Unconventional Monetary Policies: A Small Open Economy Perspective

Session 1: Quantitative Easing (Micro Evidence)

Chair: Rhys Mendes (Bank of Canada)

Did ECB Liquidity Injections Help The Real Economy?

Authors: Stine Louise Daetz (Copenhagen Business School), Marti Subrahmanyam (NYU Stern School of Business), Dragon Yongjun Tang (University of Hong Kong), and Sarah Qian Wang (Warwick Business School)

Discussant: Andrew MacKinlay (Virginia Tech)

The Portfolio Balance Channel of Unconventional Monetary Policy: Evidence from Mutual Funds

Authors: Itay Goldstein (Wharton School), Jonathan Witmer (Bank of Canada) and Jing Yang (Bank of Canada)

Discussant: Christian Lundblad (UNC Kenan-Flagler Business School)

Session 2: International Monetary System

Chair: Timothy Lane (Bank of Canada)

A Contagious Malady? Open Economy Dimensions of Secular Stagnation

Authors: Gauti Eggertsson (Brown University), Neil Mehrotra (Brown University and Federal Reserve Bank of Minneapolis), Sanjay Singh (Brown University) and Lawrence Summers (Harvard University)

Discussant: Giancarlo Corsetti (University of Cambridge)

A Model of the International Monetary System

Authors: Emmanuel Farhi (Harvard University, NBER and CEPR) and Matteo Maggiori (Harvard University, NBER and CEPR)

Discussant: Julien Bengui (Université de Montréal)

John Kuszczak Memorial Lecture

Chair: Lawrence Schembri (Bank of Canada)

Keynote Address: Michael Woodford (Columbia University)

Session 3: QE (Market Effects)

Chair: Lynn Patterson (Bank of Canada)

The Reanchoring Channel of QE - The ECB’s Asset Purchase Programme and Long-Term Inflation Expectations

Authors: Philippe Andrade (European Central Bank, Banque de France), Johannes Breckenfelder (European Central Bank), Fiorella De Fiore (European Central Bank), Peter Karadi (European Central Bank, CEPR)  and Oreste Tristani (European Central Bank)

Discussant: Carolin Pflueger (Sauder School of Business, University of British Columbia)

Is Quantitative Easing Effective in Lowering Long-Term Interest Rates in Small Open Economies?

Authors: Antonio Diez de los Rios (Bank of Canada) and Maral Shamloo (International Monetary Fund)

Discussant: Matthew Roberts-Sklar (Bank of England)

Violating the Law of One Price: The Role of Non-Conventional Monetary Policy

Authors: Stefano Corradin (European Central Bank) and Maria Rodriguez-Moreno (Banco de España)

Discussant: Sermin Gungor (Bank of Canada)

Session 4: Transmission Through the Banking Sector

Chair: Jing Yang (Bank of Canada)

Monetary Policy and Global Banking

Authors: Falk Bräuning (Federal Reserve Bank of Boston) and Victoria Ivashina (Harvard University and NBER)

Discussant: Teodora Paligorova (Bank of Canada)

A Portfolio Model of Quantitative Easing

Authors: Jens Christensen (Federal Reserve Bank of San Francisco) and Signe Krogstrup (International Monetary Fund)

Discussant: Aytek Malkhozov (Federal Reserve Board)

Session 5: FX Channel

Chair: Greg Bauer (Bank of Canada)

Unconventional Monetary Policy and International Risk Premia

Authors: John Rogers (Federal Reserve Board), Chiari Scotti (Federal Reserve Board) and Jonathan Wright (Johns Hopkins University)

Discussant: René Garcia (Université de Montréal)

Monetary shocks at high-frequency and their changing FX transmission around the globe

Authors: Massimo Ferrari (Bank for International Settlements), Jonathan Kearns (Bank for International Settlements) and Andreas Schrimpf (Bank for International Settlements)

Discussant: Steve Kamin (Federal Reserve Board)

Panel Discussion

Moderator: Sylvain Leduc (Bank of Canada)

Panelists: Willem Buiter (Citigroup), Frank Smets (European Central Bank), John Williams (Federal Reserve Bank of San Francisco), Jean-Pierre Danthine (Paris School of Economics)