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The Growth Lab Research Seminar series is a weekly seminar that brings together researchers from across the academic spectrum who share an interest in growth and development.
Speaker: Gonzalo Huertas, Economist, International Monetary Fund
Abstract: I conduct interviews with 32 Central Bankers from Emerging Markets and present five unifying themes that explain their behavior when reacting to a U.S. monetary tightening. I then estimate the impulse response functions of their two main monetary tools, the policy rate and foreign exchange interventions, to an increase in the U.S. rate, using the answers from the interviews as a guide for the best econometric specification. I find that most Central Banks react to a U.S. tightening by raising domestic rates, regardless of the exchange rate regime, but their reasons for doing so vary -- from controlling inflation to preventing capital outflows.
Whether attending in-person or virtually, please register in advance. Room attendance is limited to the Harvard community. Seating availability is based on a first-come, first-served basis. The Zoom webinar is open to the public.
About the speaker:
Gonzalo Huertas is an economist at the International Monetary Fund. He specializes in international macroeconomics, with a focus on monetary policy, capital flows, and debt sustainability. Previously, he conducted research at the Peterson Institute for International Economics, and has worked in policy at the Ministry of Finance of Mexico and the National Cabinet of Ministers of Argentina.