The New Normal for Monetary Policy

Friday, March 27, 2015


Federal Reserve Bank of San Francisco
101 Market Street
San Francisco, CA 94105

Morning Session Chair: Sylvain Leduc, Federal Reserve Bank of San Francisco

8:00 a.m.Continental Breakfast
8:40 a.m.Welcoming Remarks
 

John Williams, President, Federal Reserve Bank of San Francisco
8:45 a.mFinancial Stability and Optimal Interest-Rate Policy
 

Andrea Ajello, Federal Reserve Board
Thomas Laubach, Federal Reserve Board
David López-Salido, Federal Reserve Board
Taisuke Nakata, Federal Reserve Board

Discussants:
Stephen G. Cecchetti, Brandeis International Business School
Lars Svensson, Stockholm School of Economics

Download paper (pdf, 688 kb)
Download author presentation (Ajello et al) (pdf, 436 kb)
Download discussion presentation (Svensson) (pptx, 2.16 mb)
Download discussion presentation (Cecchetti) (pdf, 614 kb)
10:00 a.m.Break
 
10:30 a.m.A Macroeconomic Framework for Quantifying Systemic Risk
 

Zhiguo He, University of Chicago, Booth School of Business
Arvind Krishnamurthy, Stanford Graduate School of Business

Discussants:
Tobias Adrian, Federal Reserve Bank of New York
Simon Gilchrist, Boston University

Download paper (pdf, 573 kb)
Download author presentation (He et al) (pdf, 592 kb)
Download discussion presentation (Gilchrist) (pdf, 210 kb)
Download discussion presentation (Adrian) (pdf, 681 kb)
11:45 a.m.Lunch – Market Street Dining Room, Fourth Floor
 

Introduction: John Williams, President, Federal Reserve Bank of San Francisco

Speaker: Janet Yellen, Chair, Federal Reserve Board

Afternoon Session Chair: Òscar Jordà, Federal Reserve Bank of San Francisco

1:45 p.m.Forward Guidance and Heterogeneous Beliefs
 

Philippe Andrade, Banque de France
Gaetano Gaballo, Banque de France
Eric Mengus, Banque de France
Benoît Mojon, Banque de France

Discussants:
Yuriy Gorodnichenko, University of California, Berkeley
William Branch, University of California, Irvine

Download paper (pdf, 495 kb)
Download author presentation (Andrade et al) (pdf, 348 kb)
Download discussion presentation (Branch) (pdf, 500 kb)
Download discussion presentation (Gorodnichenko) (pdf, 345 kb)
3:00 p.m.Break
   
3:15 p.m.Stagnation Traps
 

Gianluca Benigno, London School of Economics
Luca Fornaro, Universitat Pompeu Fabra

Discussants:
Robert Hall, Stanford University
Chad Jones, Stanford University

Download paper (pdf, 448 kb)
Download author presentation (Benigno et al) (pdf, 404 kb)
Download discussion presentation (Hall) (pdf, 250 kb)
Download discussion presentation (Jones) (pdf, 644 kb)
4:30 p.m.Break
   
4:45 p.m.An Economical Business-Cycle Model
 

Pascal Michaillat, London School of Economics
Emmanuel Saez, U.C. Berkeley

Discussants:
Carl Walsh, University of California, Santa Cruz
Eric Swanson, University of California, Irvine

Download paper (pdf, 584 kb)
Download author presentation (Michaillat et al) (pdf, 2.33 mb)
Download discussion presentation (Swanson) (pptx, 651 kb)
Download discussion presentation (Walsh) (pdf, 101 kb)
6:00 p.m. – 7:45 p.m.Reception – First Floor