Conference Agenda
Overview and details of the sessions of this conference.
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Some information on the session logistics:
If not stated otherwise, the discussant is the following speaker, with the first speaker being the discussant of the last paper. The last speaker of each session is the session chair. (Exception: invited sessions)
Presenters should speak for no more than 20 minutes, and discussants should limit their remarks to no more than 5 minutes. The remaining time should be reserved for audience questions and the presenter’s responses. We suggest following these guidelines also in the (less common) 3-paper sessions in a 2-hour slot, to allow participants to move between sessions. Discussants are encouraged to avoid summarizing the paper. By focusing on a few questions and comments, the discussants can help start a broader discussion with the audience.
Only registered participants can attend this conference. Further information available on the congress website https://www.iseg.ulisboa.pt/en/event/iipf/ .
Venue address: ISEG - Lisbon School of Economics & Management, R. Francesinhas 21, 1200-675 Lisboa, Portugal
Please note that all times are shown in the time zone of the conference. The current conference time is: 17th Sept 2026, 11:38:27am WEST
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Daily Overview |
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D15: Macroeconomic Policy in Open and Transforming Economies Location: Room 118 (Francesinhas 1) | |
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Monetary Policy Insulation from Global Financial Shocks in India: Evidence on Foreign Exchange Intervention, Macroprudential Policy, and Fiscal Support national institute of public finance and policy, India This paper examines transmission of global financial shocks to domestic interest rates in India using a state-dependent local projection framework. Results show that external shocks exert statistically significant and persistent effects on both policy rates and short-term money market rates, though strength of transmission varies across policy regimes. Foreign exchange intervention (FXI) provides partial insulation by dampening the persistence of shocks over time, particularly under strict intervention regimes. The findings also reveal important differences across instruments: under strict FXI, policy rates remain relatively insulated while money market rates adjust gradually through liquidity conditions; under light FXI, both rates respond more strongly and persistently. Importantly, the joint use of macroprudential policies and FXI can substantially neutralize the transmission of U.S. monetary policy shocks. The paper further finds that stronger fiscal support is associated with greater short-run insulation from external tightening, highlighting the complementary role of fiscal policy in stabilizing domestic financial conditions.
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