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IM-TCD-ND Workshop on:
International Macroeconomics and Capital Flows

Dublin - June 19-20, 2017


Monday 19th June 2017

8:30-8:50                 Registration and coffee break

8:50-9:00                 Welcome by Agustín Bénétrix and César Sosa-Padilla

International Banking

Chair: Agustín Bénétrix (Trinity College Dublin, IM-TCD)


“International Expansion and Riskiness of Banks,” by Ester Faia (Goethe University Frankfurt), Gianmarco Ottaviano (LSE) and Irene Sanchez Arjona (Catholic University, Milan)

Discussant: Mary Everett (Central Bank of Ireland)


“U.S. Monetary Policy and Fluctuations of International Bank Lending,” by Stefan Avdjiev (BIS) and Galina Hale (San Francisco Fed)

Discussant: Livio Stracca (European Central Bank)

11:00-11:30                        Coffee break


Sovereign Debt

Chair: César Sosa-Padilla (University of Notre Dame)


“Optimal Austerity,” by Juan Carlos Conesa (Stony Brook), Timothy J. Kehoe (Minnesota and MN Fed) and Kim J. Ruhl (Penn State)

Discussant: Amanda Michaud (Indiana)

12:30-14:00                     Lunch (Science Gallery)


“Non-Exclusivity Externality in Sovereign Bond Markets,” by Roberto Pancrazi (Warwick) and Luca Zavalloni (Warwick)

Discussant: Leonardo Martinez (IMF)


“Sovereign Cocos and the Reprofiling of Debt Payments,” by Juan Carlos Hatchondo (Indiana), Yasin Kursat Onder (Central Bank of Turkey), Leonardo Martinez (IMF) and Francisco Roch (IMF)

Discussant: Sewon Hur (Pittsburg)

16:30-17:00                        Coffee break


Keynote (Swift Theatre, room 2041A) - Michael Devereux

(UBC) “Monetary and Exchange Rate Policy with Endogenous Financial Constraints”  

19:00-21:00                        Dinner (by invitation only)


Tuesday 20th June 2017

8:00-8:30                 Coffee break

International Macro and Capital flows

Chair: Patrick Honohan (Trinity College Dublin, IM-TCD)


“Can Sticky Quantities Explain Exchange Rate Disconnect?,” by Doireann Fitzgerald (MN Fed), Yaniv Yedid-Levi (UBC) and Stefanie Haller (UCD)

Discussant: Michael Devereux (UBC)


“Downward Wage Rigidity and Wage Restraint,” by Martin Wolf (Bonn)

Discussant: Gabriel Fagan (Central Bank of Ireland)

10:30-11:00                        Coffee break


"Fiscal Policy, Sovereign Risk, and Unemployment," Javier Bianchi (MN Fed), Pablo Ottonello (University of Michigan) and Ignacio Presno (Federal Reserve Board)

Discussant: Axelle Ferriere (EUI)


“Portfolio Inflows Trumping Banking Inflows: Alternative Facts?,” by Eugenio Cerutti (IMF) and Gee Hee Hong (IMF)

Discussant: Rhiannon Sowerbutts (Bank of England)

13:00-13:10                        Closing remarks