Monetary Policy Implementation and Digital Innovation

New York Fed and Columbia SIPA Monetary Policy Implementation Workshop
June 01, 2022
Rapid innovation in money and payments has the potential to fundamentally alter the structure of money markets—creating new forms of digital money, faster and less expensive settlements and expanded settlement hours. Whether issued by the public or the private sector, these innovations could have important implications for monetary policy implementation and central bank balance sheets.

This workshop brings together international experts in monetary policy design and implementation—academics, industry experts, and current and former central bankers—to discuss how central banks can effectively implement monetary policy in this new environment.

The program will focus on how innovations in digital currency and payments could influence the money market ecosystem and interact with monetary policy frameworks. In addition, we will examine how digital currencies could be used in cross-border payments in the future and the impact of digital innovation on the demand for dollar assets.

This event is jointly sponsored by Columbia University’s School of International and Public Affairs and the Federal Reserve Bank of New York.

Event Details

Date & Time
June 1-2, 2022

Columbia University School of International and Public Affairs
International Affairs Building, 15th floor
420 West 118th Street

Circumstances permitting, the workshop will be held in person.

  Wednesday, June 1
11am-11:30am Arrival & Registration
11:30am-11:45am Opening Remarks

John Williams, Federal Reserve Bank of New York
11:45am-12:15pm Overview

David Mills, Board of Governors of the Federal Reserve System
12:15pm-1pm Lunch Discussion
1pm-2:15pm Session 1: How do digital currencies fit in the money markets ecosystem?

Panelists will explore how the rapidly evolving landscape of private and public digital currencies and settlement technologies could change money market dynamics.

  • Moderator: Elizabeth Klee, U.S. Department of the Treasury
  • Andrea Maechler, Swiss National Bank
  • Rod Garratt, University of California Santa Barbara
  • Josh Younger, JPMorgan Chase & Co
2:15pm-2:30pm Break
2:30pm-3:45pm Session 2: How could digital currencies impact monetary policy frameworks?

This session will consider how a future including public and private digital currencies, and faster payments, could affect monetary policy frameworks, as well as the size and composition of central bank balance sheets.

  • Moderator, Trevor Reeve, Board of Governors of the Federal Reserve System
  • Eswar Prasad, Cornell University
  • Andrew Hauser, Bank of England
  • Thomas Vlassopoulos, European Central Bank
3:45pm-4:15pm Contrarian wrap-up

Marco DiMaggio, Harvard University
4:30pm-6pm Reception
  Thursday, June 2
8:30am-8:45am Arrival & Registration
8:45am-9am Opening Remarks

Patricia Mosser, Columbia University, School of International and Public Affairs
9am-9:30am Digital Asset Perspective

Jeremy Allaire, Circle
9:30am-10:45pm Session 3: What are the international implications for digital currencies?

Speakers will discuss the incentives and/or impediments for digital currencies to be used in cross-border payments. Could cross-border digital currencies affect monetary policy implementation, particularly in small open economies?

  • Moderator: Patricia Mosser, Columbia University
  • Bernard Wee, Monetary Authority of Singapore
  • Tobias Adrian, International Monetary Fund
  • Daniel Heller, Fnality International
10:45am-11am Break
11am-11:30am Dealing with Digital Innovation in Payments

Holger Neuhaus, European Central Bank
11:30am-12pm Small Open Economies

Aishah Ahmad, Central Bank of Nigeria
12pm-12:30pm Closing remarks

Lorie Logan, Federal Reserve Bank of New York


Attendance is by invitation only.

Conference Organizers

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


For questions on the New York Fed-Columbia SIPA Monetary Policy Implementation Workshop, please contact ny.fed.sipa.monetary.policy.workshop@ny.frb.org.


This event is open to press. Chatham House Rule will be in effect for all but those remarks that are made public as explicitly noted during the event; media may report on comments made during the event, but may not attribute remarks to individuals or organizations. To register, please contact Brian Manning at the New York Fed: brian.manning@ny.frb.org.

Previous Conferences

Reserve Reductions, Money Markets, and Future Frameworks (September 28, 2018)

Normalizing Central Banks’ Balance Sheets: What is the New Normal? (July 11, 2017)

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


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