9th workshop on exchange rates

Welcome address

First session: Transmission of monetary policy to exchange rate

Chair: Alessio Anzuini, Banca d’Italia

Exchange rate undershooting

Gernot Müller, University of Tübingen, CEPR, and CESifo, joint with Martin Wolf and Thomas Hettig

Discussant: Makram Khalil, Deutsche Bundesbank

A preferred-habitat model of term premiums and exchange rates

Discussant: Luca Dedola, European Central Bank

Second session: Currency risk premia

Chair: Regine Wölfinger, European Central Bank

A credit-based theory of the currency risk premium

Ella D.S. Patelli, HEC Montréal, joint with Pasquale Della Corte and Alexandre Jeanneret

Discussant: Federico Nucera, Banca d’Italia

Foreign-currency lending

Manthos Delis, Montpellier Business School, joint with Panagiotis N. Politsidis and Lucio Sarno

Discussant: Egemen Eren, Bank for International Settlement

Lunch

Keynote talk

Chair: Arnaud Mehl, European Central Bank

The convenience yield channel of monetary policy and the dollar exchange rate

Arvind Krishnamurthy, Stanford University

Third session: Foreign exchange trading

Chair: Johannes Gräb, European Central Bank

FX trading and the exchange rate disconnect puzzle

Martin Evans, Georgetown University

Discussant: Fabrizio Venditti, European Central Bank

Heterogeneous information content of global FX trading

Fabricius Somogyi, University of St. Gallen, joint with Angelo Ranaldo

Discussant: Thomas Nitschka, Swiss National Bank