDT and former Jefe del Gabinete de Asesores del Ministro de Economía
Fernando Navajas, FIEL and former Jefe del Gabinete de Asesores del Ministro de Economía
Federico Sturzenegger, Secretario de Política Económica, Ministerio de Economía
Closing Remarks:
Guillerrmo Calvo, IADB -
III Workshop in International Economics and Finance, Buenos Aires, 2000
August 21-24, 2000, Buenos Aires, ArgentinaBRAINSTORMING SESSIONS PROGRAMMonday, August 21st"Output Costs, BOP Crises, and Optimal Interest Policy"Amartya Lahiri, Carlos Vegh.Discussant: Pedro Teles."Balance Sheets and Exchange Rate Policy"Andres Velasco, Roberto Chang, Luis Cespedes.Discussant: Enrique Mendoza."On the Fundamentals of Self-Fulfilling Speculative Attacks"Craig Burnside, Martin Eichenbaum, Sergio Rebelo.Discussant: Andrés Velasco..Tuesday, August 22nd"An Estimate of Currency Unions on Trade and Growth"Andrew Rose (with Jeffrey Frankel)Discussant: Tim Kehoe."Banking Crises and Exchange Rate Regimes"Ilker Domac, María Soledad Martinez Peria.Discussant: Martin Eichenbaum."Monetary Policy in an International Financial Crisis"Lawrence Cristiano, Cristopher Gust, Jorge Roldos.Discussant: Andy Neumeyer..Wednesday, August 23rd"Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment"Ricardo Caballero, Arvind Krishnamurthy.Discussant: Hugo Hopenhayn"Country Portfolios"Aart Kraay, Norman Loayza, Luis Serven, Jaume Ventura."Heterogeneity and Evolution of Expectations in a Model of Currency Crisis"Jasmina Arifovic, Paul Mason.Discussant: Juan Pablo Nicolini..Jornadas Bancarias y MonetariasSalón BoschBanco Central de la República Argentina (BCRA)This conference is co-organized with theLatin American and Caribbean Economic Association and the Universidad Torcuato Di Tella.Jueves, 24 de agosto de 2000OpeningPedro Pou, Presidente (BCRA).New Methods to Measure Credit Risk and their ApplicationsChair. Aquiles Almansi, Director, BCRAPaul Narayanan (Narayanan Consultants)Tom Wilde (Credit Suisse Financial Products)Andrew Powell (BCRA).The Role of Foreign Banks in Latin America.Chair: Guillermo Lesniewier, Superintendente, BCRAEric Rosengren (Federal Reserve Bank of Boston)Alejandro Werner (Banco de México)Felipé Morandé (Banco Central de Chile)Javiar Bolzico (BCRA).Special Presentation: On Trade and Monetary UnionsChair: Andrés Neumeyer, Director, Dept. of Economics, UTDT.Andrew Rose (University of California, Berkeley).The role of the IMF in Advanced Emerging CountriesChair: Chris Canavan, Vice-President, Goldman Sachs, and Co.Ricardo Arriazu (Arriazu Consultants)Mario Blejer (IMF)Sebastián Edwards (University of California, Los Angeles)Pablo Guidotti (UTDT).The Future of MercosurChair: Guillermo Calvo, University of Maryland and UTDTDebora Giorgi (Secretaría de Industria, Comercio y Minería) Ministry of Economics, Argentina)Sergio Werlang (Director, Economic Policy, Central Bank of Brazil)José de Gregorio (Ministro de Economía, Industria y Minería, Chile)Jorge Braga de Macedo (Director of Research, OECD, Paris).Closing RemarksChair: Dr Pedro Pou, Presidente, BCRAJosé Luis Machinea (Ministro de Economía y Obras y Servicios Públicos). -
II Workshop in International Economics and Finance, Buenos Aires, 1999
August 16-19, 1999, Buenos Aires, Argentina
.
BRAINSTORMING SESSIONS PROGRAM
MONDAY, AUGUST 16
"An Options Based Analysis of Emerging Exchange Rate expectations: Brazil's Real Plan, 1994-1999"
José M. Campa, P.H. Kevin Chang and James F. Refalo
"Volatile Exchange Rates and the Forward Premium Anomaly: A Segmented Market Asset View"
Fernando Álvarez, Andrew Atkeson and Patrick Kehoe
"Emerging Market Crises: An Asset Market Perspective"
Ricardo Caballero and A. Krishnamurthy. TUESDAY, AUGUST 17
"Bankruptcy protection against macroeconomic shocks: the case for a ‘super Chapter 11'"
Marcus Miller and Joseph Stiglitz
"Contagion"
Bernhard Paasche
"Collateral, Credit-History, and the Financial Decelerator"
Ronel Elul. WEDNESDAY, AUGUST 18
"Hedging and Financial Fragility in Fixed Exchange Rate Regimes"
Craig Burnside, Martin Eichenbaum, Sergio Rebelo
"Competition and Reputation"
Ramón Marimón, Juan Pablo Nicolini and Pedro Teles
"Building a Case for Currency Boards"
Carlos Zarazaga. JORNADAS MONETARIAS Y BANCARIAS
Banco Central de la República Argentina and the University Torcuato Di Tella
Conference on Argentine Political Economy
Sala Bosch
Banco Central República Argentina
Buenos Aires, 19 de agosto de 1999Opening Session
Chair:
Guillermo Calvo, University of Maryland and the Universidad Torcuato Di Tella (UTDT)
Pedro Pou, Governor Banco Central de Argentina (BCRA)
P. Andrés Neumeyerm, Chair Economics Department, Universidad Torcuato Di Tella (UTDT)
1: Banking Policy
Advances in The Basel International Capital Requirement Standards
Chair: Andrew Powell, Chief Economist (BCRA)
Special Presentation: Christine Cummings, Federal Reserve Bank of New York
Discussants:
Mario Vicens, MV Macroeconómica
Federico Sturzenegger, UTDT.
Bank Restructuring: The International and Argentine Experience
Chair: Javier Bolzico, Director (BCRA)
Special Presentation: Stijn Claessens, World Bank
Discussants:
José Jaime, SEDESA
Eduardo Escasany, Banco de Galicia y Bs. As.
2: Monetary and Financial policy
Panel: International Financial Architecture
Chair: Martín Lagos, Deputy Governor BCRA
Panelists:
Nouriel Roubini, United States Treasury
Miguel Kiguel, Economic Ministry of Argentina
Guillermo Perry, World Bank
Chris Canavan, Goldman Sachs
Panel: Dollarization
Chair: Pedro Pou, Governor BCRA
Panelists:
Pablo Guidotti, Economic Ministry of Argentina
Ricardo Hausmann, Interamerican Development Bank
Michael Gavin, Warburg Dillon Read
Harvy Rosemblum, Federal Reserve Bank of Dallas
3: Economic Policy
Rules and Discretion in Democratic Emerging Countries
Chair: Aquiles Almansi, Director BCRA
Special Presentation: Prof. Alan Drazen, University of Maryland
Final Panel: Argentine Economic Policy
Chair:
Guillermo Calvo, UTDT & University of Maryland
Jorge Remes Lenicov, Partido Justicialista
Ricardo López Murphy, FIEL
José Luis Machinea, Partido de la Alianza
Adolfo Sturzenegger, Partido Acción por la República
Closing Remarks
Chair:
Pedro Pou, Governor BCRA
Roque Fernández, Minister of Economy of Argentina
The BCRA would like to thank the following institutions that have made this event possible: The Latin American and Caribbean Association (LACEA), The Foundation of the University Torcuato Di Tella, The World Bank and The Federal Reserve Bank of Dallas. This Conference closes the "Summer Camp in International Economics and Finance" that took place in the University Torcuato Di Tella from the 16th to 19th of August 1999. This Conference was organized jointly by the BCRA and the UTDT. -
I Workshop in International Economics and Finance, Buenos Aires, 1998
August 2-7, 1998
Buenos Aires, Argentina.
BRAINSTORMING SESSIONS PROGRAM
Monday, August 3
"Can Optimal Fiscal Policy Be Procyclical?"
Carlos Vegh, University of California, U.S.A.
Ernesto Talvi, Centro de Estudios de la Realidad Económica y Social, Uruguay
"International Investment Positions: An Empirical Investigation"
Phillip Lane, Trinity College Dublin and CEPR, Ireland
"Temporary Capital Controls"
Carmen Reinhart, University of Maryland, U.S.A.. Tuesday, August 4
"Devaluations And Inflation After Currency Crises"
José de Gregorio, Universidad de Chile
"The Business Cycles Of Currency Speculation: A Revision Of A Mundellian Framework"
Enrique Mendoza, Duke University, U.S.A.
"Exiting a Peg: An Optimal Stopping Problem Approach"
Piero Ghezzi, Johns Hopkins University, U.S.A.. Wednesday, August 5
"Central Bank Vulnerability And The Credibility Of Commitments: A Value-at-risk Approach To Currency Crises"
Mario Blejer, Fondo Monetario Internacional, U.S.A. y Universidad de San Andrés.
"Hot Money"
Pat Kehoe, Federal Reserve Bank of Minneapolis, U.S.A.
V Chari, University of Minnesota, U.S.A.
"The Asian Liquidity Crisis"
Andrés Velasco, New York University and NBER, U.S.A.
Roberto Chang, Federal Reserve Bank of Atlanta, U.S.A.. Thursday, August 6
"The Demand For Money And The Nonneutrality Of Money"
Hal Cole, Federal Reserve Bank of Minneapolis, U.S.A.
"Credit Constraints, Asset Prices And Output Behavior Under External Shocks"
Alejandro Izquierdo, University of Maryland, U.S.A
"Real Exchage Rate Movements And Capital Flows Following Spain's Integration Into The European Community"
Tim Kehoe, University of Minnesota, U.S.A.. Friday, August 7
Primera Sesión
Moderador: Fernando Alvarez, University of Chicago, U.S.A. y Universidad Torcuato Di Tella.
El Prestamista de Última Instancia con Mercados de Capitales Globalizados: El Rol de las Multilaterales y el Sector Privado
Michael Gavin, Banco Interamericano de Desarrollo, U.S.A.
Andrew Powell, Banco Central de la República Argentina
Comentarista: Tim Kehoe, University of Minnesota, U.S.A.
¿Cuáles son las Ventajas de un Tipo de Cambio Flotante?
Roberto Chang, Federal Reserve Bank of Atlanta, U.S.A.
Andrés Velasco, New York University and NBER., U.S.A.
Comentarista: Federico Sturzenegger, Director del Departamento deEconomía Empresarial, Universidad Torcuato Di Tella.
Brasil: El Gigante y su Deuda
Marcio Garcia, Pontificia Universidad Católica, Rio de Janeiro, Brasil.
Comentarista: Juan Pablo Nicolini, Director del Departamento de Economía, Universidad Torcuato Di Tella
Segunda Sesión
Moderador: Martín Solá, Universidad Torcuato Di Tella y University of London, U.K.
Control al Movimiento de Capitales: Evaluación de la Experiencia Mundial
Carmen Reinhart, University of Maryland, U.S.A.
Comentarista: Enrique Mendoza, Duke University, U.S.A.
¿Por Qué Los Países Ajustan Cuando Más Duele?
Ernesto Talvi, Centro de Estudios de la Realidad Económica y Social, C.E.R.E.S., Uruguay.
Comentarista: Carlos Vegh, University of California, U.S.A.
¿Qué Hay de Malo en Gastar Más de lo Que Gano?: Ventajas Y Desventajas De Una Cuenta Corriente Negativa.
Guillermo Calvo, Profesor Francisco Soldati, Universidad Torcuato Di Tella y University of Maryland.
Comentarista: José de Gregorio, Universidad de Chile.
Panel final
Moderador: Guillermo Calvo, Profesor Francisco Soldati, Universidad Torcuato Di Tella y University of Maryland.
Participantes:
Pablo Guidotti, Secretario de Hacienda.
Miguel Kiguel, Subsecretario de Financiamiento.
Carlos Rodríguez, Rector de la Universidad del Centro de Estudios Macroeconómicos de Argentina.
Eduardo Fernández-Arias, Banco Interamericano de Desarrollo, U.S.A.
Tim Kehoe, University of Minnesota, U.S.A.
José L. Machinea, Presidente de la Fundación Argentina para el Desarrollo con Equidad.
