BBS : Mr. Dubravko Mihaljek

We invite you to the 25th Brown Bag Seminar to be held on Thursday, Feb.27, 2020 at the Faculty of Economics and Business in Zagreb in Hall 51 starting at 2 pm. The cycle of the Brown Bag Seminar will be continued by the presentation of Mr. Dubravko Mihaljek, Bank for International Payments - Basel, who will present the paper "Dollar Exchange Rate and Economic Activity".
A summary of the presentation:
Due to significant changes in the functioning of the global financial system, the economists' interest in the question of how financial conditions affect real economic activity has increased significantly in the last ten years. The research underlying this presentation attempts to shed light on the issue by analyzing empirical relationships between selected indicators of financial conditions, especially the dollar exchange rate, and high-frequency indicators of global economic activity, especially the so-called Purchasing Managers' Indices in manufacturing and world trade growth. The survey shows that the impact of the dollar exchange rate on real activity has increased significantly since 2010, while the impact of the stock price volatility index (the so-called VIX), until recently considered the most reliable barometer of global financial conditions, has significantly decreased.
Mr. Dubravko Mihaljek is Head of Operations at the Monetary and Economic Division of the Bank for International Payments (BIS) in Basel, where he has been working since 1999. Manages the day-to-day operations of the department and prepares analysis of global macro-financial developments and monetary policy for regular discussions of central bank governors at BIS. Economic Analyst at the International Monetary Fund in Washington (1990-99); assistant at the Zagreb Institute of Economics (1982–89). He studied economics at the Universities of Pittsburgh (Ph.D. 1990), Minnesota (MA 1986) and Zagreb (BSc 1981). Recent Papers on the Macroeconomic Aspects of Housing Investment (IJCB 12/2020), on the financial conditions and economic activity (BIS QR 9/2019) and the exchange rate of dollars and bank indebtedness as determinants of global growth dynamics (AER 5/2020).