An important topic in monetary policy over recent years has been the continued unwinding of large central bank balance sheets in the post-pandemic period and the associated impact on financial markets and the broader economy. These dynamics have presented several policy and implementation questions in the U.S. and abroad.
On May 22, the Federal Reserve Bank of New York and Columbia University’s School of International and Public Affairs (SIPA) will host a joint workshop bringing together academics, industry experts, and current and former central bankers to discuss how central banks are navigating monetary policy implementation in the post-pandemic period.
The program will focus on the macroeconomic impact of central bank balance sheets, differences in monetary policy implementation frameworks around the globe, and the transition to steady-state operations after balance sheet unwinding is complete.
May 22, 2025
8:00am-7:00pm EDT
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Attendance is in-person and by invitation only.
Marco Cipriani, Federal Reserve Bank of New York
Patricia Mosser, Columbia University
Roberto Perli, Federal Reserve Bank of New York
Julie Remache, Federal Reserve Bank of New York
For questions on the New York Fed-Columbia SIPA Monetary Policy Implementation Workshop, please contact ny.fed.sipa.monetary.policy.workshop@ny.frb.org.
This event is open to press in-person. The welcome remarks and keynote address will be on the record, and Chatham House Rule will be in effect for all other sessions (meaning media may report on comments made during the event but may not attribute remarks to individuals or organizations).
Media who wish to attend must register by contacting Shelley Pitterson at the New York Fed at Shelley.Pitterson@ny.frb.org.
| 8:00am-8:50am | Registration and Continental Breakfast |
| 8:50am-9:00am | Welcome Remarks Julie Remache, Federal Reserve Bank of New York |
| 9:00am-10:30am | Panel: The (Macro) Economics of Balance Sheet Size and Composition Moderator: Trevor Reeve, Board of Governors of the Federal Reserve System Panelists: Tobias Adrian, International Monetary Fund Stefania D’Amico, Federal Reserve Bank of New York Angel Ubide, Citadel Jonathan Wright, Johns Hopkins University |
| 10:30am-11:00am | Coffee Break |
| 11:00am-12:30pm | Panel: The Transition to Ample Reserves and its Impact on Money Markets Moderator: Gara Afonso, Federal Reserve Bank of New York Panelists: Teresa Ho, JPM Research Ricardo Lagos, New York University Ed Reilly, Morgan Stanley Brian Sack, Balyasny Asset Management |
| 12:45pm-1:45pm | Lunch |
| 2:00pm-2:15pm | Keynote Address John Williams, Federal Reserve Bank of New York |
| 2:15pm-2:30pm | Moderated Discussion with John Williams, Federal Reserve Bank of New York Moderator: Petra Tschudin, Swiss National Bank |
| 2:30pm-3:00pm | Coffee Break |
| 3:00pm-4:30pm | Panel: Monetary Policy Implementation around the World: More Similarities than Differences? Moderator: Patricia Mosser, Columbia University Panelists: Toni Gravelle, Bank of Canada Makoto Minegishi, Bank of Japan Roberto Perli, Federal Reserve Bank of New York Imène Rahmouni-Rousseau, European Central Bank (ECB) Vicky Saporta, Bank of England |
| 4:30pm-4:45pm | Closing Remarks Patricia Mosser, Columbia University |
| 5:00pm-7:00pm | Reception |
