Monday, May 9
9:00 am

Global Demand for Financial Assets, Falling Real Interest Rates and Macroeconomic Instability

Enrique G. Mendoza, University of Pennsylvania and NBER
Vincenzo Quadrini, University of Southern California and NBER

Discussant:
Andrew Atkeson, University of California, Los Angeles and NBER
10:00 am
Break
10:15 am

Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster?

Lawrence Christiano, Northwestern University and NBER
Hüsnü Dalgic, University of Mannheim
Armen Nurbekyan, Central Bank of Armenia

Discussant:
Karen K. Lewis, University of Pennsylvania and NBER
11:15 am
Break
11:30 am

Currency Hedging: Managing Cash Flow Exposure

Liliana Varela, London School of Economics
Laura Alfaro, Harvard University and NBER
Mauricio Calani, Central Bank of Chile

Discussant:
Veronica Rappoport, London School of Economics
12:30 pm
Lunch
2:00 pm

Capital Controls, Corporate Debt and Real Effects

Andrea Fabiani, Bank of Italy
Martha Lopez, Central Bank of Colombia
Jose-Luis Peydro, Universitat Pompeu Fabra
Paul Soto, Federal Reserve Board

Discussant:
Pablo Ottonello, University of Maryland and NBER
3:00 pm
Break
3:15 pm

Debt Moratorium: Theory and Evidence (slides)

Yasin Kürşat Önder, Ghent University
Maria Alejandra Ruiz-Sanchez, Central Bank of Colombia
Mauricio Villamizar-Villegas, Central Bank of Colombia

Discussant:
Paulina Restrepo-Echavarria, Federal Reserve Bank of St. Louis
4:15 pm
Break
4:30 pm

Who Holds Sovereign Debt and Why It Matters

Bryan Hardy, Bank for International Settlements
Karen K. Lewis, University of Pennsylvania and NBER
Xiang Fang, University of Hong Kong

Discussant:
Ester Faia, Goethe University Frankfurt
5:30 pm
Adjourn
Tuesday, May 10
9:00 am

Bank Runs, Fragility, and Credit Easing (slides)

Manuel Amador, University of Minnesota and NBER
Javier Bianchi, Federal Reserve Bank of Minneapolis

Discussant:
Nobuhiro Kiyotaki, Princeton University and NBER
10:00 am
Break
10:15 am

Economic Stabilizers in Emerging Markets: The Case for Trade Credit

Ina Simonovska, University of California, Davis and NBER
Felipe Saffie, University of Virginia and NBER
Bryan Hardy, Bank for International Settlements

Discussant:
Julian di Giovanni, Federal Reserve Bank of New York
11:15 am
Break
11:30 am

Sovereign Debt Standstills

Juan C. Hatchondo, University of Western Ontario
Leonardo Martinez, International Monetary Fund
César Sosa-Padilla, University of Notre Dame and NBER

Discussant:
Harold L. Cole, University of Pennsylvania and NBER
12:30 pm
Lunch
2:00 pm

Open Economy, Redistribution, and the Aggregate Impact of External Shocks (slides)

Haonan Zhou, University of Hong Kong

Discussant:
Adrien Auclert, Stanford University and NBER
3:00 pm
Break
3:15 pm

Optimal Exchange Rate Policy (slides)

Oleg Itskhoki, Harvard University and NBER
Dmitry Mukhin, London School of Economics

Discussant:
Gianluca Benigno, Federal Reserve Bank of New York
4:30 pm
Policy Panel: Emerging Markets Risks and Capital Flows
Pierre-Olivier Gourinchas, Economic Counsellor and Director of Research, International Monetary Fund
Maurice Obstfeld, University of California, Berkeley and NBER
José Darío Uribe, FLAR Executive President
Dr. Mauricio Villamizar, Banco de la República, Co-Director
6:00 pm
Adjourn