IMF RESMF Newsletter - November 2017

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From: RES, Macro Financial
Sent: ‎28-‎11-‎2017 02:27
To: RES, Macro Financial
Subject: IMF RESMF Newsletter - November 2017

 

November 30, 2017 Issue: 4
	The aim of this semi-annual newsletter is to summarize and facilitate access to recent research and events by the Macro-Financial Division of the IMF Research Department. Happy Holidays and best wishes for 2018!
	Featured Event 1 MONETARY, FINANCIAL AND PRUDENTIAL POLICY INTERACTIONS IN THE POST-CRISIS WORLD A joint BoE–HKMA-IMF conference November 8–9, 2017 The third of this conference series—which aims to provide a forum for leading academics and senior policymakers from across the world to discuss challenges that central bankers and other policymakers face in choosing the optimal mix of monetary, financial, and prudential policies—took place in Washington. Speakers included Viral Acharya, Joshua Aizenman, Gabriel Bernardino, Markus Brunnermeier, Elena Carletti, Mark Flannery, Kristin Forbes, Timothy Geithner, Linda Goldberg, Gita Gopinath, Beverly Hirtle, Sabine Lautenschläger, David Lipton, Andrew Metrick, Atif Mian, Luiz Pereira da Silva, David Ramsden, Adi Sunderam, Lars Svensson, Ernst-Ludwig von Thadden, Beatrice Weder di Mauro, and Motohiro Yogo. See the agenda. See the agenda for 2016 conference held in Hong Kong. See the agenda for 2015 conference held in London. Featured Event 2 FINANCIAL CRISES, INNOVATION, AND REGULATION: ADJUSTMENT AND TRADE-OFFS A joint RESMF–FRBIF research workshop October 27, 2017 In the third installment of this annual event, we brought together economists from the IMF and the Federal Reserve Board to present their recent research and exchange views on financial crises, financial innovation, and financial regulation. Topics covered by the six papers presented ranged from how bank lending is changing in the knowledge economy to the effects of prudential policies on credit. See the agenda and presentations.   Featured Research NEGATIVE INTEREST RATE POLICIES—INITIAL EXPERIENCES AND ASSESSMENTS The depth of the crisis and the weakness of the ensuing recovery led to new ways to implement monetary policy. At the onset of the crisis, central banks in several advanced economies quickly moved policy rates to zero and initiated large-scale asset purchases. In more recent years, with inflation still below target and limited support from fiscal policy, several central banks lowered their policy rates below the previous zero lower bound, embarking on so-called negative interest rate policies (NIRPs).   This paper explores the implications of NIRPs for monetary policy transmission and banks' behavior. It considers potential differences between interest rate cuts in positive versus negative territory on deposit and lending rates, as well as banks' interest rate margins and profitability, and market functioning. The paper focuses on the bank transmission channel, where differences between positive and negative policy rates could arise. Finally, the paper reviews cross-country experiences through case studies. Read the full paper and blog. Upcoming Events   MARCH 22, 2018 Conference on "Financial Inclusion: Drivers and Real Effects" APRIL 11, 2018 IMF RESMF First Annual Macro-Financial Research Conference   Our Team Anil Ari Sophia Chen Jihad Dagher Giovanni Dell'Ariccia Gee Hee Hong Deniz Igan Divya Kirti Lucy Liu Leonardo Martinez Maria Soledad Martinez Peria Camelia Minoiu Damien Puy Pau Rabanal Lev Ratnovski Damiano Sandri
Recent Research✻   Working Papers: Bank Lending in the Knowledge Economy (WP/17/234) Macroeconomic and Distributional Effects of Personal Income Tax Reforms: A Heterogenous Agent Model Approach for the U.S. (WP/17/192) Finance and Employment in Developing Countries: The Working Capital Channel (WP/17/189) Corporate Investment and the Real Exchange Rate (WP/17/183) When Gambling for Resurrection is Too Risky (WP/17/180) Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification (WP/17/146) Financial Frictions and the Great Productivity Slowdown (WP/17/129) Journal Articles: Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States (J Finance 72(2), April 2017; see WP version) Housing Finance and Real Estate Booms: A Cross-Country Perspective (J Housing Econ 38, December 2017; see SDN version) The Macroeconomic Relevance of Bank and Nonbank Credit: An Exploration of U.S. Data (J Finan Stability 32, October 2017; see WP version)   * This is a partial list of our recent research. For more, explore our team members' CVs using the links above on the right.
If you do not wish to receive this newsletter in the future, unsubscribe. To be added to the distribution list, subscribe. For comments and questions, email us at RESMFexternal@imf.org.