This workshop is organized by Stockholm Institute for Financial Research and Clausen Center at University of California at Berkeley.

Friday, April 11

09.00

Opening remarks
Peter Englund, SIFR

09.10

A New Micro Model of Exchange Rate Dynamics
Martin Evans, Georgetown University, and Richard Lyons, UC at Berkeley

Discussant: Philippe Bacchetta, Study Center Gerzensee

10.00

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
Philippe Bacchetta, Study Center Gerzensee, and Eric van Wincoop, University of Virginia

Discussant: Richard Lyons, UC at Berkeley

10.50

Coffee

11.10

PhD students' abstract presentations

11.30

Exchange Rates, Equity Prices and Capital Flows
Harald Hau, INSEAD, and Hélène Rey, Princeton University

Discussant: Rafael Romeu, IMF Washington

12.20

Lunch

13.20

Anatomy of a Market Crash: A Market Microstructure Analysis of the Turkish Overnight Liquidity Crisis
Jón Daníelsson, London School of Economics, and Burak Saltoglu, Marmara University

Discussant: Gabriele Galati, BIS Basel

14.10

Liquidity Provision in the Overnight Foreign Exchange Market
Geir Bjønnes, SIFR, Dagfinn Rime, Norges Bank, and Haakon Solheim, Norwegian School of Management

Discussant: Magdalena Polan, Katholieke Universiteit Leuven

15.00

Coffee

15.20

A Transaction Level Study of the Effects of Central Bank Intervention on Exchange Rates
Paolo Vitale and Richard Payne, London School of Economics

Discussant: Kathryn Dominguez, University of Michigan

16.10

Time for private conversations

Saturday, April 12

09.00

The Choice of Direct Dealing or Electronic Brokerage in Foreign Exchange Trading
Michael Melvin and Lin Wen, Arizona State University

Discussant: John Carlson, Purdue University

09.50

Different Counterparties, Different Foreign Exchange Trading? The Perspective of a Median Bank
Alexander Mende and Lukas Menkhoff, University of Hannover

Discussant: Alain Chaboud, Federal Reserve Board

10.40

Coffee

11.00

Stop-Loss Orders and Price Cascades in Currency Markets
Carol Osler, Brandeis University

Discussant: Christopher D'Souza, Bank of Canada

11.50

Lunch

13.00

An Information Approach to International Currencies
Richard Lyons, UC at Berkeley, and Michael Moore, Queens University, Belfast

Discussant: Hélène Rey, Princeton University

14.00

Roundtable Discussion
Charles Goodhart, chair, London School of Economics
Richard Adams, Citibank
Richard Olsen, Olsen and Associates
Mark Taylor, Warwick University

15.30

End of Conference

Organizing Committee
Geir Bjønnes (geir.bjonnes@sifr.org)
Peter Englund (peter.englund@sifr.org)
Richard Lyons (lyons@haas.berkeley.edu)
Michael Moore (m.moore@qub.ac.uk)
Dagfinn Rime (dagfinn.rime@norges-bank.no).

Information
Anki Helmer (anki.helmer@sifr.org).