A conference jointly sponsored by Columbia University's School of International and Public Affairs and the Federal Reserve Bank of New York.
Overview
The financial crisis has led to dramatic changes to the monetary policy implementation framework of a number of central banks. Many countries have experienced very low interest rates for several years and some have pushed interest rates into negative territory. New regulations are having a profound effect on money markets.
As central bankers reflect on their monetary policy implementation frameworks in the years to come, what lessons can they draw from the crisis and the long period of very low rates since? What questions need to be answered to determine whether some of the new aspects of monetary policy implementation introduced since the crisis should be kept? What factors are most important in determining the “new normal” in monetary policy implementation?
This workshop will bring together international experts in monetary policy design and implementation—academics, industry experts, as well as current and former central bankers—to reflect on key lessons from the post-crisis experience and brainstorm to develop a research agenda to inform future monetary policy implementation developments.
May 4, 2016
10:00 a.m. - 5:00 p.m.
Columbia University
420 West 118th Street
International Affairs Building, Room 1501
New York, NY 10027
| 10:15am- 10:30am |
Opening remarks
Simon Potter | Speech |
| 10:30am- 12:00pm |
Lessons from the crisis and post-crisis experience Chair: James Clouse Opening presentation: Marvin Goodfriend | Presentation  Discussants: Benjamin Friedman | Presentation Brian Sack | Presentation |
| 12:00pm- 1:00pm |
Lunch |
| 1:00pm- 2:30pm |
What is the future of balance sheet policies? How does the crisis experience inform the structure of central bank balance sheets in “normal” times? Chair: Lorie Logan Opening presentation: Paul Tucker | Paper Discussants: Masaaki Shirakawa | Presentation Peter Stella | Presentation |
| 2:30pm- 3:00pm |
Coffee break |
| 3:00pm- 4:30pm |
How should central banks steer money market interest rates? Chair: Jamie McAndrews Opening presentation: Francesco Papadia | Presentation Discussants: Lou Crandall | Presentation Todd Keister | Presentation |
| 4:30pm- 5:00pm |
Wrap-up observations
Donald Kohn | Remarks
|
Audience is by invitation only.
Patricia Mosser, Columbia University
Julie Remache, Federal Reserve Bank of New York
Antoine Martin, Federal Reserve Bank of New York
Media
This event is open to the media. Chatham House Rule will be in effect for all but the keynote address; media may report on comments made during the event, but may not attribute remarks to individuals or organizations. To register, please contact Suzanne Elio at the New York Fed, suzanne.elio@ny.frb.org
