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
Session IV
Chair: Jon Faust (Johns Hopkins University)
11:30 Panel Discussion: "The Future of Forward Guidance"
Deputy Governor Martin Flodén (Sveriges Riksbank)
Presentation
Narayana Kocherlakota (Rochester University)
Presentation
David K. Miles (Imperial College London)
Presentation
13:00 Lunch and adjourn
Time allocation
Presentation: 30 minutes
Discussant: 15 minutes
Open discussion: 15 minutes
Programme committee
Lisa Alexandersson
Jan Alsterlind
Meredith Beechey Österholm
Roberto Billi
Jon Faust
Marie Hesselman
Stefan Laséen
Ulf Söderström
Local organisation
Sophie Brauner
