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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
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Thomas B. King, Board of Governors of the Federal Reserve |
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Flow and Stock Effects of Large-Scale Treasury Purchases |
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Conference Presentation |
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James D. Hamilton, University of California, San Diego |
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Jing (Cynthia) Wu, University of California, San Diego |
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The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment
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Conference Presentation |
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Arvind Krishnamurthy, Northwestern University and NBER |
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Annette Vissing-Jorgensen, Northwestern University, NBER and CEPR |
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The Effects of Quantitative Easing on Long-Term Interest Rates |
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Conference Presentation |
| 10:00 A.M. |
Break |
| 10:25 A.M. |
Discussants: |
Gregory Duffee, Johns Hopkins University |
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Tsutomu Watanabe, Hitotsubashi University |
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Monika Piazzesi, Stanford University |
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Discussion of QE papers (Duffee) |
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Discussion of QE Papers (Piazzesi) |
| 11:10 A.M. |
General Discussion |
| 12:00 P.M. |
Lunch – Market Street Dining Room, Fourth Floor |
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| Afternoon Session Chair: Eric Swanson, Federal Reserve Bank of San Francisco |
| 1:15 P.M. |
Gauti Eggertsson, Federal Reserve Bank of New York |
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Paul Krugman, Princeton University |
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Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minksy-Koo Approach |
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Conference Presentation |
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Discussants: |
Martin Eichenbaum, Northwestern University |
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Robert Hall, Stanford University |
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Discussion of "Debt, Deleveraging and the Liquidity Trap" (Eichenbaum) |
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Discussion of Debt, Deleveraging, and the Liquidity Trap" (Hall) |
| 2:35 P.M. |
Break |
| 2:50 P.M. |
Charles Brendon, Exeter College, Oxford
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Matthias Paustian, Bank of England |
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Tony Yates, Bank of England |
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Optimal Conventional and Unconventional Monetary Policy in the Presence of Collateral Constraints and the Zero Bound |
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Discussants: |
Lawrence Christiano, Northwestern University |
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Carl Walsh, University of California, Santa Cruz |
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Discussion of: “Optimal conventional and unconventional monetary policy in the presence of collateral constraints and
the zero bound” (Christiano) |
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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
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Jean-Philippe Laforte, Board of Governors of the Federal Reserve |
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David Reifschneider, Board of Governors of the Federal Reserve |
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John C. Williams, Federal Reserve Bank of San Francisco |
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Have We Underestimated the Probability of Hitting the Zero Lower Bound? |
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Conference Presentation |
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Discussants: |
Christopher Sims, Princeton University |
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Lars E. O. Svensson, Sveriges Riksbank |
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Comment on: Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? (Sims) |
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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
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Speaker: Charles Evans, Federal Reserve Bank of Chicago |
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Visitor Information
Conference Hotel
Harbor Court
165 Steuart Street
San Francisco, CA 94105
Toll free: 800.346.0555
Direct: 415.882.1300
Fax: 415.882.1313
Conference Venue
Federal Reserve Bank of San Francisco
101 Market Street (between Main and Spear Streets)
San Francisco, CA 94105-1579
(415) 974-2000
Neighborhood information
Please use the Bank's main entrance on Market Street.
Public parking is available in the garage at 123 Mission Street (entrance on Main Street between Mission and Howard Streets, around $26) and in surface lots at Main and Howard Streets (around $15). There are also several parking garages on Spear Street between Market and Howard Streets (around $20 and up).
The Bank is a nonsmoking building.
Airport Transportation
From San Francisco Airport
Travel time is approximately 25 minutes from SFO to the downtown area. Taxi fare from the airport to the downtown area is approximately $45.
The door-to-door Super Shuttle ($16) departs every 10 to 15 minutes, 24 hours a day, from the upper level median strip or courtesy island of the North, Central, and South terminals at SFO.
BART trains leave SFO every 15 minutes and take approximately 35 minutes to reach the downtown area. From the International Terminal, enter SFO-International BART station, which is located on level 3 of the International Terminal. From the Domestic Terminal, follow the signs across the overpass and take the SFO-AirTrain to SFO-International BART station. Once on BART, exit at Embarcadero Station, and walk up to Harbor Court Hotel on Stewart Street. One-way BART fare from SFO to the Embarcadero Station is $8.10.
From Oakland Airport
From OAK, either take the AirBART shuttle (fare is $2) to the Colliseum BART station and take any San Francisco bound train to the Embarcadero Station (fare is $3.55 + $3 AirBART fare), or take any shuttle from the airport to the hotel. Fare is approximately $25-$30.
