Federal Reserve Bank of San Francisco

Economic Research

Monetary Policy at the Zero Lower Bound

February 25, 2011

Conference Summary

Agenda

Morning Session Chair: Glenn Rudebusch, Federal Reserve Bank of San Francisco
8:10 A.M. Continental Breakfast
8:50 A.M. Welcoming Remarks
9:00 A.M. Stefania D’Amico, Board of Governors of the Federal Reserve
  Thomas B. King, Board of Governors of the Federal Reserve
  Flow and Stock Effects of Large-Scale Treasury Purchases
  Conference Presentation
 
  James D. Hamilton, University of California, San Diego
  Jing (Cynthia) Wu, University of California, San Diego
  The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment
  Conference Presentation
   
  Arvind Krishnamurthy, Northwestern University and NBER
  Annette Vissing-Jorgensen, Northwestern University, NBER and CEPR
  The Effects of Quantitative Easing on Long-Term Interest Rates
  Conference Presentation
10:00 A.M. Break
10:25 A.M. Discussants: Gregory Duffee, Johns Hopkins University
    Tsutomu Watanabe, Hitotsubashi University
    Monika Piazzesi, Stanford University
    Discussion of QE papers (Duffee)
    Discussion of QE Papers (Piazzesi)
11:10 A.M. General Discussion
12:00 P.M. Lunch – Market Street Dining Room, Fourth Floor
 
Afternoon Session Chair: Eric Swanson, Federal Reserve Bank of San Francisco
1:15 P.M. Gauti Eggertsson, Federal Reserve Bank of New York
  Paul Krugman, Princeton University
  Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minksy-Koo Approach
  Conference Presentation
  Discussants: Martin Eichenbaum, Northwestern University
    Robert Hall, Stanford University
    Discussion of “Debt, Deleveraging and the Liquidity Trap” (Eichenbaum)
    Discussion of Debt, Deleveraging, and the Liquidity Trap” (Hall)
2:35 P.M. Break
2:50 P.M. Charles Brendon, Exeter College, Oxford
  Matthias Paustian, Bank of England
  Tony Yates, Bank of England
  Optimal Conventional and Unconventional Monetary Policy in the Presence of Collateral Constraints and the Zero Bound
  Discussants: Lawrence Christiano, Northwestern University
    Carl Walsh, University of California, Santa Cruz
    Discussion of: “Optimal conventional and unconventional monetary policy in the presence of collateral constraints and the zero bound” (Christiano)
    Comments on “Optimal conventional and unconventional monetary policies in the presence of collateral constraints and the zero bound” by Brendon, Paustian and Yates. (Walsh)
4:10 P.M. Break
4:25 P.M. Hess Chung, Board of Governors of the Federal Reserve
  Jean-Philippe Laforte, Board of Governors of the Federal Reserve
  David Reifschneider, Board of Governors of the Federal Reserve
  John C. Williams, Federal Reserve Bank of San Francisco
  Have We Underestimated the Probability of Hitting the Zero Lower Bound?
  Conference Presentation
  Discussants: Christopher Sims, Princeton University
    Lars E. O. Svensson, Sveriges Riksbank
    Comment on: Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? (Sims)
    Comments on Chung, Laforte, Reifschneider, and Williams, ”Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?” (Svensson)
5:45 P.M. Reception – West Market Street Lounge, Fourth Floor
6:30 P.M. Dinner – Market Street Dining Room, Fourth Floor
  Speaker: Charles Evans, Federal Reserve Bank of Chicago