Conference

Second Thomas Laubach Research Conference

May 15-16, 2025

Federal Reserve Board, Washington, D.C.

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Accessible Keys for Video

[Space Bar] toggles play/pause;

[Right/Left Arrows] seeks the video forwards and back (5 sec );

[Up/Down Arrows] increase/decrease volume;

[M] toggles mute on/off;

[F] toggles fullscreen on/off (Except IE 11);

The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off.

Accessible Keys for Video

[Space Bar] toggles play/pause;

[Right/Left Arrows] seeks the video forwards and back (5 sec );

[Up/Down Arrows] increase/decrease volume;

[M] toggles mute on/off;

[F] toggles fullscreen on/off (Except IE 11);

The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off.

Accessible Keys for Video

[Space Bar] toggles play/pause;

[Right/Left Arrows] seeks the video forwards and back (5 sec );

[Up/Down Arrows] increase/decrease volume;

[M] toggles mute on/off;

[F] toggles fullscreen on/off (Except IE 11);

The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off.

Accessible Keys for Video

[Space Bar] toggles play/pause;

[Right/Left Arrows] seeks the video forwards and back (5 sec );

[Up/Down Arrows] increase/decrease volume;

[M] toggles mute on/off;

[F] toggles fullscreen on/off (Except IE 11);

The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off.

Accessible Keys for Video

[Space Bar] toggles play/pause;

[Right/Left Arrows] seeks the video forwards and back (5 sec );

[Up/Down Arrows] increase/decrease volume;

[M] toggles mute on/off;

[F] toggles fullscreen on/off (Except IE 11);

The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off.

Accessible Keys for Video

[Space Bar] toggles play/pause;

[Right/Left Arrows] seeks the video forwards and back (5 sec );

[Up/Down Arrows] increase/decrease volume;

[M] toggles mute on/off;

[F] toggles fullscreen on/off (Except IE 11);

The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off.

The Federal Reserve Board hosted the Second Thomas Laubach Research Conference on May 15–16, 2025. The conference was a key component of the Federal Reserve's review of its monetary policy strategy, tools, and communications, and provided timely academic and practitioner perspectives from outside the Federal Reserve System on a range of issues related to the monetary policy framework the Federal Reserve uses to pursue its congressionally assigned goals of maximum employment and price stability. The conference was broadcast live. Recordings of the presentations and the conference agenda are available on this page.

Agenda, Video, & Materials

Thursday, May 15

Registration and Continental Breakfast

8:30 a.m. – 8:40 a.m.

Introduction
Trevor Reeve, Federal Reserve Board

8:40 a.m. – 9:00 a.m.

Opening Remarks
Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System

9:00 a.m. – 10:15 a.m.

Session 1: The Labor Market and Maximum Employment
Moderator: Stephanie Aaronson, Federal Reserve Board
Presenter: Ayşegül Sahin, Princeton University
Assessing Maximum Employment: A Flow-Based Approach | Presentation (PDF)
Discussant: Erik Hurst, University of Chicago Booth School of Business
Presentation (PDF)

10:15 a.m. – 10:45 a.m.

Break

10:45 a.m. – 12:00 p.m.

Session 2: Inflation Dynamics and Inflation Expectations
Moderator: Sylvain Leduc, Federal Reserve Bank of San Francisco
Presenter: Yuriy Gorodnichenko, University of California, Berkeley
Inflation, Expectations and Monetary Policy: What Have We Learned and to What End? (PDF) | Presentation (PDF)
Discussant: Mark Gertler, New York University
Presentation (PDF)

Lunch

1:30 p.m. – 2:45 p.m.

Session 3: Lessons for Monetary Policy Strategy
Moderator: David Lopez-Salido, Federal Reserve Board
Presenter: Carl Walsh, University of California, Santa Cruz
Lessons for the FOMC’s Monetary Policy Strategy (PDF) | Presentation (PDF)
Discussant: Kenneth Rogoff, Harvard University
Presentation (PDF)

2:45 p.m. – 3:15 p.m.

Break

3:15 p.m. – 4:30 p.m.

Session 4: Policy Tools to Support the Policy Framework
Moderator: Annette Vissing-Jorgensen, Federal Reserve Board
Presenter: Silvana Tenreyro, London School of Economics
Unconventional Policy Tools at the Fed: Lessons from Theory and Practice (PDF) | Presentation (PDF)
Discussant: Samuel Hanson, Harvard Business School
Presentation (PDF)

Friday, May 16

8:00 a.m. – 8:30 a.m.

Continental Breakfast

8:30 a.m. – 9:35 a.m.

Session 5: Financial Market Expectations: Implications for Policy and Communications
Moderator: Roberto Perli, Federal Reserve Bank of New York
Presenter: Ricardo Caballero, Massachusetts Institute of Technology
FCI-plot: Central Bank Communication Through Financial Conditions (PDF) | Presentation (PDF)
Discussant: Markus Brunnermeier, Princeton University
Presentation (PDF)

9:35 a.m. – 9:50 a.m.

Break

9:50 a.m. – 10:45 a.m.

Session 6: Enhancing Monetary Policy Communications
Moderator: Anna Paulson, Federal Reserve Bank of Chicago
Presenter: Ben S. Bernanke, former Chair of the Board of Governors of the Federal Reserve System, Brookings Institution
Improving Fed Communications: A Proposal (PDF) | Presentation (PDF)
Discussant: William English, Yale School of Management
Presentation (PDF)

10:45 a.m. – 11:00 a.m.

Break

11:00 a.m. – 12:15 p.m.

Policymaker Panel: Central Bank Communications and Uncertainty
Moderator: Trevor Reeve, Federal Reserve Board
Panelists: Philip Lane, Member of the Executive Board, European Central Bank; Clare Lombardelli, Deputy Governor, Bank of England; Anna Seim, Deputy Governor, Sveriges Riksbank
Presentation 1 (PDF) | Presentation 2 (PDF)

12:15 p.m.

Closing Remarks and Adjourn

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Last Update: August 22, 2025