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The Annual Economic Conference on The Future of the International Monetary and Financial System took place on November 7 and 8, 2023 and was held both in-person and virtually.

About the conference

Policy makers and researchers discussed matters such as exchange rates, capital flows, international shock transmission and policy cooperation. The keynote address was given by Pierre-Olivier Gourinchas of the International Monetary Fund and University of California Berkeley and a panel discussed current issues and challenges.

Program: Tuesday, November 7 (AM)

Welcome and opening remarks

08:45–9:00 (ET)

Tiff Macklem (Bank of Canada)

Morning session: Monetary and exchange rate policy

Chair: Oleksiy Kryvtsov (Bank of Canada)

Optimal exchange rate policy

09:00–09:45 (ET)

  • Presenter: Dmitry Mukhin (London School of Economics)
  • Oleg Itskhoki (University of California Los Angeles)
  • Discussant: Emine Boz (International Monetary Fund)

Exchange rates and monetary policy with heterogeneous agents: Sizing up the real income channel

09:45–10:30 (ET)

  • Presenter: Matthew Rognlie (Northwestern University)
  • Adrien Auclert (Stanford University)
  • Martin Souchier (Stanford University)
  • Ludwig Straub (Harvard University)
  • Discussant: Sushant Acharya (Bank of Canada)

John Kuszczak Memorial Lecture

11:00–12:00 (ET)

The international monetary and financial system: Current and future challenges

  • Introduction: Sharon Kozicki (Bank of Canada)
  • Keynote: Pierre-Olivier Gourinchas (International Monetary Fund and University of California Berkeley)

Program: Tuesday, November 7 (PM)

Afternoon session 1: Capital flows and the global financial cycle

Chair: Ben Tomlin (Bank of Canada)

Global footprints of monetary policies

13:30–14:15 (ET)

  • Presenter: Silvia Miranda-Agrippino (Federal Reserve Bank of New York)
  • Tsvetelina Nenova (London Business School)
  • Hélène Rey (London Business School)
  • Discussant: Galina Hale (University of California Santa Cruz)

Collateral advantage, exchange rates, capital flows and global cycles

14:15–15:00 (ET)

  • Presenter: Michael Devereux (University of British Columbia)
  • Charles Engel (University of Wisconsin)
  • Steve Pak Yeung Wu (University of California San Diego)
  • Discussant: Santiago Camara (McGill University)

Afternoon session 2: Exchange rate risk and hedging

Chair: Sermin Gungor (Bank of Canada)

Dollar asset holding and hedging around the globe

15:30–16:15 (ET)

  • Presenter: Amy Wang Huber (University of Pennsylvania)
  • Wenxin Du (University of Chicago)
  • Discussant: Robert Richmond (New York University)

Exchange rate risk in public firms

16:15–17:00 (ET)

  • Presenter: Adrien Verdelhan (Massachusetts Institute of Technology)
  • Patrick Adams (Massachusetts Institute of Technology)
  • Discussant: Felipe Saffie (University of Virginia)

Program: Wednesday, November 8

Morning session: Policy coordination and spillovers

Chair: Joel Rodrigue (Bank of Canada)

Demand imbalances, global inflation and monetary policy coordination

09:00–09:45 (ET)

  • Presenter: Javier Bianchi (Federal Reserve Bank of Minneapolis)
  • Louphou Coulibaly (University of Wisconsin)
  • Discussant: Paolo Pesenti (Federal Reserve Bank of New York)

Currency wars, trade wars and global demand

09:45–10:30 (ET)

  • Presenter: Olivier Jeanne (Johns Hopkins University)
  • Discussant: Federica Romei (Oxford University)

Panel discussion: Implications of fragmentation for the global economy

11:00–12:15 (ET)

Moderator: Paul Beaudry (University of British Columbia)

  • Laura Alfaro (Harvard University)
  • Signe Krogstrup (Danmarks Nationalbank)
  • John Murray (former Bank of Canada)

Closing remarks

12:15–12:20 (ET)

Content Type(s): Conferences and workshops

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