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.
Linda Goldberg, Federal Reserve Bank of New York
Robert Lerman, Federal Reserve Bank of New York
Bo Sun, Federal Reserve Board
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
| 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) |
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| 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) |
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| 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) |
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| 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) |
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| 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) |
