Event
Implementing Monetary Policy Post-Crisis: What Have We Learned? What Do We Need To Know?
May 4, 2016

A conference jointly sponsored by Columbia University's School of International and Public Affairs and the Federal Reserve Bank of New York.

Overview

The financial crisis has led to dramatic changes to the monetary policy implementation framework of a number of central banks. Many countries have experienced very low interest rates for several years and some have pushed interest rates into negative territory. New regulations are having a profound effect on money markets.

As central bankers reflect on their monetary policy implementation frameworks in the years to come, what lessons can they draw from the crisis and the long period of very low rates since? What questions need to be answered to determine whether some of the new aspects of monetary policy implementation introduced since the crisis should be kept? What factors are most important in determining the “new normal” in monetary policy implementation?

This workshop will bring together international experts in monetary policy design and implementation—academics, industry experts, as well as current and former central bankers—to reflect on key lessons from the post-crisis experience and brainstorm to develop a research agenda to inform future monetary policy implementation developments.

Event Details

Date & Time
May 4, 2016
10:00 a.m. - 5:00 p.m.

Location
Columbia University
420 West 118th Street
International Affairs Building, Room 1501
New York, NY 10027

Agenda & Presentations

10:15am-
10:30am
Opening remarks
Simon Potter | Speech
10:30am-
12:00pm
Lessons from the crisis and post-crisis experience
Chair: James Clouse
Opening presentation: Marvin Goodfriend | Presentation
Discussants:
Benjamin Friedman | Presentation
Brian Sack | Presentation
12:00pm-
1:00pm
Lunch
1:00pm-
2:30pm
What is the future of balance sheet policies? How does the crisis experience inform the structure of central bank balance sheets in “normal” times?
Chair: Lorie Logan
Opening presentation: Paul Tucker | Paper
Discussants:
Masaaki Shirakawa | Presentation
Peter Stella | Presentation
2:30pm-
3:00pm
Coffee break
3:00pm-
4:30pm
How should central banks steer money market interest rates?
Chair: Jamie McAndrews
Opening presentation: Francesco Papadia | Presentation
Discussants:
Lou Crandall | Presentation
Todd Keister | Presentation
4:30pm-
5:00pm
Wrap-up observations
Donald Kohn | Remarks

Audience
Audience is by invitation only.

Conference Organizers
Patricia Mosser, Columbia University
Julie Remache, Federal Reserve Bank of New York
Antoine Martin, Federal Reserve Bank of New York

Media
This event is open to the media. Chatham House Rule will be in effect for all but the keynote address; media may report on comments made during the event, but may not attribute remarks to individuals or organizations. To register, please contact Suzanne Elio at the New York Fed, suzanne.elio@ny.frb.org