Event

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 are jointly organizing the fourth conference on the International Roles of the U.S. Dollar, to be 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 garners 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 will feature a keynote address by Arvind Krishnamurthy of Stanford Business School, two panel discussions, and research paper presentations with discussants.

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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
In-person attendance is by invitation only. The event will also be available virtually, with a live webcast available on this page by the morning of the event. A recording of the event will be uploaded soon after.

Media
This event is on the record and open to media. For media inquiries, please contact Mariah Measey at Mariah.Measey@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
Agenda
Thursday, September 25, 2025
8:30am Registration and Continental Breakfast
9:00am Welcoming Remarks
John C. Williams, President and CEO, 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

Sinem Hacioğlu Hoke, Federal Reserve Board
Daniel Ostry, Bank of England
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
10:00am Repo and FX Swap: A Tale of Two Markets

Wenxin Du, Harvard Business School
Georg Strasser, European Central Bank
Adrien Verdelhan, MIT Sloan School of Management

Discussant: Falk Bräuning. Federal Reserve Bank of Boston
10:50am Coffee Break

Session 2: Foreign Exchange Risk Management
Session Chair:
Juan M. Londono, Federal Reserve Board
11:10am International Currency Dominance

Joseph Abadi, Federal Reserve Bank of Philadelphia
Jesús Fernández-Villaverde, University of Pennsylvania
Daniel Sanches, Federal Reserve Bank of Philadelphia

Discussant: Gianluca Benigno, University of Lausanne

12:00pm Foreign Exchange Risk Management Spillovers Across the Production Network

Wentong Chen, Santa Clara University, Leavey School of Business

Discussant: Katheryn Russ, University of California, Davis

12:50pm Lunch
2:15pm Panel 1: Historical Episodes of Dominant Currency Strains and Transitions

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

Arvind Krishnamurthy, Stanford Graduate School of Business

Moderator: Stephanie Curcuru, Federal Reserve Board
5:30pm Reception

Friday, September 26, 2025
8:45am Remarks on the Dollar’s International Roles
Beth Anne Wilson, Federal Reserve Board

Session 3: Debt Markets
Session Chair:
Laurie DeMarco, Federal Reserve Board
9:00am The Demand for Government Debt

Egemen Eren, Bank for International Settlements
Andreas Schrimpf, Bank for International Settlements
Dora Xia, Bank for International Settlements

Discussant: Stefania D’Amico, Federal Reserve Bank of New York

9:50am Dollar Debt and the Inefficient Global Financial Cycle
Paul Fontanier, Yale University


Discussant: Livia Chitu, European Central Bank

10:40am Coffee Break
11:00am Panel 2: A Markets Perspective on Asset Management Across Currencies

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

Ambrogio Cesa-Bianchi, Bank of England
Fernando Eguren-Martin, SPX Capital
Andrea Ferrero, University of Oxford

Discussant: Ozge Akinci, Federal Reserve Bank of New York

2:20pm Intermediated Dollar Lending of Last Resort: From Dollar Safety to Treasury Fragility

Ding Ding, Wharton School, University of Pennsylvania
Karen K. Lewis, Wharton School, University of Pennsylvania
Yao Zeng, Wharton School, University of Pennsylvania

Discussant: Ricardo Correa, Federal Reserve Board

3:15pm Conference Summary and Closing Remarks
Linda S. Goldberg, Federal Reserve Bank of New York

3:30pm Adjourn
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