Felipe M. Medalla
Monetary Board Member
Bangko Sentral ng Pilipinas

Athanasios Orphanides
Sloan School of Management
Massachusetts Institute of Technology (MIT)

With globalization, we see external factors increasingly impinging on monetary policymaking, such as trends in the global economic growth, or the monetary policies of other economies and the subsequent global movements of capital

Chair: Yongzheng Yang, International Monetary Fund

• "Benchmarking Portfolio Flows "
  
  

  Presenter:  Francis E. Warnock and Veronica Cacdac Warnock
  University of Virginia

  Discussant: Ramon Moreno
  (formerly) Bank for International Settlements
  
  

• "Global Inflation and Emerging Markets"
  
  

  Presenter:  Gunes Kamber
  Bank for International Settlements

  Discussant: Roberto Mariano
  University of Pennsylvania
  
  

• "The Effectiveness of the Negative Interest Rate Policy in Japan"
  
  

  Presenter:  Naoyuki Yoshino
  Asian Development Bank Institute

  Discussant: Paul D. McNelis
  Fordham University
  
  

Among financial authorities, the primary concern that arose from the Global Financial Crisis (2007-2008) was systemic risk and, therefore, the need to manage financial stability. From the micro-perspective, financial stability may be determined by banks' prudential behavior. On a macro-perspective, authorities grapple with measures to manage both price and financial stability. Are financial stability goals consistent with price stability goals? Can financial stability considerations be incorporated into the monetary policy framework?

Chair: Johnny Noe E. Ravalo, Bangko Sentral ng Pilipinas

• "Incorporating Financial Stability into Monetary Policy Framework: The Bank of Thailand's Experience"
  
  

  Presenter:  Sophon Tunyavetchakit
  Bank of Thailand

  Discussant: Haykaz Igityan
  Central Bank of Armenia and Harvard University
  
  

• "Consolidation of Price and Financial Stability Goals in the Monetary Policy of Central Banks"
  
  

  Presenter:  Galina Gospodarchuk
  Lobachevsky State University

  Discussant: Lars Other
  Friedrich Schiller University
  
  

• "Monetary and Macroprudential Rules at the Bangko Sentral ng Pilipinas: A Bayesian DSGE Approach"
  
  

  Presenter:  Cristeta B. Bagsic
  Bangko Sentral ng Pilipinas

  Discussant: Naoyuki Yoshino
  Asian Development Bank Institute
  
  

Ultimately, monetary policy seeks to stabilize output. As elaborated by the monetary transmission mechanism, changes in monetary instruments alter decisions of firms and households. There is also impact on income distribution and poverty.

Chair: Francisco G. Dakila, Jr., Bangko Sentral ng Pilipinas

• "The Impact of Monetary and Fiscal Policies on Poverty Incidence Using Financial Computable General Equilibrium (FCGE): Case Evidence of Thailand"
  
  

  Presenter:  Nur Ain Shahrier
  Sunway University

  Discussant: Roehlano M. Briones
  Philippine Institute for Development Studies
  
  

• "Asymmetric Effects of Monetary Policy in Different Phases of Armenia's Business Cycle"
  
  

  Presenter:  Haykaz Igityan
  Central Bank of Armenia and Harvard University

  Discussant: John Nye
  George Mason University
  
  

• "Household Income Dynamics in a Lower-Income Small Open Economy: A Comparison of Banking and Crowdfunding Regimes"
  
  

  Presenter:  Paul D. McNelis
  Fordham University

  Discussant: Cristeta B. Bagsic
  Bangko Sentral ng Pilipinas
  
  

The impacts of monetary policy are accomplished through the monetary transmission mechanisms. Yet, effectiveness may be helped by appropriate communication to the market. Likewise, a proper reading of certain indicators may allow for an early identification of a crisis.

Chair: Felipe M. Medalla, Bangko Sentral ng Pilipinas

• "Network Motif of Interbank Payment as Early Warning Signal of Liquidity Crisis"
  
  

  Presenter:  Imaduddin Sahabat
  Bank Indonesia

  Discussant: Nur Ain Shahrier
  Sunway University
  
  

• "Disentangling the Information and Forward Guidance Effect of Monetary Policy Announcements on the Economy"
  
  

  Presenter:  Lars Other
  Friedrich Schiller University

  Discussant: Eli M. Remolona
  Bank for International Settlements

• Takatoshi Ito
  Professor
  School of International and Public Affairs
  Columbia University
  
  
• Hans Genberg
  Executive Director
  South East Asian Central Banks (SEACEN) Research and Training Centre
  
  
• Masahiro Kawai
  Representative Director and Director General
  Economic Research Institute for Northeast Asia (ERINA) and
  Professor Emeritus, University of Tokyo
  
  

Assistant Governor Francisco G. Dakila, Jr.
Bangko Sentral ng Pilipinas