Bank of Israel, Swiss National Bank and the CEPR Conference - Foreign Exchange Market Intervention: Conventional or Unconventional Policy?

07/12/2017
All Press Releases In Subject:
The Foreign Exchange Market
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​​Thursday,
 De​ce​mber 7, 2017

09:00 Welcome - Karnit Flug​, Governor, Bank of Israel

Session I:  Exchange Rate and Foreign Reserves
(Chair: Prof. Olivier Jeanne, Johns Hopkins University)

09:10 Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate
Woo Jin Choi (University of Virginia)
Alan M. Taylor​ (University of California; Davis, NBER and CEPR)
Discussant: Laura Alfaro (Harvard Business School)​




10:00 Managing Capital Outflows with Limited Reserves
Suman S. Basu (International Monetary Fund)
Atish R. Ghosh (International Monetary Fund)

Jonathan D. Ostry (International Monetary Fund)

Pablo E. Winant (Bank of England)

Discussant: Gianluca Benigano (London School of Economics and CEPR)








Session II:  Exchange Rates –Past, Present and Future (Chair: Edward Offenbacher, Bank of Israel)

11:10 Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?
Ethan Ilzetzki (London School of Economics and CEPR)
Carmen M Reinhart (Harvard University and CEPR)
Kenneth S. Rogoff (Harvard University)
Discussant: Harris Dellas (University of Bern and CEPR)​






12:00 Keynote Speaker: Prof. Maurice Obstfeld, Economic Counsellor and

Director of Research, International Monetary Fund and Research Fellow, CEPR

 
“Macrofinancial Shocks and the Trilemma”


Session III:  Intervention – Is it Effective ?

14:00 The Immediate Impact and Persistent Effect of FX Purchases on the Exchange Rate (Chair: Petra Gerlach, Swiss National Bank)
Itamar Caspi (Bank of Israel)
Amit Friedman (Bank of Israel)

Sigal Ribon (Bank of Israel)

Discussant: Lukas Frei,​ (Swiss National Bank)​







14:50 The Dynamic Interaction of the Swiss Franc/Euro Exchange Rate and SNB Sight Deposits: Empirical Evidence from Weekly Data 2009-2017
Peter Kugler (University of Basel/Faculty of Business and Economics)
Discussant: Amit Friedman​​ (Bank of Israel)




16:00 Policy Panel
Chair: Andrew Filardo (BIS)
Jan Bruha   (Czech National Bank)
Niels Lynggard Hansen (Central Bank of Denmark)
Arnor Sighavatsson (Central Bank of Iceland)
Andrew Abir (Bank of Israel)
17:30 Conclusion
19:00 Dinner
The King David Hotel, 23 King David St, Jerusalem
Speaker: Prof. Alex Cukierman​ (Tel Aviv University, IDC and CEPR​)
Friday,
 December 8, 2017

Session IV:  Intervention – Is it Effective? – Some More Evidence (Chair: Michel Strawczynski, Bank of Israel)

08:40 When is Foreign Exchange Intervention Effective? Evidence from 33 Countries
Marcel Fratzscher (DIW Berlin and CEPR)
Oliver Gloede (Swiss National Bank)
Lukas Menkhoff (DIW Berlin)
Lucio Sarno (City University of London and CEPR)
Tobias Stohr (Kiel Institute for the World Economy, DIW Berlin and IZA)
Discussant: Gustavo Adler (International Monetary Fund)
09:30 FX Interventions, Market Expectations, and Risk Premia
Christiane Baumeister (University of Notre Dame and CEPR)
Nelson C. Mark (University of Notre Dame and NBER)
Daniel M. Mershon (University of Notre Dame)
Discussant:  Marcel Fratzscher (DIW Berlin and CEPR)

Session V:  Capital Mobility and Interventions (Chair: Marcel Savioz, Swiss National Bank)

10:40 A Theory of Foreign Exchange Interventions
Sebastian Fanelli (MIT)

Ludwig Straub (MIT)

Discussant: Robert Kollmann (Universite Libre de Bruxelles and CEPR)
11:30 Capital Flows and Foreign Exchange Intervention
Paolo Cavallino​ (International Monetary Fund)
Discussant: Irit Rozenshtrom​ (Bank of Israel)

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