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Federal Reserve Board of Governors


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.


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.


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.


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


  • 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


  • Benjamin Friedman (Harvard)
  • Lucrezia Reichlin (London Business School)
  • Hyun Song Shin (BIS)
  • Lars Svensson (Stockholm School of Economics and IMF)

4:00 p.m.


*indicates the presenter

Last update: November 3, 2015