Conference Announcement and Agenda
Inaugural Conference on the International Roles of the U.S. Dollar
June 16-17, 2022

The U.S. dollar has played a preeminent role in the global economy over the past century. It is used as a reserve currency and the currency of denomination for a large fraction of global trade and financial transactions. The status of the U.S. dollar engenders important considerations for the effectiveness of policy instruments and the functioning of financial markets. These considerations underscore the importance of understanding potential factors that may alter the dominance of the U.S. dollar in the future, such as changes in the macroeconomic and policy environments or the development of new technologies and payments systems. 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 mandate of the Federal Reserve, and future prospects for these roles.

The Federal Reserve Board and the Federal Reserve Bank of New York are jointly organizing the inaugural conference on the International Roles of the U.S. Dollar. The conference will have a keynote address by Professor Barry Eichengreen (University of California at Berkeley), panel discussions on the themes of the conference, and paper presentations with discussants.

Washington, D.C. (hybrid format)

Ricardo Correa, Federal Reserve Board
Linda Goldberg, Federal Reserve Bank of New York
Robert Lerman, Federal Reserve Bank of New York
Bo Sun, Federal Reserve Board

Scientific Committee
Gianluca Benigno, Federal Reserve Bank of New York
Alain Chaboud, Federal Reserve Board
Stephanie Curcuru, Federal Reserve Board
Wenxin Du, Federal Reserve Bank of New York
Antoine Martin, Federal Reserve Bank of New York
Friederike Niepmann, Federal Reserve Board
Fabiola Ravazzolo, Federal Reserve Bank of New York
Frank Warnock, University of Virginia
Tony Zhang, Federal Reserve Board

This event is by invitation-only for attendees, but is open to the media who request to attend. All remarks will be on-the-record. For media inquiries, please contact Betsy Bourassa at

Please address any questions to


Thursday, June 16 1:30pm-1:55pm Registration

1:55pm-2:00pm Welcoming remarks by Ricardo Correa (Federal Reserve Board)

Session 1 (Chair: Bo Sun – Federal Reserve Board)
2:00pm-2:45pm Granular Investors and International Bond Prices: Scarcity-induced safety
Authors: Ester Faia (Goethe University Frankfurt), Juliana Salomao (University of Minnesota), Alexia Ventula Veghazy (European Central Bank)
Discussant: Wenxin Du (Federal Reserve Bank of New York)
2:45pm-3:30pm Foreign Investors and US Treasuries
Authors: Alexandra Tabova (Federal Reserve Board) and Frank Warnock (University of Virginia Darden School of Business)
Discussant: Jesse Schreger (Columbia Business School)

3:30pm-4:00pm Break

Session 2 (Chair: Frank Warnock – University of Virginia)
4:00pm-4:45pm The Costs of Exorbitant Privilege: Foreign Reserve Management and Domestic Liquidity
Authors: Ron Alquist (Financial Stability Oversight Council), R. Jay Kahn (Office of Financial Research), Karlye Dilts Stedman (Federal Reserve Bank of Kansas City)
Discussant: Stephanie Curcuru (Federal Reserve Board)
4:45pm-5:30pm Central Bank Swap Lines: Micro-Level Evidence
Authors: Gerardo Ferrara (Bank of England), Philippe Mueller (Warwick Business School), Ganesh Viswanath-Natraj (Warwick Business School), Junxuan Wang (Warwick Business School)
Discussant: Steven Kamin (American Enterprise Institute)

Friday, June 17 8:45am-9:00am Welcoming remarks by Chair Jerome H. Powell (Federal Reserve Board)

Session 3 (Chair: Ricardo Correa – Federal Reserve Board)
9:00am-10:00am Keynote by Barry Eichengreen (University of California at Berkeley)
10:00am-10:45am Global Inflation and Exchange Rate Stabilization under a Dominant Currency
Authors: Giancarlo Corsetti (Cambridge University), Luca Dedola (European Central Bank), Sylvain Leduc (Federal Reserve Bank of San Francisco)
Discussant: Cristina Arellano (Federal Reserve Bank of Minneapolis)

10:45am-11:15am Break

11:15am-12:30am Panel 1: Drivers and Implications of the Dollar Roles
Moderator: Linda Goldberg (Federal Reserve Bank of New York)
Helene Rey (London Business School)
Menzie Chinn (University of Wisconsin)
Jeffry Frieden (Harvard University)
Arvind Krishnamurthy (Stanford Graduate School of Business)

12:30pm-1:45pm Lunch

Session 4 (Chair: Robert Lerman – Federal Reserve Bank of New York)
1:45pm-2:30pm Internationalizing like China
Authors: Christopher Clayton (Yale School of Management) Amanda Dos Santos (Columbia Business School), Matteo Maggiori (Stanford University Graduate School of Business), Jesse Schreger (Columbia Business School)
Discussant: Eswar Prasad (Cornell University)
2:30pm-3:15pm Slowed-Down Capital: Using Bitcoin to Avoid Capital Controls
Authors: Jiakai Chen (University of Hawaii) and Asani Sarkar (Federal Reserve Bank of New York)
Discussant: Eugenio Cerutti (International Monetary Fund)
3:15pm-3:45pm Break

3:45pm-5:00pm Panel 2: Digital assets and the U.S. dollar
Moderator: Lorie Logan (Federal Reserve Bank of New York)
Neha Narula (MIT Media Lab)
Hyun Song Shin (Bank for International Settlements)
Rebecca Patterson (Bridgewater Associates)
Paul Mackel (HSBC)

5:00pm-5:15pm Closing remarks by Beth Anne Wilson (Federal Reserve Board)

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