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May 2018

Economic Growth and Policy Conference 2018

Photographs from the conference are available to view here.

The annual Economic Growth and Policy Conference will take place 19 - 20 May 2018. The keynote speaker is Martin Uribe from Columbia University, USA.

You can view the final programme here.

You can view some highlights of our speakers here.

Confirmed speakers are:

Location: Durham University Business School, MHL 405

April 2018

A mini macroeconomics conference

A mini macroeconomics conference by the Centre For Economic Growth and Policy (CEGAP) will take place on 24 April 2018.

Confirmed speakers are:

Ricardo Reis, London School of Economics

Topic: 'Central Bank Swap Lines'


Swap lines between advanced-economy central banks appeared in response to the financial crisis, and are still a commonly used monetary policy tool today. This paper provides a first analysis of their role and effects. After characterizing their properties, we establish four results about the swap lines: they mimic discount window credit for foreign banks with the foreign central bank bearing the credit risk, they put a ceiling on deviations from covered interest parity, they reduce the ex post funding risk facing foreign banks, and they ex ante encourage inflows from foreign banks into domestic asset markets. Using difference-in-differences empirical strategies that exploit the fact that only some countries had a dollar swap line, only some banks had U.S. funding, and only some U.S. assets had large foreign investors, we find support for these predictions.

Rafael Wouters, National Bank of Belgium

Paper Title: 'Estimation of Operational Macro-models at the Zero Lower Bound (joint paper with Jesper Lindé and Junior Maih)


We present and apply estimation techniques which can be used to estimate large-scale macro-models with forward-looking expectations at the zero lower bound (ZLB). Using the workhorse models of Smets and Wouters (2007) and the Galí, Smets and Wouters (2011) models, we compare the merits of estimation methods in which the expected duration of the ZLB incident is modelled as endogenous and derived from the policy rule forecast with Regime-Switching methods in which the expected ZLB duration is constant. Using the estimated models, we discuss the extent to which imposing the ZLB impacts filtered shocks, impulse response functions, and forecasts during the crisis. Finally, we use the estimated models and shocks to assess the aggregate costs of the ZLB incidence in the United States.

Location: Durham University Business School, MHL 452

Economic Growth and Policy Conference 2017

Frontier Issues in Macroeconomics

13-14 May 2017, MHL 405, Durham University Business School from 1.00 pm

Plenary Speaker: Professor Roger Farmer (Warwick University and UCLA): Let's all be Keynesians now (Slides from presentation)


Final Programme

Economic Growth and Policy Conference 2016

CEGAP's annual conference was held on 14-15 May 2016 at Durham University Business School.


Keynote speaker Professor Nobuhiro Kiyotaki (Princeton): "Monetary and Financial Policies in Emerging Markets"
Watch keynote address

Alfred Duncan (Cambridge): "Financial Macroeconomics with Complete Business Cycle Risk Markets" (joint with Charles Nolan (Glasgow))

Roberto Billi (Sveriges Riksbank): "Price Level Targeting and Risk Management"

Oren Sussman (Oxford): "A welfare analysis of fragmented liquidity markets"

Sayantan Ghosal (Glasgow): "Staggered debt swaps for distressed sovereigns: fair but fragile?"

Tsvetelina Nenova (Bank of England): "The shocks matter: improving our estimates of exchange rate pass-through"
Watch this presentation

Christoph Thoenissen (Sheffield): "Exchange rates and news-driven business cycles in small open economies"

Max Gillman (University of Missouri St Louis): "Tuning in RBC growth spectra"

Clive Bell (Heidelberg): “Untimely destruction: epidemics, war and accumulation in the long run”

Roman Sustek (Queen Mary): "On the Mechanics of New-Keynesian Models"

Guido Ascari (Oxford): "Monetary and fiscal policy interactions: Leeper (1991) Redux"

Download programme (.doc) | Attendees list

View slideshow of images from the conference

Economic Growth and Policy Conference 2015

CEGAP's annual conference was held on 16-17 May 2015 at Durham University Business School. The theme of the conference was Growth or Slump after the Crisis?

Keynote speaker: Costas Azariadis, Washington University, St Louis and Federal Reserve Bank of St Louis: 'Self-fulfilling Credit Cycles'


Growth and Business Cycles Conference, 12-13 March 2011