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Conference Program
Thursday, November 12, 2015
8:30 a.m.
Registration and Breakfast
9:30 a.m.
Welcoming Remarks
Chair Janet L. Yellen
Session 1: Monetary Policy Implementation (Session Chair: Bernd Schlusche)
9:45 a.m.
Floor systems and the Friedman rule: The Fiscal Arithmetic of Open Market Operations
Todd Keister (Rutgers), Antoine Martin* (Federal Reserve Bank of New York), and James McAndrews (Federal Reserve Bank of New York)
Discussant: Peter Stella (Stellar Consulting LLC)
10:30 a.m.
Gradualism in Monetary Policy: A Time-Consistency Problem?
Jeremy Stein (Harvard) and Adi Sunderam* (Harvard)
Discussant: Ryan Chahrour (Boston College)
11:15 a.m.
Coffee Break
11:30 a.m.
Benchmarks in Search Markets
Darrell Duffie (Stanford), Piotr Dworczak (Stanford), and Haoxiang Zhu* (MIT)
Discussant: Ana Babus (Federal Reserve Bank of Chicago)
12:15 p.m.
Excess Reserves and Monetary Policy Implementation
Roc Armenter (Federal Reserve Bank of Philadelphia) and Benjamin Lester* (Federal Reserve Bank of Philadelphia)
Discussant: Morten Bech (BIS)
1:00 p.m.
Lunch
Session 2: New Perspectives on Monetary Policy Transmission (Session Chair: John Rogers)
2:00 p.m.
A Model of Monetary Policy and Risk Premia
Itamar Drechsler (NYU), Alexi Savov* (NYU), and Philipp Schnabl (NYU)
Discussant: Michael Weber (University of Chicago)
2:45 p.m.
The Transmission of Monetary Policy through Bank Lending: The Floating Rate Channel
Filippo Ippolito (Universitat Pompeu Fabra), Ali K. Ozdagli (Federal Reserve Bank of Boston), and Ander Perez* (Universitat Pompeu Fabra)
Discussant: Juliane Begenau (Harvard)
3:30 p.m.
Coffee Break
3:45 p.m.
The Transmission of Monetary Policy through Redistributions and Durable Purchases
Vincent Sterk* (University College London) and Silvana Tenreyro (London School of Economics)
Discussant: Adrien Auclert (Princeton and Stanford)
4:30 p.m.
Does Lack of Financial Stability Impair the Transmission of Monetary Policy?
Viral V. Acharya (NYU), Bjorn Imbierowicz* (Copenhagen Business School), Daniel Teichmann (Goethe University Frankfurt), and Sascha Steffen (ESMT European School of Management and Technology & ZEW)
Discussant: John Driscoll (Federal Reserve Board)
5:30 p.m.
Cocktail Reception
6:00 p.m.
Dinner and Keynote Remarks
Stanley Fischer, Vice Chairman, Federal Reserve Board
Friday, November 13, 2015
8:15 a.m.
Breakfast
Session 3: Liquidity Regulation, Financial Intermediation and Monetary Policy (Session Chair: Wenxin Du)
9:00 a.m.
Banks, Liquidity Management and Monetary Policy
Javier Bianchi* (Federal Reserve Bank of Minneapolis and Wisconsin) and Saki Bigio (UCLA)
Discussant: Zhiguo He (University of Chicago)
9:45 a.m.
The Impact of Liquidity Regulation on Bank Intermediation
Clemens Bonner* (De Nederlandsche Bank) and Sylvester Eijffinger (Tilburg)
Discussant: Viktors Stebunovs (Federal Reserve Board)
10:30 a.m.
Coffee Break
10:45 a.m.
Optimal Monetary Policy in a Collateralized Economy
Gary Gorton* (Yale) and Ping He (Tsinghua University)
Discussant: Sebastian Infante (Federal Reserve Board)
11:30 a.m.
The Risk-Taking Channel of Currency Appreciation
Boris Hofmann (BIS), Ilhyock Shim (BIS), and Hyun Song Shin* (BIS)
Discussant: Sebnem Kalemli-Ozcan (University of Maryland)
12:15 p.m.
Lunch
Session 4: Policy Panels (Session Chair: Egon Zakrajsek)
1:15 p.m.
Panel A: The Impact of Regulation on Monetary Policy Implemen- tation and Transmission
Panelists:
- Lou Crandall (ICAP/Wrightson)
- Michael Gibson (Federal Reserve Board)
- Gary Gorton (Yale)
- Thomas Wipf (Morgan Stanley)
2:30 p.m.
Coffee Break
2:45 p.m.
Panel B: Perspectives on the Optimal Design for Monetary Policy in the Post-Crisis Period
Panelists:
- Benjamin Friedman (Harvard)
- Lucrezia Reichlin (London Business School)
- Hyun Song Shin (BIS)
- Lars Svensson (Stockholm School of Economics and IMF)
4:00 p.m.
Adjourn
*indicates the presenter
