Monetary Policy in Emerging Markets
Organized by Mark A. Aguiar, Ṣebnem Kalemli-Özcan, and Linda Tesar
Supported by Central Bank of Turkey
May 6-8, 2025
Istanbul Financial Center, Istanbul Turkey
Format for the meeting: 25 minutes for presentations, 10 minutes for discussants, 10 minutes of Q&A
Wednesday, May 7

Business Attire
8:00am
Shuttle Bus leaving the hotel for Istanbul Financial Center
8:30am

Registration
Meeting Room Foyer, Istanbul Financial Center
9:00am

Opening Remarks
Mark Aguiar, Princeton University and NBER
9:15am

The Ins & Outs of Chinese Monetary Policy Transmission (slides)

Silvia Miranda-Agrippino, Federal Reserve Bank of New York
Tsvetelina Nenova, Bank for International Settlements
Hélène Rey, London Business School and NBER

Discussant:
Zhengyang Jiang, Northwestern University and NBER
10:05 am

Welcoming Remarks
Mehmet Şimşek, Minister of Treasury and Finance of Türkiye
10:30am

Family Photo and Coffee Break
10:45am

Central Banks and the Absorption of International Shocks (1891-2019)

Guillaume Bazot, University Paris 8
Eric Monnet, Paris School of Economics
Matthias Morys

Discussant:
Alessandro Rebucci, Johns Hopkins University and NBER
11:30am
Break
11:45am

The Exchange Rate as an Industrial Policy

Pablo Ottonello, University of Maryland, College Park and NBER
Diego J. Perez, New York University and NBER
William Witheridge, University of Maryland, College Park

Discussant:
Alessandro Dovis, University of Pennsylvania and NBER
12:30pm
Lunch
1:30pm

Strike while the Iron is Hot – Optimal Monetary Policy under State-Dependent Pricing

Ernesto Pastén, Central Bank of Chile
Peter Karadi, European Central Bank
Anton A. Nakov, European Central Bank
Galo Nuño, Banco de España
Dominik Thaler, Banco de España

Discussant:
Filiz D. Unsal, Organisation for Economic Co-operation and Development (OECD)
2:15pm
Break
2:30pm

Accounting for Credibility: Monetary-Fiscal Interactions and the Credibility of Central Bank Mandates

Luigi Bocola, Stanford University and NBER
Gastón Chaumont, University of Rochester
Alessandro Dovis, University of Pennsylvania and NBER
Rishabh Kirpalani, University of Wisconsin - Madison

Discussant:
Paul Fontanier, Yale University
3:15pm
Break
3:25pm

Conference Keynote and Fire Side Chat: 
Introduction by Sebnem Kalemli-Ozcan, Brown University and NBER
3:30pm

Keynote
Gita Gopinath, First Deputy Managing Director, International Monetary Fund
Monetary Policy in Emerging Markets
4:00pm

Fire Side Chat
Gita Gopinath, First Deputy Managing Director, International Monetary Fund
Governor Fatih Karahan, Governor, Central Bank of the Republic of Türkiye 
Follow by Q & A

Moderator: Sebnem Kalemli-Ozcan, Brown University and NBER

Chatham House Rule: https://www.chathamhouse.org/about-us/chatham-house-rule
5:15pm

Transfer from Istanbul Financial Center to Wyndham Grand İstanbul Kalamış Marina Hotel
6:30pm

Boat Tour Bosphorus
(leaving from Wyndham Hotel Dock)
8:00pm

Gala Dinner at Feriye Ortakoy
Thursday, May 8

Business Casual
8:00am

Transfer from Wyndham Grand İstanbul Kalamış Marina Hotel to Istanbul Financial Center
8:30am

Sanctions and the Exchange Rate

Oleg Itskhoki, Harvard University and NBER
Dmitry Mukhin, London School of Economics and Political Science (LSE)

Discussant:
Rohan Kekre, University of Chicago and NBER
9:15am
Break
9:30am

Natural Resources and Sovereign Risk in Emerging Economies: A Curse and a Blessing

Franz Hamann, Bank of the Republic, Colombia
Juan Camilo Mendez-Vizcaino, Banco de la Republica de Colombia
Enrique G. Mendoza, University of Pennsylvania and NBER
Paulina Restrepo-Echavarria, Federal Reserve Bank of St. Louis

Discussant:
Albert Queralto, Federal Reserve Board of Governors
10:15am
Break
10:30am

Global Investors in Local-Currency Bond Markets: Implications for Bond Yields and Exchange Rates

Pierre De Leo, University of Maryland, College Park
Lorena Keller, University of Pennsylvania
Giuliano Ariel Simoncelli, University of Maryland, College Park
Mauricio Villamizar-Villegas, Central Bank of Colombia
Tomas Williams, The George Washington University

Discussant:
Bryan Hardy, Bank for International Settlements
11:15am
Break
11:30am

Trade Credit and Exchange Rate Risk Pass Through

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

Discussant:
Bruno Pellegrino, Columbia University and NBER
12:15pm
Lunch
1:30pm

Foreign Currency Debt and Network Externalities

Salih Fendoglu, International Monetary Fund
Eda Gulsen, Central Bank of the Republic of Türkiye (CBRT)
Jose-Luis Peydro, Luiss University

Discussant:
Muhammed A. Yildirim, Harvard University
2:15pm
Break
2:30pm

Inflation Expectations and Firms' Decisions in High Inflation: Evidence from a Randomized Control Trial (slides)

Okan Akarsu, Central Bank of the Republic of Türkiye (CBRT)
Emrehan Aktug, Sabanci University
Huzeyfe Torun, Central Bank of the Republic of Türkiye (CBRT)

Discussant:
Deniz Aydin, Washington University in St Louis
3:15pm
Break
3:30pm

A Model of Global Spillovers of U.S. Uncertainty Shocks

Ozge Akinci, Federal Reserve Bank of New York
Ṣebnem Kalemli-Özcan, Brown University and NBER
Albert Queralto, Federal Reserve Board of Governors

Discussant:
Yan Bai, University of Rochester and NBER
4:15pm
Break
4:30pm

Conversations on Financial Regulation and Monetary Policy Transmission:
Helene Rey, LBS, Member of External Advisory group to IMF Managing
   Director and former member of the Haut Conseil de Stabilite Financiere
Luc Laeven, Director General of the European Central Bank
Elias Papaioannou, LBS , Co-Director LBS Wheeler Institute for Business and Development

Moderator: Sebnem Kalemli-Ozcan, Brown University and NBER

Chatham House Rule: https://www.chathamhouse.org/about-us/chatham-house-rule
5:45pm

Closing Remarks
Linda Tesar, University of Michigan and NBER
6:30pm

Transfer from Istanbul Financial Center to Wyndham Grand İstanbul Kalamış Marina Hotel
7:30pm

Transfer from Wyndham Grand İstanbul Kalamış Marina Hotel to Lacivert
8:00pm

Dinner hosted by the Central Bank of the Republic of Türkiye
Lacivert Restaurant, Beykoz