A conference organized by the Federal Reserve Banks of Minneapolis, Kansas City, Chicago and New York.
The recent financial crisis has led to dramatic changes in the way that central banks have implemented monetary policy. In an effort to provide accommodation once short-term rates reached zero, central banks in developed countries increased the size of their balance sheets to unprecedented levels, introduced new tools to manage reserve levels and short-term interest rates, and, in some cases, brought rates to negative levels. These policies have played out against a backdrop of structural changes in money markets and broader financial reforms that could alter the transmission mechanism once policy has begun to normalize and may also have implications for central bank operating procedures.
These innovations raise important questions about how policy can and should be implemented going forward, including in an environment away from the effective lower bound. We invite both theoretical and empirical work concerned with the implementation of monetary policy broadly construed, in both U.S. and international contexts. While we welcome research based on lessons learned during the crisis and its aftermath, we particularly encourage submissions that consider the appropriate mix of policy tools and objectives over the longer run.
Examples of relevant research topics may include (but are not limited to):
- The effects of central bank interest-rate and balance-sheet policies on financial markets and the macroeconomy
- The appropriate choice of policy instruments and/or intermediate targets
- How alternative monetary-policy operating frameworks affect the overall structure and stability of the financial system and the central bank’s ability to respond to episodes of instability
- Implications of structural and regulatory changes in financial markets for the transmission of monetary policy
In addition to academic paper presentations and discussions, the conference will include panels and keynotes by prominent economists, policymakers and practitioners. Limited travel funding is available for academic presenters. The conference will be held at the Federal Reserve Bank of Minneapolis’s conference center on October 18 - 19. It is jointly sponsored by the Federal Reserve Banks of Minneapolis, Kansas City, Chicago and New York. Submission Deadline:
Please, send your submissions (in pdf format) no later than June 6, 2016 to:
We will consider proposals and extended abstracts as well as completed papers, although researchers presenting their work at the conference must commit to have a paper that is complete and available for review by discussants 2 weeks prior to the conference. Authors of accepted papers will be notified by July 15, 2016.
Federal Reserve Bank of Minneapolis