Overview
The U.S. dollar plays a preeminent role in the global economy. The status of the U.S. dollar has bearing on the functioning of financial markets and the effectiveness of policy instruments. This conference aims to garner the insights of researchers, policymakers, and market experts on the evolving roles of the U.S. dollar, the consequences of these roles for the Federal Reserve’s mandate, and future prospects for these roles.
The Federal Reserve Board and the Federal Reserve Bank of New York are jointly organizing the second conference on the International Roles of the U.S. Dollar. The conference will feature a keynote address by Darrell Duffie, panel discussions on the themes of the conference, and paper presentations with discussants.
WATCH THE EVENT
Day One
Day Two
Audience
This event is by invitation-only.
Media
This event is open to the media. All remarks will be on-the-record. For media inquiries, please contact Suzanne Elio.
Event Details
Location
Federal Reserve Bank of New York
Auditorium, 12th Floor
33 Liberty Street
New York, NY 10045
Federal Reserve Bank of New York
Auditorium, 12th Floor
33 Liberty Street
New York, NY 10045
Contact
Please address any logistical questions to ny.researchconference@ny.frb.org.
Organizing Committee
Ricardo Correa, Federal Reserve BoardPatrick Douglass, Federal Reserve Bank of New York
Linda S. Goldberg, Federal Reserve Bank of New York
Robert Lerman, Federal Reserve Bank of New York
Juan M. Londono, Federal Reserve Board
Scientific Committee
Wenxin Du, Federal Reserve Bank of New YorkLeonardo Elias, Federal Reserve Bank of New York
Matt Higgins, Federal Reserve Bank of New York
Anna Lipinska, Federal Reserve Board
Friederike Niepmann, Federal Reserve Board
Fabiola Ravazzolo, Federal Reserve Bank of New York
Alexandra Tabova, Federal Reserve Board
Judit Temesvary, Federal Reserve Board
Tony Zhang, Federal Reserve Board
Agenda
| Thursday, May 18, 2023 |
|
| 8:30am | Registration and Continental Breakfast |
| 8:50am | Welcoming Remarks Michelle Neal, Federal Reserve Bank of New York |
| SESSION 1: GLOBAL FUNDING FLOWS Session Chair: Ricardo Correa, Federal Reserve Board |
|
| 9:00am | Global Bank Lending and Exchange Rates Jonas Becker, Goethe University Frankfurt Maik Schmeling, Goethe University Frankfurt Andreas Schrimpf, Bank for International Settlements Discussant: Friederike Niepmann, Federal Reserve Board Presentation |
| 9:50am | Nonbank Lenders as Global Shock Absorbers: Evidence from US Monetary Policy Spillovers David Elliott, Bank of England Ralf R. Meisenzahl, Federal Reserve Bank of Chicago Jose-Luis Peydro, Imperial College London, ICREA-Universitat Pompeu Fabra-CREI-Barcelona GSE, and CEPR Discussant: Juliana Salomao, University of Minnesota Presentation |
| 10:40am | Coffee Break |
| 11:00am | Panel 1: Global Dollar Funding Markets Moderator: Fabiola Ravazzolo, Federal Reserve Bank of New York Panelists: Fabio Bassi, JP Morgan Victoria Ivashina, Harvard Business School Rebecca Patterson Beth Anne Wilson, Federal Reserve Board |
| 12:30pm | Lunch |
| SESSION 2: INVOICING CURRENCY CHOICE Session Chair: Linda Goldberg, Federal Reserve Bank of New York |
|
| 1:30pm | Liquidity, Debt Denomination, and Currency Denomination Antonio Coppola, Stanford University Arvind Krishnamurthy, Stanford University Chenzi Xu, Stanford University Discussant: Felipe Saffie, University of Virginia Presentation |
| 2:20pm | Invoice Currency Concentration and Currency Risk Premia Julien Bengui, Bank of Canada Nick Sander, Bank of Canada Discussant: Falk Bräuning, Federal Reserve Bank of Boston Presentation |
| 3:10pm | Refreshment Break |
| 3:30pm | Keynote Address Global Reliance on the Dollar: Challenges and US Policy Responses Darrell Duffie, Stanford Graduate School of Business Moderator: Linda Goldberg, Federal Reserve Bank of New York |
| 5:00pm | Reception |
| Friday, May 19 |
|
| 8:30am | Registration and Continental Breakfast |
| SESSION 3: HEDGING AND THE DOLLAR Session Chair: Juan M. Londono, Federal Reserve Board |
|
| 9:00am | Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants, and Disconnect Eugenio Cerutti, International Monetary Fund Haonan Zhou, Princeton University Discussant: Hyeyoon Jung, Federal Reserve Bank of New York Presentation |
| 9:50am | Dollar Asset Holding and Hedging Around the Globe Wenxin Du, Federal Reserve Bank of New York Amy Wang Huber, The Wharton School Discussant: Leonardo Elias, Federal Reserve Bank of New York Presentation |
| 10:40am | Coffee Break |
| 11:00am | Narrow Framing and Risk Management Vicente García Averell, Bank of Mexico Gabriel Levin-Konigsberg, Harvard University Calixto López Castañon, Bank of Mexico Hillary Stein, Federal Reserve Bank of Boston Discussant: Laura Alfaro, Harvard Business School Presentation |
| 12:00pm | Lunch Updates on the Dollar’s Status Barry Eichengreen, University of California, Berkeley |
| 1:30pm | Intervening Against the Fed Naoki Yago, University of Cambridge UK Alexander Rodnyansky, University of Cambridge Yannick Timmer, Federal Reserve Board Discussant: Catherine Schenck, Oxford University Presentation |
| 2:20pm | Panel 2: Foreign Exchange Interventions and Foreign Exchange Reserves Moderator: Alain Chaboud, Federal Reserve Board Panelists: Kathryn M. Dominguez, University of Michigan Gerardo Garcia, Bank of Mexico Kerstin Kehrle, Swiss National Bank Jens Nordvig, Exante Data |
| Adjourn approximately 4:00pm |
Speakers
Warren Alpert Professor of Business Administration
Harvard Business School
Managing Director
J.P. Morgan Securities Ltd
Senior Economist and Policy Advisor
Federal Reserve Bank of Boston
Advisor and Senior Reviewer
International Monetary Fund
Senior Economic Project Manager
Federal Reserve Board
Assistant Professor
Stanford Graduate School of Business (incoming)
Professor of Public Policy and Economics
University of Michigan
Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, and professor by courtesy, Department of Economics
Stanford University
Financial Research Economist
Federal Reserve Bank of New York
Senior Economist
Bank of England
Director of International Operations
Bank of Mexico
Financial Research Advisor
Federal Reserve Bank of New York
Lovett-Learned Professor of Business Administration and Head of the Finance Unit
Harvard Business School
Financial Research Economist
Federal Reserve Bank of New York
Head of Implementation Analysis, Money Market and Foreign Exchange
Swiss National Bank
Senior Economic Project Manager
Federal Reserve Board of Governors
Chief
Federal Reserve Board of Governors
Founder & CEO
Exante Data Inc
Policy and Market Analysis Advisor
Federal Reserve Bank of New York
Assistant Professor
University of Virginia, Darden School of Business
Assistant Professor
University of Minnesota
Senior Economist
Senior Economist
Professor
University of Oxford
Head of Financial Markets
Bank for International Settlements
Economist
Federal Reserve Bank of Boston
Assistant Professor of Finance
The Wharton School
Director, International Finance
Federal Reserve Board
PhD Student
University of Cambridge
