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The Future of Forward Guidance

11–12 May 2017

Sveriges Riksbank, Stockholm, Sweden

Thursday 11 May

8:15 Coffee and registration

Session I

Chair: Ulf Söderström (Sveriges Riksbank)

8:45 Welcome address Governor Stefan Ingves (Sveriges Riksbank)

9:00 "Forward Guidance, Quantitative Easing, or Both?"

Ferre De Graeve (KU Leuven) and Konstantinos Theodoridis (Bank of England)

Presentation

Discussant: Min Wei (Federal Reserve Board)

Presentation

10:00 "The Reanchoring Channel of QE: The ECB's Asset Purchase Programme and Long-Term Inflation Expectations"

Philippe Andrade (ECB and Banque de France), Johannes Breckenfelder (ECB), Fiorella De Fiore (ECB), Peter Karadi (ECB and CEPR) and Oreste Tristani (ECB)

Presentation

Discussant: Stefania D'Amico (Federal Reserve Bank of Chicago)

Presentation

11:00 Coffee

11:30 "Forward Guidance and Heterogeneous Beliefs"

Philippe Andrade (Banque de France), Gaetano Gaballo (Banque de France), Eric Mengus (HEC Paris) and Benoît Mojon (Banque de France)

Presentation

Discussant: Eric M. Leeper (Indiana University)

Presentation

12:30 Lunch

Session II

Chair: Roberto Billi (Sveriges Riksbank)

13:30 "What Does Anticipated Monetary Policy Do?"

Stefania D'Amico and Thomas B. King (Federal Reserve Bank of Chicago)

Presentation

Discussant: Katrin Assenmacher (European Central Bank)

Presentation

14:30 "Measuring the Effect of the Zero Lower Bound on Monetary Policy"

Carlos Carvalho (Central Bank of Brazil and PUC-Rio), Eric Hsu (UC Berkeley) and Fernanda Nechio (Federal Reserve Bank of San Francisco)

Presentation

Discussant: Lars E.O. Svensson (Stockholm School of Economics)

Presentation

15:30 Coffee

16:00 Keynote presentation: "Forward Guidance and the Exchange Rate"

Jordi Galì (CREI)

Presentation

17:00 Adjourn

Friday 12 May

8:30 Coffee

Session III

Chair: Marianne Nessén (Sveriges Riksbank)

9:00 "Connecting the Dots: Market Reactions to Forecasts of Policy Rates and Forward Guidance Provided by the Fed"

Michelle Bongard (Federal Reserve Board), Gabriele Galati (De Nederlandsche Bank), Richhild Moessner (Bank for International Settlements) and William Nelson (The Clearing House)

Presentation

Discussant: Meredith Beechey Österholm (Sveriges Riksbank)

Presentation

10:00 "Forward guidance through interest rate projections: Does it work?"

Leif Brubakk, Saskia ter Ellen and Hong Xu (Norges Bank)

Presentation

Discussant: Richhild Moessner (Bank for International Settlements)

Presentation

11:00 Coffee