Overview
The academic consensus has evolved to recognize that financial vulnerabilities have the potential to adversely affect the real economy and are also an inherent and largely procyclical part of the financial system. The Federal Reserve System organized a conference to garner the insights of researchers and policymakers on how monetary policy affects financial vulnerabilities and in turn how the state of the financial system interacts with the achievement of the maximum employment and price stability goals of monetary policy. The conference was co-led by Federal Reserve Board Vice Chair Lael Brainard and Federal Reserve Bank of New York President John C. Williams, who gave opening and closing remarks. The conference also included a panel of current and former central bank policymakers to explore the themes of the conference, as well as paper presentations with discussants.
watch the event
Session I
Session II
Session III
Session IV
Session V
Session VI
Media
This event was by invitation-only for in-person attendees but was open to the public virtually. All remarks were on-the-record. For Media inquiries, please contact Mariah Measey at mariah.measey@ny.frb.org.
Organizers
William Bassett, Federal Reserve Board
Rochelle Edge, Federal Reserve Board
Anna Kovner, Federal Reserve Bank of New York
Program Committee
Ozge Akinci, Federal Reserve Bank of New York
Nina Boyarchenko, Federal Reserve Bank of New York
Miguel Faria-e-Castro, Federal Reserve Bank of St. Louis
Giovanni Favara, Federal Reserve Board
José Fillat, Federal Reserve Bank of Boston
Scott Frame, Federal Reserve Bank of Dallas
François Gourio, Federal Reserve Bank of Chicago
Benjamin Lester, Federal Reserve Bank of Philadelphia
Thomas Mertens, Federal Reserve Bank of San Francisco
Edward Prescott, Federal Reserve Bank of Cleveland
Horacio Sapriza, Federal Reserve Bank of Richmond
Andres Schneider, Federal Reserve Board
Rajdeep Sengupta, Federal Reserve Bank of Kansas City
Annette Vissing-Jørgensen, Federal Reserve Board
Event Details
Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Agenda
| 8:30am | Registration and Continental Breakfast |
| 9:00am | Welcoming Remarks Lael Brainard, Vice Chair, Federal Reserve Board of Governors |
| 9:15am | Financial Vulnerability and Monetary Policy Tobias Adrian, International Monetary Fund (Presenter) Presentation Fernando Duarte, Brown University Discussant: Moritz Lenel, Princeton University Presentation |
| 10:00am | The Financial (In)Stability Real Interest Rate, R** Ozge Akinci, Federal Reserve Bank of New York (Presenter) Presentation Gianluca Benigno, Federal Reserve Bank of New York Marco Del Negro, Federal Reserve Bank of New York Albert Queralto, Federal Reserve Board of Governors Discussant: Mark Gertler, New York University Presentation |
| 10:45am | Coffee Break |
| 11:15am | Policy Panel Ida Wolden Bache, Norges Bank Claudia Buch, Bundesbank Agustín Carstens, Bank for International Settlements Donald Kohn, Brookings Institute Moderator: Kristin Forbes, MIT Sloan School of Management |
| 12:30pm | Lunch |
| 1:45pm | How Does Monetary Policy Affect Household Indebtedness? Andreas Fagereng, BI Norwegian Business School Magnus A. H. Gulbrandsen, Norges Bank (Presenter) Presentation Martin B. Holm, University of Oslo Gisle J. Natvik, BI Norwegian Business School Discussant: Stephanie Johnson, Rice University Presentation |
| 2:30pm | Refreshment Break |
| 2:45pm | Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s David Elliott, Bank of England Ralf R. Meisenzahl, Federal Reserve Bank of Chicago José-Luis Peydró, Imperial College & Universitat Pompeu Fabra (Presenter) Presentation Bryce C. Turner, Harvard Business School Discussant: Christa Bouwman, Mays Business School, Texas A&M University Presentation |
| 3:30pm | Leaning Against the Wind: An Empirical Cost-Benefit Analysis Luis Brandão-Marques, International Monetary Fund Gaston Gelos, International Monetary Fund (Presenter) Presentation Machiko Narita, International Monetary Fund Erlend Nier, International Monetary Fund Discussant: Matthew Baron, Johnson Graduate School of Management, Cornell University Presentation |
| 4:15pm | Closing Remarks John C. Williams, President, Federal Reserve Bank of New York |
Speakers
Financial Counsellor and Director of the Monetary and Capital Markets Department
International Monetary Fund
Research Economist
Federal Reserve Bank of New York
Governor
Norges Bank
Assistant Professor
Cornell University
Interim Head & Professor of Finance
Texas A&M University
Vice Chair
Board of Governors of the Federal Reserve System
Vice President
Bundesbank
General Manager
Bank for International Settlements
Lecturer in Economics
Brown University
Professor, Global Economics and Management
MIT Sloan School of Management
Assistant Director
International Monetary Fund
Professor of Economics
New York University
Senior Economist
Norges Bank
Assistant Professor of Finance
Rice University
Senior Fellow - Economic Studies
Brookings Institute
Assistant Professor of Economics
Princeton University
Professor of Finance
Imperial College Business School
President and Chief Executive Officer
Federal Reserve Bank of New York
