Monday, May 20
9:00 am

Arbitraging Covered Interest-Rate Parity Deviations and Bank Lending (slides)

Lorena Keller, University of Pennsylvania

Discussant:
Juliana Salomao, University of Minnesota and NBER (slides)
Break
10:15 am

A Quantitative Theory of Hard and Soft Sovereign Defaults

Pablo A. Guerrón-Quintana, Boston College
Grey Gordon, Federal Reserve Bank of Richmond

Discussant:
Julian Kozlowski, Federal Reserve Bank of St. Louis (slides)
Break
11:30 am

Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds

Matias Moretti, University of Rochester
Lorenzo Pandolfi, CSEF
Sergio L. Schmukler, The World Bank
German Villegas-Bauer, International Monetary Fund
Tomas Williams, George Washington University

Discussant:
Yan Bai, University of Rochester and NBER (slides)
Break
2:00 pm

Sectoral Development Multipliers (slides)

Nicholas Trachter, Federal Reserve Bank of Richmond
Francisco J. Buera, Washington University in St. Louis and NBER

Discussant:
Jorge Miranda-Pinto, International Monetary Fund (slides)
Adjourn
3:15 pm

Devaluations, Deposit Dollarization, and Household Heterogeneity

Francesco Ferrante, Federal Reserve Board
Nils Gornemann, Federal Reserve Board

Discussant:
Alberto Humala, Central Bank Peru (slides)
Break
4:30 pm

Tax Revolts and Sovereign Defaults (slides)

Fernando Arce, Federal Reserve Bank of Chicago
Nicolas D. Werquin, Federal Reserve Bank of Chicago

Discussant:
Leonardo Martinez, International Monetary Fund
Adjourn
Tuesday, May 21
9:00 am

Monetary Policy and the Short-Rate Disconnect in Emerging Economies

Pierre De Leo, University of Maryland
Gita Gopinath, International Monetary Fund
Ṣebnem Kalemli-Özcan, Brown University and NBER

Discussant:
Pablo Ottonello, University of Maryland and NBER
Break
10:15 am

The Surge in Emerging Markets' International Reserves and the Rise in Global Volatility

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

Discussant:
Luis Gonzalo Llosa Velásquez, Universidad del Pacífico
Break
11:30 am

Capital Flows, Structural Change, and Productivity Growth (slides)

Paul Bergin, University of California, Davis and NBER
Ju H. Pyun, Korea University
Woo Jin Choi, University of Seoul

Discussant:
Juan M. Sanchez, Federal Reserve Bank of St. Louis
Lunch
2:00 pm

Inflation and Capital Flows (slides)

Julien Bengui, Bank of Canada
Louphou Coulibaly, University of Wisconsin-Madison and NBER

Discussant:
Roberto Chang, Rutgers University and NBER (slides)
Break
3:15 pm

Models of Balance of Payments Crisis with Capital Controls (slides)

Pablo A. Neumeyer, Universidad Torcuato Di Tella
Emilio c. Espino, Universidad Torcuato Di Tella
Alfonso Gauna, Universidad Torcuato Di Tella

Discussant:
Manuel Amador, University of Minnesota and NBER
Break
4:30 pm
Policy Panel: Fiscal and Monetary Challenges in Emerging Markets
Timothy Kehoe, University of Minnesota and NBER
Federico Sturzenegger, Universidad San Andres
Jose Uribe, Executive President of FLAR
Julio Velarde, Governor of the Central Bank of Peru