Hélène Rey, a prestigious economist of the London Business School, will act as the keynote speaker of the inaugural lecture of the Ph.D. programme in Economics and Management offered by the Department of Economics and Management of the University of Padova.

The lecture will take place on Tuesday, 16 November 2021 at 12.00 pm at the Archivio Antico (Palazzo Bo) in Padova AND in live streaming on Zoom.

In-person is now fully booked, please follow the event online.

Click on the following link to join the Zoom webinar: https://unipd.link/inaugural_lecture_helene_rey

Professor Rey has been studying financial integration at a world level for many years, and in particular how central banks of countries such as the United States, England, and China, as well as regions such as the Euro area have been able to influence the evolution of the global financial conditions, with relevant consequences for the global production of resources. With her lecture, Professor Rey will document the most recent empirical evidence on the drivers behind the fluctuations of the global financial cycle; she will present theoretical models able to interpret such fluctuations; she will point to future research avenues to deepen our knowledge on the global financial cycle.

Her lecture "The Global Financial Cycle" will review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. It will analyse the co-movements of global factors in asset prices and capital flows with commodity prices, international trade and world output as well as the sensitivity of different parts of the world to the Global Financial Cycle. It will present evidence of the causal effects of the monetary policies of the US Federal Reserve, the European Central Bank and of the People’s Bank of China on the Global Financial Cycle. It will then assess whether the 2008 financial crisis has altered the transmission channels of monetary policies on the Global Financial Cycle. Finally, it will discuss the theoretical modelling of the Global Financial Cycle and avenues for future research. 

Schedule