X Central Banking Operations Meeting

September 2, 3 and 4, 2020.

 

Wednesday, September 2

Opening remarks: Central Bank Response to COVID-19
Manuel Ramos-Francia, Director General, CEMLA

 

Session 1. Central Banking Operations in Advanced Economies in times of COVID-19
Chair: Manuel Ramos-Francia, Director General, CEMLA

 

Session 2. Policy Responses to COVID-19 in Latin American Economies: A Central Banking Operations Perspective
Chair: Manuel Ramos-Francia, Director General, CEMLA

 

Thursday, September 3

Session 3. Policy Responses to COVID-19 in Latin American Economies: A Central Banking Operations Perspective (continues)
Chair: Manuel Ramos-Francia, Director General, CEMLA

 

Session 4. Policy Responses to COVID-19 in Latin American Economies: A Central Banking Operations Perspective (continues)
Chair: Santiago Garcia-Verdu, CEMLA and Banco de México

 

Friday, September 4

Invited Lecture: Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
Professor Jing Cynthia Wu, Notre Dame University

Discussant: Santiago García-Verdú, CEMLA and Banco de México

 

Policy Roundtable
Chaired by Manuel Ramos-Francia, Director General, CEMLA

Participants:

- Juan García Padilla, Banco de México
- Beltrán de Ramón, Banco Central de Chile
- André Amante, Banco Central do Brasil
- Pamela Cardozo, Banco de la República (Colombia)

The current crisis is, in its origins, an extraordinary public health contingency. The economic policy responses have been led by the fiscal authorities. Such policies have not only supported medical responses directly but, in most cases, are designed to facilitate the social isolation measures providing the proper incentives to individuals, corporations and businesses. In tandem, central banks, through their facilities and policies, have been providers of liquidity and have enabled the provision of credit. In this context, there is a plethora of questions and issues to examine. To give some examples: how can one best assess such policies and facilities? How can one best determine collaterals in a situation of intense systemic stress? To what extent and how should EMEs’ central banks provide support to the long-end of the yield curve? Is the implementation of QE type of policies in EMEs possible or even reasonable? This last question considering that many EMEs have, in a not too distant past, a history of fiscal dominance. Do facilities aimed at easing credit provision to individuals and certain firms have the correct structure of incentives? How can one balance the short-term urgent needs with the potential long-term costs? To what extent have the international swaps lines and repos worked? What have been the main aims of FX interventions in this context?

Closing Remarks
Manuel Ramos-Francia, Director General, CEMLA