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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




Friday, June 13  -  Grand Ballroom


8:30 – 9:45





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)


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)



Cedric Tille, Geneva Institute (slides)

Rakesh Mohan, International Monetary Fund (slides)

12:15 – 14:30


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)


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)


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)


Julien Bengui, University of Montreal (slides)

Ceyla Pazarbasioglu, International Monetary Fund (slides)



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)


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)


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)


Phillippe Bacchetta, University of Lausanne (slides)

Gaston Gelos, International Monetary Fund (slides)

12:30 – 14:00


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)


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


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)