2022 CEMLA-FRBNY-ECB Conference
Monetary Policy Challenges on the Way Forward
Call for Papers
July 7 - 8, 2022 – Mexico City (hybrid)
The Center for Latin American Monetary Studies (CEMLA), the European Central Bank (ECB), and the Federal Reserve Bank of New York (FRBNY) are organizing a Conference on Monetary Policy Challenges on the Way Forward, with emphasis on monetary policy in Emerging Market Economies. As inflation has increased significantly in many countries, normalization will probably have to take place sooner than expected, rather than awaiting the reversal of diverse supply shocks that have disrupted value chains and labor markets, among others.
Thus, the main purpose of the conference is to stimulate the discussion on: 1) monetary policy strategy, implementation and transmission under heightened uncertainty and persisting supply shocks after the initial COVID shock; 2) spillovers from Advanced Economies’ monetary policies; 3) interactions between monetary policy and other policies on the way forward in the pandemic; and 4) implications of digital currencies for monetary policy implementation and its transmission channels. Theoretical and policy papers submissions addressing these and related issues are encouraged.
Papers accepted for presentation will be followed by a discussion from another speaker within the session. Accepted papers, as well as presentations and discussions, will be posted on the Conference website to facilitate the discussion among participants.
Keynote Speakers
Venue
If pandemic conditions permit, the conference will be held in Mexico City in a hybrid format (both, in-person and digitally); otherwise, the conference will be held digitally. There is no registration fee. However, participants are expected to pay their expenses for travel and accommodation.
Conference Special Issue
A special issue of the Latin American Journal of Central Banking (LAJCB) will include selected papers presented at the conference. Authors who wish their paper to be considered for the Special Issue, should clearly indicate this in their conference submission.
Special Issue Award
An award will be offered to the author(s) of the best papers of the Special Issue of the LAJCB, which will receive a compensation of 2,000 USD and 1,000 USD for the first- and second-best paper, respectively. All other included papers in the Special Issue will receive a compensation of 250 USD each. Awards will be funded by CEMLA.
Important Dates
May 5, 2022. Submission deadline. Please submit your paper to conference@cemla.org
May 20, 2022. Notification of acceptance of paper
May 31, 2022. Deadline for conference registration (there is no registration fee)
July 7 - 8, 2022. Conference dates
Scientific Committee
David Argente, Pennsylvania State University
Isaac Baley, Universitat Pompeu Fabra
Corina Boar, New York University
Gerardo Hernández-del-Valle, CEMLA
José Luis Montiel Olea, Columbia University
Carola Müller, CEMLA
Matías Ossandon Busch, CEMLA
Nelson Ramírez-Rondán, CEMLA
Sebastian Sotelo, University of Michigan, Ann Arbor
Elizabeth Téllez León, CEMLA
Benjamín Tello Bravo, CEMLA
Isabel Treviño, University of California, San Diego
Carlos Urrutia, ITAM
Organizing Committee
Kristina Karagyozova-Markova, European Central Bank
Elizabeth Mahoney, Federal Reserve Bank of New York
Nelson Ramírez-Rondán, CEMLA
2022 CEMLA-FRBNY-ECB Conference
Monetary Policy Challenges on the Way Forward
The Center for Latin American Monetary Studies (CEMLA) co-hosted the 2022 CEMLA-FRBNY-ECB Conference on July 7-8, 2022. It was the third edition of this Conference since its inception in 2019. This year, it focused on Monetary Policy Challenges on the Way Forward, with emphasis on monetary policy in Emerging Market Economies (EMEs). A total of 24 research papers prepared by 49 authors from Asia, the Americas, and Europe were presented in 4 parallel sessions. Two were delivered as face-to-face sessions at CEMLA. The papers were divided into six topics: Central Bank Policies, Empirical Macroeconomics, Macroeconomic Modeling, Monetary Policy, and Uncertainty.
The first parallel sessions covered Macroeconomic Modeling and Central Bank Policies. The papers in these sessions sought to shed light on the policy implications of chain-of-payments crises, free capital mobility, the effects of unconventional monetary policies targeting the supply of credit, and the cross-border transmission of monetary policy.
Next followed a session on Uncertainty and two sessions on Empirical Macroeconomics. In the first subject, the authors presented papers on identifying and disentangling uncertainty shocks and examining how they affect the macroeconomy. The two sessions on Empirical Macroeconomics explored the effectiveness of various policies in both Advanced Economies and EMEs while addressing issues on capital flows and the role of uncertainty in the uncovered interest parity condition.
Finally, the Conference concluded with two sessions on Monetary Policy and a session on Central Bank Communication. Among the topics addressed were: the interdependence of fiscal and monetary policy, exchange rate interventions, financial frictions, price-setting behavior, inflation expectations, central bank sentiment, and private bank communication, among others.
There were three keynote lectures: (i) Leaning against the global financial cycle by Livio Stracca, who is Deputy Director General Macroprudential Policy and Financial Stability at the European Central Bank; (ii) The GSCPI: A New Barometer of Global Supply Chain Pressures by Gianluca Benigno, who serves as Head of International Studies within the Monetary Policy Research Division at the Federal Reserve Bank of New York; and (iii) Optimal Bank Reserve Remuneration and Capital Control Policy by Martín Uribe, Professor of Economics at Columbia University and a Research Associate of the National Bureau of Economic Research (NBER).
2022 CEMLA-FRBNY-ECB Conference
Monetary Policy Challenges on the Way Forward
Martín Uribe
Martín Uribe is a Professor of Economics at Columbia University and a Research Associate of the National Bureau of Economic Research (NBER). Before joining Columbia, Uribe taught at Duke University and the University of Pennsylvania, and was a Staff Economist in the Division of International Finance of the Board of Governors of the Federal Reserve System. Uribe obtained a Ph.D. in Economics from the University of Chicago, a Master degree from CEMA (Buenos Aires, Argentina) and a B.A. degree from Universidad Nacional de Córdoba (Córdoba, Argentina). He has made scientific contributions in the areas of International Economics, Monetary Economics, and Public Finance. His research focuses on understanding the sources and propagation of macroeconomic shocks within and across countries and on the design of monetary, fiscal, and exchange-rate-based stabilization policies. His work has been published in academic journal including the American Economic Review, the Journal of Political Economy, and Econometrica and has received financial support from the National Science Foundation. Uribe co-authored the books 'Open Economy Macroeconomics' (Princeton University Press) and 'International Macroeconomics' (under contract, Princeton University Press). He has held visiting research positions at the Federal Reserve Bank of Philadelphia, the European Central Bank, Goethe University (Germany), University of Bonn, and Princeton University and has consulted for the World Bank. Uribe is Editor in Chief of the Journal of International Economics.
Livio Stracca
Livio Stracca is the Deputy Director General Macroprudential Policy and Financial Stability at the European Central Bank and an Adjunct Professor at the University of Frankfurt J.-W. Goethe. He has a Ph.D. in Economics and a postgraduate degree in European Union Law. His research interests are mainly in international macroeconomics, international finance, and monetary economics and he had published widely in academic outlets. His textbook on The Economics of Central Banking was published by Routledge.
Gianluca Benigno
Gianluca Benigno is the Head of International Studies within the Monetary Policy Research Division at the Federal Reserve Bank of New York. He gained his Ph.D. in International Macroeconomics from the University of California, Berkeley. He has published extensively on exchange rate economics, international monetary policy cooperation, monetary, macroprudential, and fiscal policies, and more recently on secular stagnation. He is currently on leave from the Department of Economics at the London School of Economics. Before joining the London School of Economics, Benigno worked at the Bank of England from 2000 to 2002. He has then held several consulting positions at the Bank of England, IMF, and the Inter-American Development Bank. He visited the Bank of England as a Houblon-Norman-George Fellow, the Federal Reserve Bank of New York as a Senior Economist in 2007-2008, and the European Central Bank in April and May 2013 as a W. Duisenberg Fellow. He had Visiting Scholar positions at the Banque de France, Inter-American Development Bank, and the IMF. He has been Visiting Professor at LUISS (Rome), Universita’ Federico II (Naples), University of Athens, and Princeton University.
2022 CEMLA-FRBNY-ECB Conference
Monetary Policy Challenges on the Way Forward
Venue Information
CEMLA is located in Durango 54, Col. Roma Cuauhtémoc, C.P. 06700 Ciudad de México, México; near downtown Mexico City.
Mexico City is located near the center of the country, at an average altitude of 2,300 meters above sea level, bordering the State of Mexico and the state of Morelos. The capital is connected by land to multiple destinations.
Time Zone
Mexico has a time difference with Greenwich Mean Time of -6 hours throughout its territory. The country has a daylight saving time that begins in April 3, 2022 and ends in October 30, 2022.
Weather
In Mexico City, the wet season is warm and overcast and the dry season is comfortable and partly cloudy. Throughout the year, the temperature usually ranges from 6°C to 26°C and is rarely below 3°C or above 30°C.
The warm season lasts for 2.5 months, from March 22 to June 8, with an average daily temperature above 20°C. The hottest month of the year in Mexico City is May, with an average high of 27°C and low of 13°C.
The cool season lasts for 2.5 months, from November 19 to February 3, with an average daily high temperature below 22°C. The coldest month of the year in Mexico City is January, with an average low of 6°C and high of 22°C.
Visa Information
All participants are responsible for all Passport and visa formalities, and if needed, to comply with health regulations.
Citizens of certain countries require a visa to enter Mexico. In the following link you will find a list of citizenships which require visas: Countries that require visas.
Exceptions apply if you have a visa or if you are a permanent resident of the United States, Canada or Europe. If you are a citizen of a country requiring a visa, please contact the closest Mexican consulate at: Mexican consulates. For more information, please click here.
If you require an invitation letter in order to obtain the visa, please email us at: mlalonso@cemla.org specifying your current affiliation and title of the paper that you will be presenting.
Currency and Exchange Rate
Official currency: Mexican peso (MXN).
Average exchange rate is around: $20.00 USD/MXN. For the updated exchange rate click here.
You will be able to make currency exchanges at exchange houses and in some bank offices. It is recommended to exchange money at the airport since exchange houses and banks near CEMLA and the suggested hotels are closed on weekends, and close early during the week (around 16:00 hrs). Usually, ATMs are available 24 hours. You may draw cash using international debit and credit cards with worldwide brands, like Visa, Mastercard, Visa Electron and Dinners. For more information, please visit (Banco de México) here.
VAT and others
- · VAT: 16%.
- · Hotel service: additional charge of 3% on top of lodging (ISH or lodging tax).
- · Tips at restaurants: from 10% to 15% depends on the service you have received.
Electricity Service
Energy: 127 volts AC at 60 cycles (127V AC, 60 Hz). Two flat-pin plugs and some with grounding.
Transportation
The Benito Juárez International Airport in Mexico City is located 13 kilometers from the Downtown. It has two terminals which are identified by Terminal 1 and Terminal 2 and both are connected by aerotrain and free bus transportation. For more information, you may find the airport website here.
When arriving to Mexico City, transportation from the airport to hotels can be done by transportation apps (such as Uber, Cabify, Didi and Lyft, among others), or taxi. For taxi transportation it is important to select a taxi company inside the airport (there are different options to select from once you exit customs and immigration), pay the cashier inside the airport and ask for the cab in the corresponding exit. The Mexico City International Airport (AICM) offers spaces or boarding areas for the use of authorized cabs accredited by the Ministry of Communications and Transportation (SCT) and regulated by the Airport, for more information on authorized cabs click here.
For transportation in Mexico City, we recommend participants to use transportation apps or taxi service taken from “SITIO” stands. We recommend that participants avoid taking taxis from the street. SITIO stands can be found in several locations and phone numbers to call for taxis can be obtained in the hotels.
CEMLA, will not provide transportation services.
Accommodation
The following table shows CEMLA’s recommended hotels, the rates available to events participants and hotel contact information. Booking hotel is the visitors’ responsibility. Consider that hotels usually request a credit card to guarantee the reservation. For any of the booking options, remember to add 3% ISH tax and 16% VAT.
To receive the corporate rate in the recommended hotels you must specify the name of CEMLA. Any change of rates is the responsibility of each hotel. Even though some bookings can be made online we recommend contacting the hotel directly to make sure the group rate is given.
Recommended Hotels
Hotel
Rates
Reservation information
Stanza
Av. Álvaro Obregón 13, Roma Nte., Cuauhtémoc, 06700 Ciudad de México, CDMX
(3-minute car trip, 6-minute walk, 500m to CEMLA)
Ordinary rate per night:
$2,130.00 MXN
CEMLA corporate rate:
$1,260.00 MXN
Includes:
wi-fi, coffee maker
Phone: + 52 55 5208 0052
Royal Reforma
C. Amberes 78, Juárez, Cuauhtémoc, 06600 Ciudad de México, CDMX
(10-minute car trip, 13-minute walk, 1 km to CEMLA)
Ordinary rate per night:
$ 2,300.00 MXN
CEMLA corporate rate:
$ 1,315.00 MXN
Includes:
wi-fi, breakfast buffet
Phone: +52 55 9149 3000
Four Points by Sheraton
Av. Álvaro Obregón 38, C. U. Benito Juárez, Cuauhtémoc, 06700 Ciudad de México, CDMX
(5-minute car trip, 6-minute walk, 500 m to CEMLA)
Ordinary rate per night:
$ 2,434.00 MXN
CEMLA corporate rate:
$ 2,076.91 MXN
Includes:
wi-fi, parking
Phone: +52 55 1085 9500
City Express Plus Reforma El Angel
Av. Paseo de la Reforma 334, Juárez, Cuauhtémoc, 06600 Ciudad de México, CDMX
(10-minute car trip, 20-minute, 1.6 km walk to CEMLA)
Ordinary rate per night:
$ 2,700.00 MXN
Includes:
wi-fi, breakfast
Phone: +52 55 5228 7800
Sheraton Mexico City María Isabel
Av. Paseo de la Reforma 325, Cuauhtémoc, 06500 Ciudad de México, CDMX
(13-minute car trip, 21-minute walk, 1.6 km to CEMLA)
Ordinary rate per night:
$ 7,560.00 MXN
CEMLA corporate rate:
$ 3,633.00 MXN
Includes:
wi-fi, breakfast buffet, gym
Phone: +52 55 52425672
Marriot Reforma
Av. Paseo de la Reforma 276, Juárez, Cuauhtémoc, 06600 Ciudad de México, CDMX
(15-minute car trip, 17-minute walk, 1.3 km to CEMLA)
Ordinary rate per night:
$ 7,850.00 MXN
CEMLA corporate rate:
$ 3,776.20 MXN
Includes:
wi-fi, wi-fi in business center, breakfast buffet, gym
Phone: +52 55 1102 7030
Brick Hotel
Orizaba 95, Roma Nte., Cuauhtémoc, 06700 Ciudad de México, CDMX
(6-minute car trip, 7-minute walk, 500 m to CEMLA)
Ordinary rate per night:
$ 7,125.00 MXN
Phone: +52 55 9155 7610
Map
Visit Mexico
Mexico City is a unique visitor destination offering a wide range of attractions combining historic and modern-day life in a vibrant and friendly atmosphere. Take a day to visit the pre-Hispanic ruins of Teotihuacan, or visit the Centro Histórico and marvel at its rich architecture form the Catedral and Plaza del Zócalo to Palacio de Bellas Artes, visit world-class museums, or spend the day at some of the modern-day bustling neighborhoods and enjoy a fine dining experience at some of the world’s top-rated restaurants. For more information visit: http://cdmxtravel.com/en/.
Dinning
Mexico City offers a wide variety of restaurants most of them located in the tourist areas of Polanco, Roma and Condesa near the Conference Venue.
Sightseeing/Day trips
If you are planning to stay an extra day or two in Mexico City, we recommend taking a day to visit the Centro Histórico, Coyoacán, Reforma Avenue, Colonia Roma, Xochimilco, and Chapultepec.
A day trip to Teotihuacan to see the pyramids can be arranged with the hotel concierge.
Mexico City offers some world class museums including the Anthropology Museum, the Museo Soumaya, and the Interactive Museum of Economics.
COVID-19 Protocol
- Body-temperature checks and provision of hand-sanitizing gel and face-masks at the entrance of our facilities.
- Limited capacity in rooms to comply with a minimum distancing of 1.5m between individuals.
- Rodrigo Gómez Auditorium has been equipped with an air-ventilation system with UV-C light air purifiers and air-exhaust systems.
- Javier Marquez Room, Multimedia Room, restrooms and boardrooms, among other rooms, have been equipped with UV-C light conditioning.
- CO2 and humidity monitors in the main spaces of the building.
- Open-door room policy.
- Cleaning and maintenance plans after regular occupation hours.
- Regular updates based on the tracking of recommendations of the health authorities in Mexico and International Organizations.