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Conference room CVII, second floor
| 9.00-9.15 a.m. | Welcome by F. Smets (European Central Bank) |
| Session 1: Exchange rates and fundamentals Chairman: F. Smets (European Central Bank) |
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| 9.00-9.15 a.m. | Order flows and the exchange rate disconnect puzzle *M. Evans (Georgetown University), paper, presentation Discussant: P. Vitale (G. D'Annunzio University), discussion |
| 10.15-10.30 a.m. | Coffee break |
| 10.30-11.30 a.m. | What does the yield curve tell us about exchange rate predictability? *Y. Chen (University of Washington), paper, presentation K. P. Tsang (Virginia Tech) Discussant: R. Alquist (Bank of Canada) discussion |
| 11.30-12.30 p.m. | On the unstable relationship between exchange rates and fundamentals *P. Bacchetta (University of Lausanne), paper presentation E. van Wincoop (University of Virginia) Discussant: C. Engel (University of Wisconsin), discussion |
| 12.30-2.00 p.m. | Lunch in D1, second floor Session 2: Exchange rate dynamics: a global perspective Chairman: F. di Mauro (European Central Bank) |
| 2.00-3.00 p.m. | What is driving exchange rates? New evidence from a panel of US dollar bilateral exchange rates J. Cayen (Bank of Canada) D. Coletti (Bank of Canada) R. Lalonde (Bank of Canada) *P. Maier (Bank of Canada), paper, presentation Discussant: H. Bouakez (HEC Montreal), discussion |
| 3.00-4.00 p.m. | Common risk factors in currency markets *H. Lustig (UCLA), paper, presentation N. Roussanov (University of Pennsylvania) A. Verdelhan (Boston University) Discussant: F. Fornari (European Central Bank), discussion |
| 4.00-4.15 p.m. | Coffee break |
| 4.15-5.15 p.m | Crash risk in currency markets *E. Farhi (Harvard University), paper, presentation X. Gabaix (New York University) A. Verdelhan (Boston University) Discussant: P. Della Corte (University of Warwick), discussion |
| 7.00 p.m. | Dinner at Restaurant Emma Metzler Schaumainkai 17 Dinner address: J. Murray (Bank of Canada) |
* indicates the presenters
Conference room CVII, second floor
| Session 3: Exchange rates and the international adjustment process Chairman: L. Schembri (Bank of Canada) |
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| 9.15-10.15 a.m. | Demand imbalances, exchange rate misalignment and monetary policy *G. Corsetti (European University Institute), paper, presentation L. Dedola (European Central Bank) S. Leduc (Federal Reserve Bank of San Francisco) Discussant: J. Gali (Centre de Recerca en Economia Internacional), presentation |
| 10.15-10.30 a.m. | Coffee break |
| 10.30-11.30 a.m. | The dynamics of international trade invoicing *L. Goldberg (Federal Reserve Bank of New York), paper, presentation C. Tille (Geneva Graduate Institute) Discussant: M. Devereux (University of British Columbia), discussion |
| 11.30-12.30 p.m. | The predictive information content of external imbalances for exchange rate returns: How much is it worth? *P. Della Corte (University of Warwick) paper, presentation L. Sarno (Cass Business School) G. Sestieri (European Central Bank) Discussant: G. M. Milesi-Ferretti (International Monetary Fund), discussion |
| 12.30-2.00 p.m. | Lunch in foyer of CIV, second floor |
| 2.00-3.00 p.m. | Keynote speech: Globalisation and exchange rates *J. Frankel (Harvard University), paper, |
| 3.00-4.30 p.m. | Policy panel discussion Exchange rate behaviour and policy: Before, during and after the global economic crisis Chairman: L. Papademos (European Central Bank) M. Chinn (University of Wisconsin) C. Engel ( University of Wisconsin ) J. Murray (Bank of Canada) |
* indicates the presenters
| Workshop dates | Thursday 18 June - Friday 19 June 2009 |
| Workshop location | European Central Bank Eurotower, Conference room CVII Kaiserstrasse 29 D-60311 Frankfurt am Main Tel.: +49 69 1344 0 Fax: +49 69 1344 6000 E-mail: info@ecb.europa.eu |
| Dinner location | Restaurant Emma Metzler Schaumainkai 17 60594 Frankfurt am Main Tel.: +49 69 6199 5906 Fax: +49 69 6199 5909 |
| Workshop language | English |
| Programme | The programme may be changed without notice |
| Contacts | Directorate General Economics Directorate Economic Developments External Developments Division Balance of Payments & Forex Margareth Tai Tel.: +49 69 1344 6618 Fax: +49 69 1344 6353 E-Mail: margareth.tai@ecb.europa.eu |
| Directorate Communications Publishing, Events and Protocol Division Anja Tonn Tel.: +49 69 1344 7118 Fax: +49 69 1344 5775 E-Mail: evp-events@ecb.europa.eu |
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| The Workshop Organising Committee Luca Dedola (ECB/Monetary Policy Research Division) Ali Dib (BoC/International Department) Stelios Makrydakis (ECB/External Developments Division) Rasmus Rüffer (ECB/EU Countries Division) |
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| Internet | www.ecb.europa.eu |
