XIV Annual Inflation Targeting Seminar of the Banco Central do Brasil

        May 10-11, 2012
        Rio de Janeiro
Thursday, May 10
12:00 a.m. Welcome lunch
02:00 p.m. Registration
02:30 p.m. Introduction

Adriana Soares Sales, Banco Central do Brasil
Carlos Hamilton Araújo, Banco Central do Brasil
02:50 p.m. Opening speech

Alexandre Tombini, Banco Central do Brasil
Pronouncement (PDF - 266KB - Portuguese)
03:50 p.m. Coffee break
04:10 p.m. Session I: Capital Flows

Chair: Mário Mesquita, Brevan Howard Asset Management

João Barata Ribeiro Blanco Barroso, Banco Central do Brasil
Optimal Capital Flow Taxes in Latin America (PDF - 1452KB - English)

Marcos Chamon, Fundo Monetário Internacional
Tools for Managing Financial-Stability Risks from Capital Inflows (PDF - 279KB - English)

Commentator: Norman Loayza, Banco Mundial
Capital Flows (PDF - 263KB - English)
Friday, May 11
09:00 a.m. Session II: Further Impacts of Anti-Crises Policies

Chair: : Eduardo Loyo, Banco BTG Pactual

Carlos Viana de Carvalho, PUC-Rio
Unconventional Policies During the Crisis and Expectations of Inflation and Growth: a Cross-Country Analysis (PDF - 656KB - English)

Marco Del Negro, Federal Reserve Bank of New York
The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities (PDF - 284KB - English)

Commentator: Timothy Kehoe, University of Minnesota
Great Depressions of the Twentieth (PDF - 129KB - English)
10:20 a.m. Coffee break
09:00 a.m. Session III: Financial Markets During Economic Crises

Chair: : Ilan Goldfajn, Itaú Unibanco

Benjamin M. Tabak, Banco Central do Brasil
Contagion in CDS, Banking and Equity Markets (PDF - 1264KB - English)

Michael Ehrmann, European Central Bank
Global Crises and Equity Market Contagion (PDF - 281KB - English)

Commentator: Michael Leahy, Federal Reserve Board of Governors
Global Crises and Equity Market Contagion (PDF - 334KB - English)
12:00 a.m. Lunch break
02:00 p.m. Panel I: Macroeconomic and Financial Stability

Chair: Carlos Hamilton Araújo, Banco Central do Brasil

David Vegara, International Monetary Fund
Macroeconomic and Financial Stability (PDF - 1900KB - English)

Pierre-Richard Agénor, University of Manchester
Macroeconomic Stability, Financial Stability and Monetary Policy (PDF - 1057KB - English)

Stephen G. Cecchetti, Bank for International Settlements
Macroprudential Policy: Making it Work (PDF - 307KB - English)
03:30 p.m. Coffee break
02:00 p.m. Panel II: Crises: Past, Present and Future

Chair: Luiz Pereira, Banco Central do Brasil

Frank Moss, European Central Bank
Crises: Past, Present and Future - A Euro Area Perspective (PDF - 522KB - English)

Jean-Pierre Landau, Princeton University
Crisis and Internal Imbalances in the Eurozone (PDF - 1131KB - English)

Takatoshi Ito, University of Tokyo
Crises: Past, Present and Future, Asian Perspectives (PDF - 126KB - English)
05:00 p.m. Closing Remarks
Carlos Hamilton Araújo, Banco Central do Brasil
Pronouncement (PDF - 67KB - Portuguese)