International Seminar on Macroeconomics
Organized by Kristin Forbes and Ricardo Reis
June 21-22, 2025
Radisson Blu Resort & Spa, Split, Put Trstenika 19, HR-21000 Split, Croatia (Ballroom, Level 1)
Format: 25 minutes for the author, 15 minutes per discussant, 20 minutes for general discussion.
Saturday, June 21
8:00 am
Breakfast, Restaurant The Fig Leave, Level 1
9:00 am
Welcome by Boris Vujčić, Governor, Croatian National Bank
9:10 am
Welcome and Introductions, Jeffrey A. Frankel, Harvard University and NBER
Session 1. The International Monetary System: The Fed and the ECB at the Centre
Chair: Ricardo Reis, London School of Economics
9:15 am

Central Banker to the World: Foreign Reserve Management and U.S. Money Market Liquidity

Ron Alquist, Managed Funds Association
Robert Jay Kahn, Federal Reserve Board of Governors
Karlye Dilts Stedman, Federal Reserve Bank of Kansas City

Discussants:
Adrien d'Avernas, Stockholm School of Economics
Alan M. Taylor, Columbia University and NBER
10:30 am

Seizing Central Bank Assets?

Massimo Ferrari Minesso, European Central Bank
Tobias Krahnke, European Central Bank
Arnaud J. Mehl, European Central Bank
Isabel Vansteenkiste, European Central Bank

Discussants:
Jeffrey A. Frankel, Harvard University and NBER
Dmitry Mukhin, London School of Economics and Political Science (LSE)
11:45 am
Lunch, Restaurant The Fig Leave, Level 1
12:44 pm
Session 2. The PBoC and the Rising Role of the RMB in the IFM
Chair: Pierre-Olivier Gourinchas, IMF and NBER
12:45 pm

A Nascent International Financial Channel of China’s Monetary Policy Transmission

Chang Ma, Fudan University
Alessandro Rebucci, Johns Hopkins University and NBER
Sili Zhou, University of Macau

Discussants:
Hélène Rey, London Business School and NBER
Shang-Jin Wei, Columbia University and NBER
2:00 pm

How to Grow an Invoicing Currency: Micro Evidence from Argentina

Felipe Benguria, University of Kentucky
Dennis Novy, University of Warwick

Discussants:
Meredith Crowley, University of Cambridge
Ryan Chahrour, Cornell University and NBER
3:15 pm
Break
3:29 pm
Session 3. The International Monetary System: Emerging Markets
Chair: Kenneth D. West, University of Wisconsin - Madison and NBER
3:30 pm

Covered Interest Parity in Emerging Markets: Measurement and Drivers

Mai C. Dao, International Monetary Fund
Pierre-Olivier Gourinchas, University of California, Berkeley and NBER

Discussants:
Saleem Bahaj, University College London
Charles Engel, University of Wisconsin - Madison and NBER
4:45 pm
Adjourn
6:00 pm
Transfer to the city center by bus
Meeting point: hotel lobby
Walking Sightseeing Tour and Dinner in the Centre of Split at the Bajamonti Restaurant
Sunday, June 22
8:00 am
Breakfast, Restaurant The Fig Leave, Level 1
9:00 am
Instruction to authors
9:10 am
Session 4: Fragmentation and Decoupling
Chair: Vivian Yue, Emory University and NBER
9:15 am

Playing with Blocs: Quantifying Decoupling

Barthélémy Bonadio, New York University Abu Dhabi
Zhen Huo, Yale University
Elliot Kang, University of Michigan
Andrei A. Levchenko, University of Michigan and NBER
Nitya Pandalai-Nayar, University of Texas at Austin and NBER
Hiroshi Toma, University of Michigan
Petia Topalova, International Monetary Fund

Discussants:
Thomas Sampson, London School of Economics and Political Science (LSE)
Laura Alfaro, Harvard University and NBER
10:30 am

Granularity in the Current Account

Miriam Koomen, Swiss National Bank
Laurence Wicht, Swiss National Bank

Discussants:
Jurica Zrnc, Croatian National Bank
Menzie D. Chinn, University of Wisconsin - Madison and NBER
11:45 am
Break
11:46 am
Session 5: Fragmentation and Inflation
Chair: Maja Bukovsak, Croatian National Bank
12:00 pm

Trade Fragmentation, Inflationary Pressures and Monetary Policy

Maria Ludovica Ambrosino, London Business School
Jenny Chan, Bank of England
Silvana Tenreyro, London School of Economics and Political Science (LSE)

Discussants:
Mishel Ghassibe, Centre de Recerca en Economia Internacional (CREi)
Linda Tesar, University of Michigan and NBER
1:15 pm
Lunch, Restaurant The Fig Leave, Level 1
2:15 pm
Conference Adjourns
3:44 pm


We are grateful to the Croatian National Bank for its generous assistance and support.