lunes, 2 de junio de 2008

Conferencia: The Global Rise in Food Prices and the US Slowdown

Para los que esten en Lima por esas fechas, va el dato. Es un evento que organiza el Banco Central de Peru con la Oficina del Economista Jefe para America Latina del Banco Mundial. Mas detalles en la web del BCRPE.

Aqui el programa del evento.

The Global Rise in Food Prices and the US Slowdown:
Issues and Challenges in Monetary Policy
Miraflores Park Hotel
Lima, Peru
June 16-17, 2008
Conference Program
(as of 28th May 2008)

First Day
8:30 – 8:50 Registration and Breakfast
8:50 – 9:00 Welcome Remarks
9:00– 10:30 First Session: Understanding the nature of recent increases in food prices.
• How is the global environment changing as a result of higher food and fuel
prices worldwide and the expansionary monetary policy in the U.S.? What
are the drivers of the increase in food and fuel prices? What is the likely
impact of high food prices on macroeconomic variables such as output,
current account, wages, etc.? Are these changes in commodity prices
temporary or transitory?
• How are the rising fuel and food prices affecting domestic prices in Latin
America? What is the nature and the extent of the pass-through of commodity
prices to the (different components of the) domestic consumer prices?
Moderator: Tito Cordella (The World Bank)
Speakers: Charles Collyns (International Monetary Fund)
Roberto Rigobón (MIT)

10:30 – 11:00 Coffee Break
11:00 – 12:30 Second Session: Formulating monetary policy: Constraints trade-offs and

• What are the main tensions, trade-offs and risks that creates the current
changes in the global environment in monetary policy? What are the policy
options open to countries with different monetary policy regimes?
• What are the issues in terms of design, implementation and execution of
monetary policy (instrument choice, target level, choice of target, etc.)?
• What are the implications in terms of the communication of monetary policy
actions by the Central Bank?
Moderator: Renzo Rossini Miñan (Central Reserve Bank of Peru)
Speakers: Alain Ize (The World Bank)
Stephen Murchison (Bank of Canada)

12:30 – 14:30 Lunch
14:30 – 16:00 Third Session: LAC Country experiences (I)
Assessment of tensions, trade-offs and monetary policy options to the changes in the
current global environment from the country’s perspective.
Moderator: Rodrigo A. Chaves (The World Bank)
Panelists: Mário Mesquita (Central Bank of Brasil)
Jorge Toro (Central Bank of Colombia)
Roger Madrigal López (Central Bank of Costa Rica)

16:30 – 18:00 Fourth Session: LAC Country experiences (II)
Given the current changes in the global environment, what are the Central Banks
doing operationally? What are the implications in terms of the implementation of
monetary policy (the definition of the target, width of the band, communication
issues, among others)?
Moderator: Martin Cerisola (International Monetary Fund)
Panelists: Manuel Ramos Francia (Bank of Mexico)
Adrian Armas Rivas (Central Reserve Bank of Peru)
Pablo García Silva (Central Bank of Chile)

Second Day
9:10 – 9:30 Introductory Presentation Augusto de la Torre, Chief Economist, Latin America
and the Caribbean Region, World Bank
9:30– 11:00 Latin America in Today’s Global Economy
How did Latin America react to the sub-prime crisis? How would a slowdown in U.S.
and global economic activity affect the region? Is the commodity-driven expansion in
LAC a source of fragility? What are other sources of real and financial fragility in
the region? Will real shocks matter more than financial shocks in the future? What
are the main challenges that LAC policymakers face in the current environment?
What are the challenges they are like to face when monetary conditions tighten in the

Moderator: To be determined
Panelists: Eduardo Levy Yeyati (Barclays Capital)
Alberto Ramos (Goldman Sachs)
Alfredo E. Thorne (JP Morgan Chase Bank)
Gustavo Cañonero (Deutsche Bank)

11:00 – 11:15 Coffee Break

11:15 – 13:00 Roundtable: Policy Responses to Global External Conditions
• What are the challenges that current economic environment poses to central
bankers in the region?
• What are the implications in terms of monetary policy choices such as
definition of the target, width of the band, communication issues, among
• What constraints short-term capital flows (carry trade) pose on the pursuit of
countercyclical monetary policy in LAC?

Moderator: Carlos Felipe Jaramillo (World Bank)
Panelists: José Darío Uribe (Central Bank of Colombia)
Walter Cancela (Central Bank of Uruguay)
Julio Velarde Flores (Central Reserve Bank of Peru)
13:15 – 14:30 Luncheon

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