A conference organized by the Federal Reserve Bank of New York.

Overview
Inflation-indexed securities such as TIPS have become increasingly important instruments for investors, policymakers, and treasury departments. Moreover, the market in inflation derivatives has been growing. While TIPS markets are relatively new compared with inflation-indexed markets in other countries, data on TIPS now provide researchers with a history spanning more than a decade, allowing deeper analysis of fundamental questions in macro-finance, pricing, and risk management.

The conference aims to bring together experts in inflation pricing and hedging, inflation-indexed issuer asset-liability management, and macroeconomics. Particular topics of the conference could include: welfare benefits of inflation-protected securities; estimation of the inflation risk premium; inflation risk sharing; TIPS liquidity; pricing and hedging of inflation derivatives and TIPS; tax treatment of inflation-protected securities; costs and benefits of issuing inflation-protected securities; the role of inflation-protected securities in asset-liability management; the relationship between returns on TIPS, nominal Treasury bonds, equities, and commodity futures; and international comparisons of inflation-indexed securities markets.

A highlight of the conference will be a panel consisting of leading academics, current and former Federal Reserve and Treasury officials, and practitioners discussing the welfare implications of inflation-protected securities.

Opening remarks will be given by Timothy F. Geithner, President of the Federal Reserve Bank of New York.

Contact
Please address any questions to:

Inflation.Conference2009@ny.frb.org