Fourth Annual International Roles of the U.S. Dollar Conference

September 25, 2025

The Federal Reserve Board and the Federal Reserve Bank of New York jointly organized the fourth conference on the International Roles of the U.S. Dollar, held on September 25 and 26, 2025, at the Federal Reserve Bank of New York. The U.S. dollar plays a preeminent role in the global economy because of its use in international funding, investment, payment and trade transactions, and as a reserve currency. This conference garnered the insights of researchers, policymakers, and market experts on the evolving roles of the U.S. dollar in the global economy, the consequences of these roles for the Federal Reserve’s mandates, and the prospects for these roles.

The conference featured a keynote address by Arvind Krishnamurthy of Stanford Business School, two panel discussions, and research paper presentations with discussants.

watch the event

Day 1

See the agenda for timing of specific conference segments.

Day 2

See the agenda for timing of specific conference segments.

Event Details

Date & Time
September 25-26, 2025
Day 1: 9:00am - 5:30pm
Day 2: 8:45am - 3:30pm

Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

Audience
Attendance was by invitation only. The event was available virtually, with a live webcast available. The event was recorded, with the recording made available afterward.

Media
This event was on the record and open to media. For media inquiries, please contact Shelley Pitterson at Shelley.Pitterson@ny.frb.org.

Organizing Committee
Ricardo Correa, Federal Reserve Board
Linda S. Goldberg, Federal Reserve Bank of New York
Juan M. Londono, Federal Reserve Board
Fabiola Ravazzolo, Federal Reserve Bank of New York

Scientific Committee
Matteo Crosignani, Federal Reserve Bank of New York
Stefania D’Amico, Federal Reserve Bank of New York
Laurie DeMarco, Federal Reserve Board
Leonardo Elias, Federal Reserve Bank of New York
Ritt Keerati, Federal Reserve Board
Silvia Miranda-Agrippino, Federal Reserve Bank of New York
Pinar Uysal, Federal Reserve Board
Bastian von Beschwitz, Federal Reserve Board

Agenda

	Thursday, September 25, 2025
8:30am	Registration and Continental Breakfast
9:00am	Welcoming Remarks Kartik Athreya, Director of Research and Head of the Research and Statistics Group, Federal Reserve Bank of New York
	Session 1: Foreign Exchange Market Structure and the Dollar Session Chair: Kartik Athreya, Federal Reserve Bank of New York
9:10am	Topography of the FX Derivatives Market: A View from London (00:00:30 in video) Sinem Hacioğlu Hoke, Federal Reserve Board Daniel Ostry, Bank of England \| Presentation Hélène Rey, London Business School Adrien Rousset Planat, London Business School Vania Stavrakeva, London Business School Jenny Tang, Federal Reserve Bank of Boston Discussant: Fabricius Somogyi, Northeastern University \| Presentation
10:00am	Repo and FX Swap: A Tale of Two Markets (00:56:30 in video) Wenxin Du, Harvard Business School \| Presentation Georg Strasser, European Central Bank Adrien Verdelhan, MIT Sloan School of Management Discussant: Falk Bräuning, Federal Reserve Bank of Boston \| Presentation
10:50am	Coffee Break
	Session 2: Foreign Exchange Risk Management Session Chair: Juan M. Londono, Federal Reserve Board
11:10am	International Currency Dominance (01:49:14 in video) Joseph Abadi, Federal Reserve Bank of Philadelphia \| Presentation Jesús Fernández-Villaverde, University of Pennsylvania Daniel Sanches, Federal Reserve Bank of Philadelphia Discussant: Gianluca Benigno, University of Lausanne \| Presentation
12:00pm	Foreign Exchange Risk Management Spillovers Across the Production Network (02:40:09 in video) Wentong Chen, Santa Clara University, Leavey School of Business \| Presentation Discussant: Katheryn Russ, University of California, Davis \| Presentation
12:50pm	Lunch
2:15pm	Panel 1: Historical Episodes of Dominant Currency Strains and Transitions (03:31:13 in video) Moderator: Linda S. Goldberg, Federal Reserve Bank of New York Panelists: Jeffry Frieden, Columbia University Catherine Schenk, Oxford University Maury Obstfeld, Peterson Institute for International Economics Brad Setser, Council on Foreign Relations
3:45pm	Refreshment Break
4:00pm	Keynote Address (05:10:38 in video) Arvind Krishnamurthy, Stanford Graduate School of Business \| Presentation Moderator: Stephanie Curcuru, Federal Reserve Board
5:30pm	Reception

	Friday, September 26, 2025
8:45am	Remarks on the Dollar’s International Roles (00:00:46 in video) Beth Anne Wilson, Federal Reserve Board
	Session 3: Debt Markets Session Chair: Laurie DeMarco, Federal Reserve Board
9:00am	The Demand for Government Debt (00:09:23 in video) Egemen Eren, Bank for International Settlements Andreas Schrimpf, Bank for International Settlements Dora Xia, Bank for International Settlements \| Presentation Discussant: Stefania D’Amico, Federal Reserve Bank of New York \| Presentation
9:50am	Dollar Debt and the Inefficient Global Financial Cycle Paul Fontanier, Yale University (00:59:51 in video) \| Presentation Discussant: Livia Chitu, European Central Bank \| Presentation
10:40am	Coffee Break
11:00am	Panel 2: A Markets Perspective on Asset Management Across Currencies (01:59:38 in video) Moderator: Anna Nordstrom, Federal Reserve Bank of New York Panelists: Mahmood Pradhan, Amundi Investment Institute Malin Norberg, Norges Bank Investment Management Daleep Singh, PGIM Fixed Income Andrew Wai Hung NG, DBS
12:30pm	Lunch
	Session 4: Central Bank Swap Lines Session Chair: Fabiola Ravazzolo, Federal Reserve Bank of New York
1:30pm	Dollar Shortages and Central Bank Swap Lines (03:35:55 in video) Ambrogio Cesa-Bianchi, Bank of England \| Presentation Fernando Eguren-Martin, SPX Capital Andrea Ferrero, University of Oxford William Pagel, Bank of England Discussant: Ozge Akinci, Federal Reserve Bank of New York \| Presentation
2:20pm	Intermediated Dollar Lending of Last Resort: From Dollar Safety to Treasury Fragility (04:32:44 in video) Ding Ding, Wharton School, University of Pennsylvania Karen K. Lewis, Wharton School, University of Pennsylvania Yao Zeng, Wharton School, University of Pennsylvania \| Presentation Discussant: Ricardo Correa, Federal Reserve Board \| Presentation
3:15pm	Conference Summary and Closing Remarks (05:30:20 in video) Linda S. Goldberg, Federal Reserve Bank of New York
3:30pm	Adjourn

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