Norges Bank

Conference: The Future of Macroeconomic Policy

Oslo, Norway – June 15-16, 2023

 Norges Bank, the International Monetary Fund, and the IMF Economic Review have organized a joint conference on "The Future of Macroeconomic Policy" to be held in Oslo, June 15-16, 2023. In today's economic landscape, we grapple with rigorous tests of monetary policy due to persistent inflation, and the need to navigate the complexities of alliance-driven policies and geo-economic fragmentation. The conference presents an exceptional lineup of academic and policy sessions, featuring in-depth evaluations of monetary policy tools' effectiveness, the far-reaching impacts of trade and FDI restrictions resulting from shifting geo-economic dynamics, and the changing role of reserve currencies. Additionally, participants will delve into the intersection of environmental and economic policies.

Program

Thursday, June 15, 2023

Download Day 1 presentations (zip)

8:15-8:50 Registration

9:00-9:20 Opening remarks:
Ida Wolden Bache (Governor of Norges Bank),
Gita Gopinath (First Deputy Managing Director, IMF)

9:20-10:20 Inflation: Conflict and Spirals
Keynote address by Guido Lorenzoni (University of Chicago Booth School of Business) 
Chair: Francesco Furlanetto (Norges Bank)

10:20-10:45 Coffee break

10:45-12:15 Session 1: Climate Change
Chair: Solveig Erlandsen (Norges Bank)

Climate Policy and the Economy: Evidence from Europe’s Carbon Pricing Initiatives Paper (pdf)
Diego Känzig (Northwestern University) and Maximilian Konradt (The Graduate 
Institute) 
Discussant: Felix Kubler (University of Zurich)

Limited Energy Supply, Sunspots, and Monetary Policy Paper (pdf)
Nils Gornemann (Board of Governors of the Federal Reserve System), Sebastian Hildebrand (University of Bonn), and Keith Kuester (University of Bonn) 
Discussant: Marina Mendes-Tavares (International Monetary Fund)

12:15-13:15 Lunch

13:30-15:00 Session 2: Monetary Policy
Chair: Ingrid Solberg (Norges Bank)

The Macroeconomic Effects of the Federal Reserve's Conventional and Unconventional Monetary Policies Paper (pdf)
Eric T. Swanson (University of California, Irvine) 
Discussant: Thomas Drechsel (University of Maryland)

Demand Imbalances, Global Inflation, and Monetary Policy Coordination Paper (pdf)
Javier Bianchi (Federal Reserve Bank of Minneapolis) and Louphou Coulibaly (Federal Reserve Bank of Minneapolis and University of Wisconsin-Madison) 
Discussant: Giovanni Dell’Ariccia (International Monetary Fund)

15:00-15:30 Coffee break

15:30-17:00 Session 3: Fragmentation
Chair: Juan Rubio-Ramirez (Emory University, and Guest Editor of the IMF Economic Review)

The Dollar in an Era of International Retrenchment Paper (pdf)
Ryan Chahrour (Cornell University) and Rosen Valchev (Boston College) 
Discussant: Dmitry Mukhin (London School of Economics)

Changing Global Input-Output Linkages and Demand Spillover Paper (pdf)
Wataru Miyamoto (University of Hong Kong) and Thuy Lan Nguyen (Federal Reserve Bank of San Francisco and Santa Clara University)
Discussant: Kei-Mu Yi (Federal Reserve Bank of Dallas)

Friday, June 16, 2023

Download Day 2 presentations (zip)

9:00-10:30 Session 4: International Linkages and Policy
Chair: Prachi Mishra (IMF)

Optimal Macroeconomic Policies in a Heterogeneous World Paper (pdf)
James Bullard (Federal Reserve Bank of St. Louis), Riccardo DiCecio (Federal Reserve Bank of St. Louis), Aarti Singh (Federal Reserve Bank of St. Louis), and Jacek Suda (Narodowy Bank Polski)
Discussant: Davide Debortoli (Barcelona School of Economics)

The Role of International Financial  Integration in Monetary Policy Transmission Paper (pdf)
Jing Cynthia Wu (University of Notre Dame), Yinxi Xie (Bank of Canada), and Ji Zhang (Tsinghua University)
Discussant: Linda Tesar (University of Michigan)

10:35-11:00 Coffee break

11:00-12:30 Session 5: Financial Markets
Chair: Andrei Levchenko (University of Michigan, and Editor of the IMF Economic Review)

Rising Current Account Dispersion: Financial or Trade Integration? Paper (pdf)
George Alessandria (University of Rochester), Yan Bai (University of Rochester), and Soo Kyung Woo (University of Rochester)
Discussant: Jing Zhang (Federal Reserve Bank of Chicago)

The COVID-19 Shock and Firm Financing: Government or Market? Or Both? Paper (pdf)
Miguel Acosta-Henao (Central Bank of Chile), Andrés Fernández (International Monetary Fund), Patricia Gomez-Gonzalez (Fordham University), and ┼×ebnem Kalemli-Özcan (University of Maryland)
Discussant: Ella Wold (BI Norwegian Business School)

12:30-13:30 Lunch

13:45-15:15 Panel Discussion: Challenges Facing Macroeconomic Policy
Moderator: Pierre-Olivier Gourinchas (Economic Counsellor and Director, Research Department, International Monetary Fund)
Panelists:
1. Hilde C. Bjørnland (BI Norwegian Business School)
2. Andrew Tilton (Goldman Sachs)
3. Chris Waller (Board of Governors of the Federal Reserve System)

Organizing Committee:

Snorre Evjen (Norges Bank)
Francesco Furlanetto (Norges Bank)
Andrei Levchenko (University of Michigan and Editor, IMF Economic Review)
Prachi Mishra (IMF and Co-Editor, IMF Economic Review)
Adrian Peralta-Alva (IMF and Associate Editor, IMF Economic Review)
Juan Rubio-Ramirez (Emory University and Guest Editor, IMF Economic Review)
Stephanie Schmitt-Grohe (Columbia University and Guest Editor, IMF Economic Review)

IMF Conference Coordinator:

Tracey Lookadoo

About the presenters

Prachi Mishra is Chief of the Systemic Issues Division, in the Research Department at the IMF. She was Advisor in the Research Department between September 2020 and December 2021. Prior to joining the Fund, Prachi worked in Goldman Sachs as Managing Director, Global Macro Research, and India Chief Economist. Previously, Prachi worked in several departments at the IMF in Washington DC, including in the office of the First Deputy Managing Director. During 2014-2017, she served as Specialist Adviser and Head of the Strategic Research Unit at the Reserve Bank of India. Prior to that she was Senior Economist in the Ministry of Finance, and at the Prime Minister’s Economic Advisory Council in the Government of India.

Andrei Levchenko is the John W. Sweetland Professor of International Economics at the University of Michigan, Editor-in-Chief of IMF Economic Review, and the Director of the International Trade and Macroeconomics program of the Central Bank Research Association. He is also a Research Associate at the National Bureau of Economic Research, a Research Fellow at the Centre for Economic Policy Research, and a member of the editorial boards of the Economic Journal, Journal of International Economics and Journal of Comparative Economics. Previously, he was an Economist at the International Monetary Fund, and has held visiting positions at the Universities of Chicago, Lausanne, and Zurich. He received a Ph.D. in Economics from MIT in 2004.

Ryan Chahrour is an Associate Professor of Economics at Cornell University and an Associate Editor at the Journal of Monetary Economics, the Journal of International Economics, and the Journal of Money, Credit and Banking. His current research focuses on the role of people's beliefs in driving macroeconomic phenomena, including boom-bust cycles in the economy and the durable role of the US dollar in international exchange. His research also examines the effects of monetary and fiscal policy and the consequences of pricing frictions within and across countries.

Juan Rubio-Ramirez, originally from Spain, has a Bs from Universidad Autonoma of Barcelona in 1995, a Ms from CEMFI in 1997 and a PhD from University of Minnesota in 2001. Professor at Emory University since 2015, before that Juan was Professor at Duke University since 2010. He has been either a researcher or a consultant to the Federal Reserve Bank since 2000. He consults with several central banks around the world. He has published several papers at Econometrica, the Review of Economic Studies, the American Economic Review, the Journal of Econometrics, the Journal of Monetary Economics, Quantitative Economics, and the American Economic Journal: Macroeconomics.

Eric Swanson received an M.S. in Mathematics and a Ph.D. in Economics from Stanford in 1998. From 1998 to 2005 he worked as an Economist and Senior Economist at the Federal Reserve Board in Washington, DC. From 2005 to 2014, he served as a Research Advisor and Senior Research Advisor at the Federal Reserve Bank of San Francisco, working closely with Janet Yellen and John Williams. Since 2014, he has been a Professor of Economics at the University of California, Irvine, a member of the National Bureau of Economic Research, and an associate editor at the Journal of Monetary Economics.

Diego Känzig is an Assistant Professor in the Department of Economics at Northwestern University. His research is centered around two core areas of interest. The first concerns the role of energy and climate change for financial and macroeconomic fluctuations. The second is to understand how economic inequality and household finance matter for the macroeconomy and macroeconomic policy. Diego’s work highlights that climate change and inequality also have important implications for the business cycle, above and beyond the significant long-run effects. His paper “The unequal economic consequences of carbon pricing” received multiple awards, including the ECB Young Economist Prize, the Wheeler Institute PhD Award and the AQR Fellowship Award. Diego has been recognized as one of the AQR Top Finance Graduates and participated in the Restud North American Tour.

Edited 13 June 2023 09:50

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Edited 13 June 2023 09:50