BACKGROUND 

Two related issues pervade discussions of monetary policy at individual central banks and reform of the international monetary and financial system: (1) The volatility of capital flows and exchange rates, and (2) The use of balance sheet policy by central banks. The key issues are whether capital flow management is appropriate to deal with volatility and whether the central bank balance sheet should be reduced to a level where interest rates are market-determined. The issues are related because of the large effect of balance sheet operations on exchange rates and capital flows. The aim of the policy conference is to examine relevant research developments and debate the policy options. The conference consists of five formal presentations, three policy panels, and in-depth discussions. 

This conference is by invitation only.

ORGANIZERS

John Cochrane, Stanford University
John B. Taylor, Stanford University

FRIDAY, MAY 4
Time Content chair Presenters/panelists lead Discussant
7:45 AM

Continental Breakfast

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8:15 am

International Rules of the Monetary Game

John Cochrane, Hoover Institution, Stanford University 

Raghu Rajan, University of Chicago and former Governor Reserve Bank of India
Rules of the Monetary Game

Thomas Sargent, Hoover Institution and New York University

9:15 am

Break

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9:30 Am

Banking, Trade and the Making of the Dominant Currency

Juliane Begenau, GSB, Stanford University 

Gita Gopinath, Harvard University
Banking, Trade, and the Making of a Dominant Currency*

Adrien Auclert, Stanford University 

10:30 Am

Break

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10:45 Am

Panel on “Capital Flows, the IMF’s Institutional View and Alternatives"

George Shultz, Hoover Institution, Stanford University 

Jonathan D. Ostry, International Monetary Fund 
Managing Capital Flows: Toward a Policy Maker’s Vade Mecum

Sebastian Edwards, University of California, Los Angeles
Remarks for the Panel on Capital Flows, the IMF’s Institutional View and Alternatives 

John Taylor, Hoover Institution, Stanford University
Capital Flows, the IMF’s Institutional View, and an Alternative
 

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12:00-1:15 PM

Lunch

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John C. Williams, President, Federal Reserve Bank of San Francisco

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1:15 PM

Payments, Credit and Asset Prices

Michael Bordo, Hoover Institution and Rutgers University

Martin Schneider, Stanford University
Payments, Credit and Asset Prices

Oleg Itskhoki, Princeton University

2:15 PM

Break

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2:30 PM

Financial Stability, Regulations and the Balance Sheet

John Taylor, Hoover Institution, Stanford University

Randal Quarles, Vice Chair, Federal Reserve Board
Liquidity Regulation and the Size of the Fed's Balance Sheet
 

Paul Tucker, Harvard University and former Deputy Governor Bank of England

3:30 PM

Break

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3:45 PM

Panel on “The Future of the Central Bank Balance Sheet”

Kevin Warsh, Hoover Institution, Stanford University

Lorie Logan, Federal Reserve Bank of New York
Operational Perspectives on Monetary Policy Implementation

Peter Fisher, Dartmouth College
Should the Fed “Stay Big” or “Slim Down”?

Mickey Levy, Berenberg Capital Markets
The Fed's Balance Sheet Strategy: What Now?

William Nelson, The Clearing House
Get Up Off The Floor

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5:00 PM

Panel on “Monetary Policy and Reform in Practice”

Charles Plosser, Hoover Institution, Stanford University

Raphael Bostic, President, Federal Reserve Bank of Atlanta

Esther George, President, Federal Reserve Bank of Kansas City

Robert Kaplan, President, Federal Reserve Bank of Dallas

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6:15 PM

Adjourn

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6:30 PM

Reception and Dinner

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Volker Wieland, Goethe University Frankfurt, Member of the German Council of Economic Experts

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