2nd ERSA/CEPR Workshop on Macroeconomic Policy in Emerging Markets

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Background and Objective: Macroeconomic policy in emerging markets is facing the multiple challenges of an uncertain global environment, increasing world interest rates and a limited fiscal space after unprecedented global shocks. At the same time emerging markets are becoming increasingly important both as determinants of the world economic outlook and centers of policy innovation and experimentation.

The 2^nd ERSA/CEPR on Macroeconomic Policy in Emerging Markets is dedicated to exploring and discussing research on the challenges to macroeconomic policy in emerging markets, the policy options available to them and the instruments to be developed to inform and monitor policy.

Thursday 25th of January
8.30–9.00	Registration
9.00 – 11.00	Keynotes I	Chair: Nicola Viegi (University of Pretoria and ERSA)
9.00 – 10.00	Paper 1 (Download here)	Georgios Georgiadis (European Central Bank) Global spillovers from multi- dimensional US monetary policy
	Discussant	Giovanni Ricco (École Polytechnique and CEPR)
10.00 – 11.00	Paper 2 (Download here)	Cristian Cuevas (Universidad de Los Andes) Safe Assets in Emerging Market Economies
	Discussant	Refet Gürkaynak (Bilkent University and CEPR)
11.00 – 11.30	Coffee Break
11.30 – 12.30	Keynote	Chair: Refet Gürkaynak (Bilkent University and CEPR)
	Keynote address	Pierre-Olivier Gourinchas (IMF Economic Counsellor and Director of the Research Department)
12.30 – 14.00	Lunch
14.00 – 16.00	Session 2	Chair: Giovanni Ricco (École Polytechnique and CEPR)
14.00 – 15.00	Paper 3 (Download here)	Luciana Juvenal (IMF) Unveiling the Dance of Commodity Prices and the Global Financial Cycle
	Discussant	Romain Houssa (University of Namur)
15.00 – 16.00	Paper 4 (Download here)	Ingomar Krohn (Bank Of Canada) Foreign Investor Feedback Trading in an Emerging Market
	Discussant	Lebogang Mateane (UCT)
16.00-16.30	Tea break
16.30-17.30	Session 3	Research Clinic
19.00 – 22.00	Conference Dinner	De Kloof Restaurant

Friday 26th of January
8.30 – 10.30		Chair: Ozer Karagedikli (Asian School of Business)
8.30 – 09.30	Paper 5 (Download here)	Dmitry Mukhin (London School of Economics and CEPR) Optimal Exchange Rate Policy
	Discussant	Nicola Viegi (University of Pretoria and ERSA)
09.30 – 10.30	Paper 6 (Download here)	Ambrogio Cesa-Bianchi (Bank of England and CEPR) Capital Flows and Exchange Rates: A Quantitative Assessment of the Dilemma Hypothesis
	Discussant	Tatjana Schulze (IMF)
10.30 – 11.00	Coffee Break
11.00 – 13.00	Session 4	Chair: Augustin Diaz (Bank of Chile)
11.00 – 12.00	Paper 7 (Download here)	Serra Pelin (UC Berkeley) Effectiveness of Sterilized Foreign Exchange Intervention under Imperfect Financial Markets
	Discussant	Guanling Liu (Stellenbosch University and ERSA)
12.00 – 13.00	Paper 8 (Download here)	Ganesh Viswanath Natraj (University of Warwick) FX Interventions, Signalling and Intermediation Constraints
	Discussant	Ozer Karagedikli (Asian School of Business)
13.00 – 14.00	Lunch
14.00 – 16.00	Session 5	Chair: Tatjana Schulze (IMF)
14.15 – 15.00	Paper 9 (Download here)	Tumisang Loate-Ntsoko (University of Pretoria) Unintended consequences of tax cuts in South Africa
	Discussant	Augustin Diaz (Bank of Chile)
15.00 – 16.00	Paper 10 (Download here)	Arthur Galego Mendes (World Bank) The Macroeconomic Effects of Cash Transfers: Evidence from Brazil
	Discussant	Jesse Naidoo (University of Pretoria)
16.00 – 17.00	Paper 11 (Download here)	Yannick Timmer (Federal Reserve Board) Intervening against the Fed
	Discussant	Ekaterina Pirozhkova (SARB and University of Pretoria)

Organising committee:
Sofía Bauducco (Central Bank of Chile)
Refet S. Gürkaynak (Bilkent University and CEPR)
Özer Karagedikli (Asia School of Business)
Mamokete Ljane (Standard Bank and ERSA)
Giovanni Ricco (École Polytechnique, University of Warwick, CEPR, ERSA)
Xolani Sibande (South African Reserve Bank)
Nicola Viegi (University of Pretoria and ERSA)

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