XIX Annual Economic
Studies Conference

Inflation, Monetary and Fiscal Policies in Emerging and Developing Economies

Date:

August 9th 2024

Santa Teresa Hotel – Cartagena – Colombia

La Capilla room – floor 1

XIX Annual Economic Studies Conference

Inflation, Monetary and Fiscal Policies in Emerging and Developing Economies

Date:

August 9th 2024

Santa Teresa Hotel – Cartagena – Colombia

La Capilla room – floor 1

Program organizers: José Uribe (executive president) and Carlos Giraldo (director of economic studies)

Agenda

* All times refer to local Cartagena time (GMT-5)

All sessions will be conducted in English with simultaneous translation to Spanish
Thursday, August 8th, 2024

7:00 p.m. – 8:30 p.m. 

Welcome CocktailRoof top at the Santa Teresa hotel (conference hotel) – floor 6

Friday, August 9th, 2024 – La Capilla room – floor 1

8:40 a.m. – 8:50 a.m. 

Opening Remarks

José Darío Uribe, Executive President, FLAR

8:50 a.m. – 9:40 a.m. 

Policy Lessons for Emerging and Developing Economies in the Current Global Economic Context

Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department,International Monetary Fund
Presentation

Chair:

Washington Ribeiro, Governor of the Central Bank of Uruguay 

Session I – A Long-run Perspective on Drivers behind Inflation Level Transitions

9:40 a.m. – 11:00 a.m. 

Speaker:

Pierre Yared, MUTB Professor of International Business at Columbia Business School
Presentation | Working paper

Discussants: 

Esther George, Former President, Federal Reserve Bank of Kansas City

Hernando Vargas, Deputy Technical Governor, Central Bank of Colombia
Presentation

Chair: 

Luis Óscar Herrera, General Manager, Central Bank of Chile

11:00 a.m. – 11:30 a.m.

Coffee break

Session II – Commodity Price Shocks and Monetary Policy: What We have Learned and Challenges Ahead

11:30 a.m. – 12:50 p.m.

Speaker:

Silvana Tenreyro, Professor of Economics, The London School of Economics and Political
Science
Presentation | Working paper 1Working paper 2 | Working paper 3 

Discussants:

Guillermo Carlomagno, Manager of International Analysis, Central Bank of Chile
Presentation

Paulina Restrepo-Echavarría, Economic Policy Advisor at the research department of the Federal Reserve Bank of St Louis
Presentation

Chair:

Leonardo Villar, Governor, Central Bank of Colombia 

12:50 p.m. a 1:00p.m.

Family photo
Stairs near the front desk 

1:00 p.m. – 2:30 p.m.

Lunch
Harry’s Restaurant – Patio Republicano at Santa Teresa hotel – floor 1 in front of the La Capilla room (Conference room)

Session III – Monetary policy Transmission in Emerging Markets and Global Spillovers

2:30 p.m. – 3:50 p.m.

Speaker:

Damiano Sandri, Principal Economist, Bank for International Settlements
Presentation | Working paper

Discussants:

Adrián Armas, Chief Economist, Central Bank of Peru
Presentation

Alfonso Cebreros, Research Manager (Real Sector), Central Bank of Mexico
Presentation

Chair:

Carlos Carvallo, President, Central Bank of Paraguay 

3:50 p.m. – 4:10 p.m.

Coffee break

Session IV – Fiscal deficits, monetary policy, and inflation

4:10 p.m. – 5:30 p.m.

Speaker:

Christian Wolf, Assistant Professor in the MIT Department of Economics and Faculty Research Fellow at the National Bureau of Economic Research – NBER
Presentation | Working paper 1 | Working paper 2

Discussants:

Vladimir Werning, Deputy Governor, Central Bank of Argentina
Presentation

Reinier Schliesser, Principal Economist, CAF
Presentation

Chair:

Róger Madrigal, Governor, Central Bank of Costa Rica 

Closing Dinner
Salón Tropical Restaurant – Carrera 10C de la Lomba # 28-36, Getsemaní, Cartagena – Transportation is provided
7:00 p.m.

Speakers

Pierre-Olivier Gourinchas

Pierre-Oliver Gourinchas

Economic Counsellor and Director of the Research Department, International Monetary Fund

Pierre Yared

MUTB Professor of International Business at Columbia Business School
Silvana Tenreyro

Silvana Tenreyro

Professor of Economics, The London School of Economics and Political Science
Damiano Sandri

Damiano Sandri

Principal Economist, Bank for International Settlements
Christian Wolf

Christian Wolf

Assistant Professor in the MIT Department of Economics and Faculty Research Fellow at the National Bureau of Economic Research – NBER

Discussants

Esther George

Esther George

Former President, Federal Reserve Bank of Kansas City

Hernando Vargas

Deputy Technical Governor, Central Bank of Colombia

Guillermo Carlomagno

Manager of International Analysis, Central Bank of Chile
Paulina Restrepo-Echavarría

Paulina Restrepo-Echavarría

Economic Policy Advisor at the research department of the Federal Reserve Bank of St Louis

Adrián Armas

Chief Economist, Central Bank of Peru

Alfonso Cebreros

Research Manager (Real Sector), Central Bank of Mexico
Vladimir Werning

Vladimir Werning

Deputy Governor, Central Bank of Argentina

Reinier Schliesser

Principal Economist, CAF

Chairs

Washington Ribeiro

Governor of the Central Bank of Uruguay

Luis Óscar Herrera

General Manager of the Central Bank of Chile

Leonardo Villar

Governor, Central Bank of Colombia

Carlos Carvallo

President, Central Bank of Paraguay

Róger Madrigal

Governor, Central Bank of Costa Rica

Contacts

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Pierre-Olivier Gourinchas

Economic Counsellor and Director of the Research Department, International Monetary Fund

Pierre-Olivier is the Economic Counsellor and the Director of Research of the IMF. He is on leave from the University of California at Berkeley. He was the editor-in-chief of the IMF Economic Review, the managing editor of the Journal of International Economics, and a co-editor of the American Economic Review. He was director of the NBER International Finance and Macroeconomics program, a Research Fellow with the Center for Economic Policy Research CEPR and a Fellow of the Econometric Society. He received his PhD in Economics from MIT. His main research interests are in international macroeconomics and finance.

Pierre-Olivier Gourinchas

Pierre Yared

MUTB Professor of International Business at Columbia Business School

Pierre is the MUTB Professor of International Business, Senior Vice Dean for Faculty Affairs, and Vice Dean for Executive Education at Columbia Business School. He is a research associate of the NBER, an associate editor of the American Economic Review. He is also member of the Council on Foreign Relations and the Economic Club of New York. Mr. Yared holds a Ph.D. in Economics from MIT. His academic interests focus on macroeconomic policy and political economy.

Silvana Tenreyro

Professor of Economics, The London School of Economics and Political Science

Silvana is Professor of Economics at the London School of Economics and Political Science, Fellow of the British Academy and the Econometric Society and Honorary Foreign Member of the American Economic Association. She served as External Member of the Bank of England’s monetary policy committee and before that, she had served as External Member of the monetary policy committee of the Bank of Mauritius. She is a former President of the European Economic Association. Currently she is the Director of the CEPR International Macroeconomics and Finance Programme, and executive board member of the International Economic Association. She obtained her MA and PhD (Economics) from Harvard University.

Silvana Tenreyro

Damiano Sandri

Principal Economist, Bank for International Settlements

Damiano is Principal Economist in the Monetary and Economic Department of the BIS. He is a Research Fellow in the Center for Economic and Policy Research (CEPR). Previously, he was a Deputy Division Chief in the Research Department of the International Monetary Fund and served as Associate Editor of the IMF Economic Review. Damiano holds a Ph.D. in economics from Johns Hopkins University. Damiano’s research focuses on macro-financial linkages, monetary policy and international finance and has been published in leading academic journals and policy outlets.

Damiano Sandri

Christian Wolf

Assistant Professor in the MIT Department of Economics and Faculty Research Fellow at the National Bureau of Economic Research – NBER

Christian is Assistant Professor in the MIT Department of Economics and Faculty Research Fellow at the National Bureau of Economic Research – NBER. He is a Visiting Assistant Professor in the Harvard University Department of Economics. Mr. Wolf received his Ph.D. and M.A. in Economics from Princeton University. His research interests include macroeconomics, monetary economics, and time series econometrics.

Christian Wolf

Esther George

Former President, Federal Reserve Bank of Kansas City

Esther L. George was president and CEO of the Federal Reserve Bank of Kansas City (2011-2023). In 2009, she served as the Federal Reserve’s acting director of Banking Supervision and Regulation in Washington D.C. George was actively involved in the Federal Reserve’s work to ensure the smooth and efficient functioning of the nation’s payment system. She hosted the Kansas City Fed’s annual Jackson Hole international Economic Policy Symposium. George currently serves on the boards of the Hallmark Corporation, the Ewing Marion Kauffman Foundation, the Peterson Institute for International Economics, the National Bureau of Economic Research, the Committee for a Responsible Federal Budget, and the Kansas City 2026 World Cup.  

Esther George

Hernando Vargas

Deputy Technical Governor, Central Bank of Colombia

Hernando Vargas is the Deputy Technical Governor of Central Bank of Colombia. Previously, he was the Director of Economic Studies, Director of the Macroeconomic Programming Unit and researcher of Central Bank of Colombia. He received his Ph.D. in Economics from University of Illinois in 1994 and his Master of Science from the same university in 1992.

Guillermo Carlomagno

Manager of International Analysis, Central Bank of Chile

Guillermo Carlomagno is the Manager of International Analysis, Central Bank of Chile, as from November 2023. Before assuming as its Manager, he served in different positions of the Macroeconomic Analysis Department, namely Head of the Economic Analysis Department (2021-2023), Head of the Prices and Financial Markets Group (2020-2021) and Senior Economist (2018-2020).


Between 2005 and 2021, he worked as a researcher and consultant in academic centers, including Universidad Carlos III in Madrid, Universidad ORT in Uruguay and the Economic Research Center (CINVE) in Uruguay.

Paulina Restrepo-Echavarría

Economic Policy Advisor at the research department of the Federal Reserve Bank of St Louis

Paulina Restrepo-Echavarría is Economic Policy Advisor at the Federal Reserve Bank of St. Louis. She teaches International Economics for PhD students at Washington University in St Louis, is an Associate Editor for the Review of Economic Dynamics, the Secretary of the Society for Economic Dynamics, and a member of the Board of Directors of RIDGE. Paulina was an Assistant Professor of Economics at the Ohio State University, and worked as a researcher at Banco de La República de Colombia. Her research interests are on the fields of International Macroeconomics and Search Theory. Paulina received her PhD in Economics from UCLA in 2010.

Paulina Restrepo-Echavarría

Adrián Armas

Chief Economist, Central Reserve Bank of Peru.

Adrian Armas has been Chief Economist of the Central Reserve Bank of Peru (BCRP) since 2005, except 2017-2018, when he was the Executive Director for Argentina, Bolivia, Chile, Paraguay, Peru, and Uruguay at the IMF Board. He has spent most of his career at the BCRP, where he was previously Head of the Monetary Policy Division and Chief of the Financial Programming Section. He participated in IMF technical assistance missions as Advisor. He has taught Econometrics, International Economics, Macroeconomics, and Monetary Theory at several Peruvian universities. He holds an M.A. degree in Political Economy from Boston University.

Alfonso Cebreros

Research Manager (Real Sector), Central Bank of Mexico

Alfonso Cebreros is Manager of Real Sector Research at the General Directorate of Economic Research of Banco de Mexico, where he is responsible for coordinating research activities and junctural analysis related to labor markets, international trade, growth, and productivity. He received his bachelor’s degree in economics and master’s in economic theory from ITAM. He later earned a master’s in management and regulation of risk from The London School of Economics & Political Science. His PhD is from Princeton University, where he specialized in international trade and macroeconomics.

Vladimir Werning

Deputy Governor, Central Bank of Argentina

Vladimir is the Deputy Governor of Central Bank of Argentina. He is a member of the Committee of Sovereign Risk Management of the Institute of International Finance. He was Undersecretary of Economic Analysis and Coordination reporting to the Office of the Chief of the Ministerial Cabinet of the Argentine Presidency. He was also the Head of the Advisors Unit of the Economic Policy Secretariat at the Ministry of the Treasury and Finance, and Executive Director and Chief Economist for Latin América at JPMorgan Securities. He has also been Advisor to the Executive Board of the IMF, the U.S. Treasury Department, the New York Federal Reserve, and the Inter-American Development Bank.

Vladimir Werning

Reinier Schliesser

Principal Economist, CAF

Reinier Schliesser is the Principal Economist in the Macroeconomic Studies Unit of CAF – Development Bank of Latin America and the Caribbean. Previously, he worked as an Economist at the Inter-American Development Bank and as Economic and Financial Advisor for the European Union for Venezuela and the Caribbean. He has developed economic consulting projects for multilateral and private consultancies in South America, Central America, the Caribbean, and Africa. Mr. Reinier received his Master’s in International Development from Harvard University. His academic interests include economic development, macroeconomics, and international finance.

Washington Ribeiro

Governor of the Central Bank of Uruguay

Washington Ribeiro has been the Governor of the Central Bank of Uruguay since July 2024. Previously, he served as the Deputy Governor of the institution. He was first appointed as a Director of the Central Bank of Uruguay on June 28, 2010.

Ribeiro holds a Bachelor’s degree in Economics from the Faculty of Economic Sciences at the University of the Republic. He has worked as an Independent Consultant, preparing reports on national and regional economic conditions, as well as in the preparation and evaluation of investment projects.

Luis Óscar Herrera

General Manager of the Central Bank of Chile

Luis Oscar Herrera has been the General Manager of the Central Bank of Chile since March 2024. Before starting his current duties, he worked as Executive Director (from late 2023 to February 2024) and Alternate Director (between 2020 and 2022) at the International Monetary Fund. Also, he served as Macroeconomic Coordinator at the Ministry of Finance in Chile (2019-2020).

At the Central Bank, his professional career included positions such as Director of the Research Division (renamed Monetary Policy Division) Director of the Financial Policy Division, Manager of Macroeconomic Programming (currently the Macroeconomic Analysis Department), among others.

Leonardo Villar

Governor, Central Bank of Colombia

Since January 2021, Leonardo Villar has served as the General Manager of the Banco de la República (Central Bank of Colombia). Prior to his current position, he worked for two years at the International Monetary Fund as an Executive Director representing Colombia, along with Spain, Mexico, Venezuela, Costa Rica, El Salvador, Guatemala, and Honduras.

Villar was also the Executive Director of Fedesarrollo for seven years, from 2012 to 2018. During his time there, he was part of the Expert Commission for Structural Tax Reform, which presented its recommendations in 2015, and the Commission for Studies on Public Expenditure and Investment in Colombia, which delivered its report to the National Government in April 2018. He was also a member of the Advisory Committee for the Fiscal Rule. Before leading Fedesarrollo, he was the Chief Economist and Vice President of Development Strategies and Public Policies at CAF-Development Bank of Latin America.

Carlos Carvallo

President, Central Bank of Paraguay

Carlos Carvallo has been the President of the Central Bank of Paraguay since September 2023. Previously, he served as a full member of the Board of the BCP (2015-2020), Director of Economic Studies at the Ministry of Finance of Paraguay, and advisor in public and private organizations, among other roles. For 15 years, he held technical and managerial positions in international organizations abroad.

He has taught university courses at undergraduate and postgraduate levels in economics at universities in Paraguay and abroad. He is the author of book chapters and articles in academic journals specialized in economics.

Róger Madrigal

Governor, Central Bank of Costa Rica

Róger Madrigal has been the President of the Central Bank of Costa Rica since May 2022. Before assuming the presidency, he served as the Director of the Economic Division (Chief Economist of the BCCR) and was responsible for advising the Central Bank authorities on monetary, exchange rate, and financial system policies from July 2008 to April 2022. He also held positions as Advisor to the President of the BCCR, Acting Director of the Department of Economic Analysis and Advisory, Researcher at the Department of Economic Research, and Head of the Monetary Department.

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