Conference on
Incorporating
Financial Stability into Inflation Targeting
November
25-26, 2011, Istanbul
Grand Hyatt Istanbul
Participation
to the conference is by invitation only.
|
The Central Bank of the Republic of Turkey is organizing
a conference on “Incorporating Financial Stability into Inflation Targeting”
on November 25-26, 2011, in Istanbul. The conference will bring central
bankers and economists at other policy institutions together with academics
to present recent advances in theoretical and empirical work on the
interaction between financial stability and monetary policy. The main
objective of the conference is to discuss new challenges faced by central
banks in the aftermath of the global financial crisis. The sessions are organized around
two central themes. First theme is on how monetary transmission mechanism
would work in a setup that incorporates financial intermediation and
financial markets. Transmission channels of macroprudential policy
instruments, such as reserve requirements, capital adequacy ratios,
loan-to-value ratios, liquidity requirements, or taxes on certain types of
short-term capital flows, and policy coordination between central banks and
financial/banking supervisors are all within the scope of this theme. Second
theme is on the operational framework for incorporating financial stability
into an inflation targeting framework. This theme is supported also by
country experiences and case studies. |
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Incorporating Financial
Stability into Inflation Targeting |
|
|
Friday,
November 25, 2011 |
|
|
8:00
– 9:00 |
Registration |
|
9:00
– 9:15 |
Opening remarks Erdem Başçı,
Governor, Central Bank of the Republic of Turkey |
|
9:15
– 10:00 |
Keynote address Central banking post-crisis:
beyond inflation targeting? Claudio
Borio, Bank for International Settlements (BIS) |
|
10:00
– 10:30 |
Coffee
break |
|
Session 1 Session
chair: Şebnem Kalemli-Özcan,
Koç University, Harvard University, NBER, CEPR |
|
|
10:30
– 11:10 |
Macro-financial linkages:
evidence and policy Ayhan Köse,
International Monetary Fund (IMF) |
|
11:10
– 11:50 |
Bank leverage regulation and
macroeconomic dynamics Césaire Meh, Bank of Canada |
|
11:50
– 12:30 |
Reserve requirements for
macroeconomic and financial stability – when are they effective? Pascal
Towbin, Bank of France |
|
12:30
– 14:00 |
Lunch |
|
14:00
– 14:15 |
Photography
session |
|
|
|
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14:15
– 15:00 |
Keynote address Risk shocks Lawrence
Christiano, Northwestern University |
|
15:00
– 15:30 |
Coffee
break |
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Session 2 Session
chair: Mehmet Yörükoğlu, Central Bank of the Republic of Turkey |
|
|
15:30
– 16:10 |
Issues in extending
inflation forecast targeting regimes with countercylical
macro prudential rules Douglas
Laxton, International Monetary Fund (IMF) |
|
16:10
– 16:50 |
Macroprudential policy and
the conduct of monetary policy Benoît Mojon,
Bank of France |
|
16:50
– 17:30 |
Curbing the credit cycle:
the role of countercyclical macroprudential
policies David
Aikman, Bank of England |
|
17:30
– 18:10 |
Liquidity policies and bank
lending Timur Hülagü,
Central Bank of the Republic of Turkey |
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Saturday,
November 26, 2011 |
|
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9:00
– 9:45 |
Keynote address The credit-to-GDP gap and systemic risk Frank
Smets, European Central Bank (ECB) |
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Session 3 Session
chair: Turalay Kenç,
Central Bank of the Republic of Turkey |
|
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9:45
– 10:25 |
Monetary and
macroprudential policies: an integrated analysis Gianluca Benigno,
London School of Economics |
|
10:25
– 11:05 |
Macroprudential regulation
versus mopping up after the crash Anton
Korinek, University of Maryland |
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11:05
– 11:35 |
Coffee
break |
|
Panel Session Session
chair: Erdem Başçı,
Central Bank of the Republic of Turkey |
|
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11:35
– 13:15 |
José
De Gregorio Rebeco, Governor, Central Bank of Chile |
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Luiz Awazu Pereira da
Silva, Deputy Governor, Central Bank of Brazil |
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Erdem Başçı,
Governor, Central Bank of the Republic of Turkey |
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For questions and further information please
contact protocol@tcmb.gov.tr.