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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
CENTRAL BANK OF TURKEY
Laurence M. Ball, Sebnem Kalemli-Ozcan, Turalay Kenc, Organizers Yusuf Soner Baskaya, Local Organizer
“Monetary Policy and Financial Stability In Emerging Markets” June 13-14, 2014 The Grand Tarabya Hotel, Istanbul, Turkey PRELIMINARY PROGRAM
Friday, June 13 - Grand Ballroom
8:30 – 9:45	Registration
9:45 – 10:00	Opening Remarks Turalay Kenç, CBRT Sebnem Kalemli-Ozcan, University of Maryland and NBER
10:00 – 11:00	Kristin Forbes, Massachusetts Institute of Technology and NBER Michael W. Klein, Tufts University and NBER Shifting from a Salsa to a Waltz: The Consequences of Policy Responses During Global Booms (slides) Discussants: Sebnem Kalemli-Ozcan, University of Maryland and NBER (slides) Beatrice Weder di Mauro, Universty de Mainz (slides)
11:00 – 11:15	Coffee Break
11:15 – 12:15	Markus K. Brunnermeier, Princeton University and NBER Yuliy Sannikov, Princeton University International Credit Flows, Pecuniary Externalities, and Capital Controls (slides) Discussants: Cedric Tille, Geneva Institute (slides) Rakesh Mohan, International Monetary Fund (slides)
12:15 – 14:30	Lunch Limani Restaurant, The Grand Tarabya Hotel
14:30 – 15:30	Laura Alfaro, Harvard University and NBER Anusha Chari, University of North Carolina, Chapel Hill and NBER Fabio Kanczuk, University of Sao Paolo The Real Effects of Capital Controls: Liquidity Constraints and Firm Investment (slides) Discussants: Elias Papaioannou, London Business School and NBER (slides) Turalay Kenc, Central Bank of Turkey (slides)
15:30 – 15:45	Coffee Break
15:45 – 16:45	Olivier J. Blanchard, International Monetary Fund and NBER Jonathan D. Ostry, International Monetary Fund Atish R. Ghosh, International Monetary Fund Marcos Chamon, International Monetary Fund Managing Capital Flows: How to Combine Capital Controls, Macro Prudential Tools, FX Intervention, and the Policy Rate (slides) Discussants: Erdem Basci, Central Bank of Turkey (slides) Mark Aguiar, Princeton University and NBER (slides)
16:45 – 17:00	Coffee Break
17:00 – 18:00	Emmanuel Farhi, Harvard University and NBER Ivan Werning, Massachusetts Institute of Technology and NBER Dilemma not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows. (slides) Discussants: Julien Bengui, University of Montreal (slides) Ceyla Pazarbasioglu, International Monetary Fund (slides)
18:00	Adjourn
19:00 – 22:00	Coctail Reception and Conference Dinner The Panorama & Terrace, The Grand Tarabya Hotel Speaker: Olivier J. Blanchard, International Monetary Fund and NBER
Saturday, June 14 - Grand Ballroom
9:00 – 10:00	Anton Korinek, Johns Hopkins University and NBER Damiano Sandri, International Monetary Fund Capital Controls or Macroprudential Regulation? (slides) Discussants: Pierre Olivier Gourinchas, University of California at Berkeley and NBER (slides) Manuel Ramos-Francia, Banco de Mexico (slides)
10:00 – 10:15	Coffee Break
10:15 – 11:15	Julien Bengui, Université de Montréal Javier Bianchi, University of Wisconsin, Madison and NBER Capital Flow Management when Capital Controls Leak (slides) Discussants: Michael Klein, Tufts University (slides) Marcel Fratzscher, DIW (slides)
11:15 – 11:30	Coffee Break
11:30 – 12:30	Koray Alper, Central Bank of Turkey Mahir Binici, Central Bank of Turkey Selva Demiralp, Koc University A. Hakan Kara, Central Bank of Turkey Pinar Ozlu, Central Bank of Turkey Required Reserves, Liquidity Risk, and Credit Growth (slides) Discussants: Phillippe Bacchetta, University of Lausanne (slides) Gaston Gelos, International Monetary Fund (slides)
12:30 – 14:00	Lunch The Panorama, The Grand Tarabya Hotel
14:00 – 15:00	Pablo Mariano Federico, BlackRock, Inc. Carlos A. Vegh, Johns Hopkins University and NBER Guillermo Vuletin, Brookings Institution Effects and Role of Macroprudential Policy: Evidence from Reserve Requirements based on a Narrative Approach (slides) Discussants: Robert Kollmann, ECARES (slides) Luc Laeven, International Monetary Fund (slides)
15:00 – 15:15	Coffee Break
15:15 – 16:15	Cecilia Dassatti, Central Bank of Uruguay Jose-Luis Peydro, Universitat Pompeu Fabra Macroprudential and Monetary Policy: Loan-Level Evidence from Reserve Requirements Discussants: Sumru Altug, Koc University (slides) Stijn Classens, International Monetary Fund (slides)
16:15 – 16:30	Coffee Break
16:30 – 18:30	Policy Panel Turalay Kenc, Central Bank of Turkey Jose de Gregorio, Universidad de Chile (slides) Paul Tucker, Harvard University (slides) Jeff Frankel, Harvard University and NBER (slides)
18:30	Adjourn