BACKGROUND
Two related issues pervade discussions of monetary policy at individual central banks and reform of the international monetary and financial system: (1) The volatility of capital flows and exchange rates, and (2) The use of balance sheet policy by central banks. The key issues are whether capital flow management is appropriate to deal with volatility and whether the central bank balance sheet should be reduced to a level where interest rates are market-determined. The issues are related because of the large effect of balance sheet operations on exchange rates and capital flows. The aim of the policy conference is to examine relevant research developments and debate the policy options. The conference consists of five formal presentations, three policy panels, and in-depth discussions.
This conference is by invitation only.
ORGANIZERS
John Cochrane, Stanford University
John B. Taylor, Stanford University
FRIDAY, MAY 4
| Time | Content | chair | Presenters/panelists | lead Discussant |
|---|---|---|---|---|
| 7:45 AM |
Continental Breakfast |
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| 8:15 am |
International Rules of the Monetary Game |
John Cochrane, Hoover Institution, Stanford University |
Raghu Rajan, University of Chicago and former Governor Reserve Bank of India |
Thomas Sargent, Hoover Institution and New York University |
| 9:15 am |
Break |
-- |
-- |
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| 9:30 Am |
Banking, Trade and the Making of the Dominant Currency |
Juliane Begenau, GSB, Stanford University |
Gita Gopinath, Harvard University |
Adrien Auclert, Stanford University |
| 10:30 Am |
Break |
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| 10:45 Am |
Panel on “Capital Flows, the IMF’s Institutional View and Alternatives" |
George Shultz, Hoover Institution, Stanford University |
Jonathan D. Ostry, International Monetary Fund Sebastian Edwards, University of California, Los Angeles John Taylor, Hoover Institution, Stanford University |
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| 12:00-1:15 PM |
Lunch |
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John C. Williams, President, Federal Reserve Bank of San Francisco |
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| 1:15 PM |
Payments, Credit and Asset Prices |
Michael Bordo, Hoover Institution and Rutgers University |
Martin Schneider, Stanford University |
Oleg Itskhoki, Princeton University |
| 2:15 PM |
Break |
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| 2:30 PM |
Financial Stability, Regulations and the Balance Sheet |
John Taylor, Hoover Institution, Stanford University |
Randal Quarles, Vice Chair, Federal Reserve Board |
Paul Tucker, Harvard University and former Deputy Governor Bank of England |
| 3:30 PM |
Break |
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| 3:45 PM |
Panel on “The Future of the Central Bank Balance Sheet” |
Kevin Warsh, Hoover Institution, Stanford University |
Lorie Logan, Federal Reserve Bank of New York Mickey Levy, Berenberg Capital Markets William Nelson, The Clearing House |
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| 5:00 PM |
Panel on “Monetary Policy and Reform in Practice” |
Charles Plosser, Hoover Institution, Stanford University |
Raphael Bostic, President, Federal Reserve Bank of Atlanta Esther George, President, Federal Reserve Bank of Kansas City Robert Kaplan, President, Federal Reserve Bank of Dallas |
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| 6:15 PM |
Adjourn |
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| 6:30 PM |
Reception and Dinner |
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Volker Wieland, Goethe University Frankfurt, Member of the German Council of Economic Experts |
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