Departamento de Economía

IEF Workshop

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 School

Friday, 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 Américas
Session 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 Sultanum
Session 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-Rull
Open 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 Nicolini
10.30-11.30	“COVID-19 in Unequal Societies” Andrés Neumeyer (Universidad Torcuato Di Tella), Constantino Hevia and Manuel Macera
Keynote 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 Uribe
13.00-13.15	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

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

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
The Unemployment Accelerator
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)

XVIII Workshop in International Economics and Finance, Antigua, 2015

XVII Workshop in International Economics and Finance, San José, 2014

8.30-8.45 Registration
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
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)
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 Building
Organizers: 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 Farhi
Discussant: 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 3
9:00-10:30 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. Lucas

Discussant: 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 3

9:10 - 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
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)

Pegs and Pain

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)

Financial Risk Capacity

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)
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

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 Uruguay
2:15-3:45	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, 2008

Aula 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)
IX Workshop in International Economics and Finance, Buenos Aires, 2007

The IX Workshop in International Economics and Finance took place in Buenos Aires 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 NormativeAnalysis”
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 andImperfect Credibility: The Small OpenEconomyCase"
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 forExternal Finance, and FinancialDevelopment"
Quy-Toan Do (World Bank) and Andrei Levchenko (IMF)

Discussant: Juan Carlos Hallak (University of Michigan)

Saturday, March 17, 2007

Session V: Chair: Diego Saravia

9:30-11:00 “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 ofInternational 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 "TheConquest 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 break

Policy 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

Program

The workshop took place on December 2-5 at Buenos Aires.

In each session authors had 60 minutes, discussants 20 minutes and there was 10 minutes for general discussions.

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.

VII Workshop in International Economics and Finance, Buenos Aires, 2004

PROGRAM

Friday, December 10th, 2004
Venue:

12.30 - 14.30
Lunch

14.30 - 16.00
.
Cristina Arellano (University of Minnesota).
Discussant: Helène Rey (Princeton University).

16.30 - 18.00
.
Enrique Mendoza (University of Maryland).
Discussant: TBA.

Saturday, December 11th, 2004
Venue:

09.30 - 11.00
.
Ivan Werning (MIT) with George-Marios Angeletos (MIT).
Discussant: Balàzs Szentes (U of Chicago)

11.30 - 13.00
.
Aleh Tsyvinski (UCLA) with Arijit Mukherji ( U. of Minnesota) and Christian Hellwig (UCLA).
Discussant: Juan Dubra (Universidad de Montevideo).

13.00 - 15.30
Lunch

15.30 - 17.00
.
Galina Hale (Yale University) with Mark Carlson (Board of Governors of the Federal Reserve)
Discussant: Ivan Werning (MIT).

Sunday, December 12th, 2004
Venue:

09.30 - 11.00
.
.
José Scheinkman.
Discussant: Fernando Alvarez.

11.30 - 13.00
.
Ana Fostel (Yale University).
Discussant: TBA.

13.00 - 15.00
Lunch

Monday, December 13th, 2004
Venue: New UTDT Campus

09.00 - 10.30
.
Ariel Burstein (UCLA) with Andrew Atkeson (UCLA).
Discussant: Kenneth Kletzer.

11.00 - 12.30
.
Alejandro D. Guerson (World Bank).
Discussant: Rody Manuelli (U. of Wisconsin, Madison).

12.30 - 13.45
Lunch

Conference on Monetary Policy and Financial
Markets in Latin America

Monday, December 13th, 2004
Venue: New UTDT Campus

PRELIMINARY PROGRAM

14.00 - 14.20
Opening Remarks
Andrés Neumeyer (Di Tella).

14.20 - 15.30
The World Bank

Chair: Axel van Trotsenburg (The World Bank).
Panelists: Sergio Schmukler (The World Bank).
Discussants: Claudio Irigoyen (BCRA), Miguel Kiguel (Di Tella).

15.30 - 15.50
Coffee Break

15.50 - 17.00
Interamerican Development Bank.
Social and Economic Progress Report 2005.
.
Chair: Juan Pablo Nicolini (Di Tella).
Panelists: Alejandro Izquierdo (IADB).
Discussants: Mario Vicens (ABA), Marcus Miller (University of Warwick).

17.00 - 17.30
Coffee Break

17.30 – 18.30
Monetary Policy in Argentina and Chile.
Chair: Guillermo Calvo (Chief Economicst, IADB).
Panelists: Martín Redrado (President, BCRA), Vittorio Corbo (President, Banco Central de Chile).

VI Workshop in International Economics and Finance, Buenos Aires, 2003

PROGRAM

Monday, December 8th, 2003
UTDT Campus
Miñones 2177, 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 Aires

Policy 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 Polo

9.00 - 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 Polo

9.00 - 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 discussion

Academic 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 23

Opening
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, Argentina

.

BRAINSTORMING SESSIONS PROGRAM

Monday, 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 Monetarias

Salón Bosch
Banco Central de la República Argentina (BCRA)

This conference is co-organized with the
Latin American and Caribbean Economic Association and the Universidad Torcuato Di Tella.

Jueves, 24 de agosto de 2000

Opening
Pedro Pou, Presidente (BCRA).

New Methods to Measure Credit Risk and their Applications
Chair. Aquiles Almansi, Director, BCRA
Paul Narayanan (Narayanan Consultants)
Tom Wilde (Credit Suisse Financial Products)
Andrew Powell (BCRA).

The Role of Foreign Banks in Latin America.
Chair: Guillermo Lesniewier, Superintendente, BCRA
Eric 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 Unions
Chair: Andrés Neumeyer, Director, Dept. of Economics, UTDT.
Andrew Rose (University of California, Berkeley).

The role of the IMF in Advanced Emerging Countries
Chair: 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 Mercosur
Chair: Guillermo Calvo, University of Maryland and UTDT
Debora 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 Remarks
Chair: Dr Pedro Pou, Presidente, BCRA
José 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 1999

Opening 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.

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

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	*Size-dependent Firm Regulations in a Many-to-one Assignment Model: Talent Misallocation and the Return to Skill* 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

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

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

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	The Unemployment Accelerator 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

IEF Workshop

Tuesday 19th, March , 2019

Lunes, 17 de Marzo de 2008

Auditorio, Sede Miñones