Vilfredo Pareto Research Seminar
Silvia Miranda-Agrippino

The Global Financial Cycle

Silvia Miranda-Agrippino, Senior Research Economist at Bank of England
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Seminar streamed via Zoom

The Vilfredo Pareto Research Seminar is the Economics department's weekly seminar, featuring external speakers in all areas of economics.

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As part of the Vilfredo Pareto Research Seminar series, the International Economics Department at the Graduate Institute is pleased to invite you to a public talk given by Silvia Miranda-Agrippino, Senior Research Economist in Monetary Analysis at the Bank of England.

She will present her work, joint with Hélène Rey, titled The Global Financial Cycle.

Abstract: We 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. We 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. We 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. We then assess whether the 2008 financial crisis has altered the transmission channels of monetary policies on the Global Financial Cycle. Finally, we discuss the theoretical modelling of the Global Financial Cycle and avenues for future research.


About the speaker

Silvia Miranda-Agrippino is a Senior Research Economist in Monetary Analysis at the Bank of England and a Research Affiliate in the Monetary Economics and Fluctuations (MEF) programme of CEPR. She has taught at the University of Bristol and holds a Ph.D. in Economics from Bocconi University. Her research interests are Monetary Economics, Empirical Macroeconomics, International Macro-Finance, Macroeconometrics.