Boston Policy Workshop 
Co-hosted by the Central Bank Research Association (CEBRA) and the Federal Reserve Bank of Boston
The Central Bank Research Association (CEBRA) and the Federal Reserve Bank of Boston are co-hosting the "Boston Policy Workshop". The workshop will bring together policymakers and researchers from across the globe to present policy-relevant work and discuss current issues and challenges in monetary policy and financial stability.
After the recent global financial crisis, financial stability risks have come to the forefront of policy discussions. Central banks around the globe have addressed financial instability with different tools, including extraordinary monetary policy measures. Other approaches have favored the implementation of macroprudential policies to minimize externalities caused by a large ex-post decline in asset values. Regarding monetary policy, the key issue of concern is the extended recovery period during which central banks have kept interest rates at very low levels, a period far longer than what almost anyone would have initially expected. Overall, policy makers have faced a complex situation, which has generated a sizable demand for economic and financial research on these relevant topics.
Agenda
Breakfast/Registration
Welcome and Introductory Remarks
Jose Fillat
Senior Economist
Federal Reserve Bank of Boston
Session I: Capital and Liquidity
"The Macroeconomics of Bank Capital and Liquidity Regulations"
Frederic Boissay
Senior Economist
Bank of International Settlements
Download Research Paper (pdf) Download Slides (pdf)
"The Real Effects of Financial Networks"
Co-Pierre Georg
Research Economist
Deutsche Bundesbank
Download Research Paper (pdf) Download Slides (pdf)
"International Credit Supply Shocks"
Alessandro Rebucci
Assistant Professor
Johns Hopkins Carey Business School
Break
Session II: Macroprudential and Financial Stability
"Calibrating Macroprudential Policy to Forecasts of Financial Stability"
Jose Lopez
Vice President, Financial Stability Research
Federal Reserve Bank of San Francisco
Download Research Paper (pdf) Download Slides (pdf)
"Targeting Financial Stability: Macroprudential or Monetary Policy?"
Sujit Kapadia
Head of Research
Bank of England
Lunch
Session III: Monetary Policy, Conventional and Unconventional
"The Dynamic Effects of Forward Guidance Shocks"
Brent Bundick
Economist
Federal Reserve Bank of Kansas City
Download Research Paper (pdf) Download Slides (pdf)
"The Expansionary Lower Bound: A Theory of Contractionary Monetary Easing"
Damiano Sandri
Senior Economist
International Monetary Fund
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"Competition and the Pass-through of Unconventional Monetary Policy: Evidence from TLTROs"
Davide Fantino
Advisor
Banca d'Italia
Download Research Paper (pdf) Download Slides (pdf)
"Does a Big Bazooka Matter? Central Bank Balance-Sheet Policies and Exchange Rates"
Luca Dedola
Adviser, Monetary Policy Research Division
European Central Bank
Break
Session IV: Financial Frictions and Monetary Policy
"Income Inequality, Financial Crises and Monetary Policy"
Jae Sim
Principle Economist, Research & Statistics
Federal Reserve Board of Governors
Download Research Paper (pdf) Download Slides (pdf)
"Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies"
Victoria Nuguer
Research Economist
Inter-American Development Bank
Download Research Paper (pdf) Download Slides (pdf)
"The Dollar, Bank Leverage and the Deviation from Covered Interest Parity"
Stefan Avdjiev
Senior Economist & Deputy Head of International Banking and Financial Statistics
Bank of International Settlements
Adjournment
Lodging & Dining
| Boston Harbor Hotel ** 70 Rowes Wharf, Boston, MA 02103 (617) 439-7000 Location: Downtown/Financial District .4 miles to South Station |
The Westin Boston Waterfront 425 Summer St, Boston, MA 02210 866-573-4235 Location: Waterfront/Seaport .7 miles to South Station |
| Club Quarters-Boston ** 161 Devonshire Street, Boston, MA 02110 (617) 960-9100 Location: Downtown/Financial District .3 miles to South Station |
Langham Hotel ** 250 Franklin Street, Boston, MA 02108 (617) 451-1900 Location: Downtown/Financial District .3 miles to South Station |
| Harborside Inn-Boston 185 State Street, Boston, MA 02109 (617) 723-7500 Location: Downtown Boston .5 miles to South Station |
Marriott's Custom House 3 McKinley Square, Boston, MA 02109 (617) 310-6300 Location: Faneuil Hall |
| Hyatt Regency Boston - Financial District ** One Avenue de Lafayette, Boston, MA 02111 (617) 912-1234 Location: Downtown/Financial District/Theatre .3 miles to South Station |
Marriott Hotel-Long Wharf 296 State Street, Boston, MA 02109 (617) 227-0800 Location: Downtown/ North End .6 miles to S. Station |
| Hilton Boston Financial District 89 Broad Street, Boston, MA 02110 (617) 556-0006 Location: Downtown/Financial District .4 miles to South Station |
Residence Inn by Marriott Boston Downtown Seaport 370 Congress St, Boston, MA, 02210 866-538-6252 Location: Seaport .4 miles to South Station |
| Boston Omni Parker House Hotel 60 School St, Boston, MA 02108 866-539-5067 Location: Theatre District .5 miles to South Station |
Ritz Carlton - Boston Common 10 Avery Street, Boston, MA 02111 (617) 574-7100 Location: Downtown/Financial District .4 miles to South Station |
| Nine Zero Hotel, a Kimpton Hotel 90 Tremont St, Boston, MA 02108 866-539-9234 Location: Theatre District .5 miles to South Station |
Millennium Bostonian Hotel ** 26 North Street, Boston, MA, 02109 617-523-3600 Location: Faneuil Hall |
| W Boston 100 Stuart Street, Boston, MA 02116 866-925-8709 Location: Theatre District .5 miles to South Station |
Godfrey Hotel 505 Washington Street, Boston, MA 02111 617-804-2000 Location: Downtown |
| ** Indicate hotels commonly used | |